Market — Datacenter REITs & Colocation

Verified claims and product-axis read for Datacenter REITs & Colocation. Every fact below is sourced; every product judgment traces back to underlying signals.

Verified facts

• Compass Datacenters does not disclose customer names per contractual restrictions, with all 2024 leases signed under NDA. ↗ (other)
• Iron Mountain's data center revenue mix shifted to 70% hyperscale / 30% enterprise as of Q4 2024, vs 50/50 two years prior. ↗ (financial)
• Aligned's go-to-market shifted in 2024 to lead with AI-cluster build-outs, with 80% of new bookings tagged as AI/ML workloads. ↗ _(historical_event)_
• Stack Infrastructure's average lease term-weighted by capacity was 13.5 years as of Q4 2024. ↗ (other)
• Equinix's customer count crossed 10,000 in 2024 with the top-50 representing ~40% of MRR. ↗ _(historical_event)_
• Digital Realty's Q4 2024 cash mark-to-market on renewals was +9%, the highest since 2011. ↗ (other)
• Iron Mountain's data center same-store NOI growth was 12% in 2024, the highest in the public DC-REIT peer set. ↗ _(historical_event)_
• Digital Realty's 2025 dispositions guidance is $1.0-1.5B, focused on stabilized non-core enterprise assets in Europe. ↗ (financial)
• Compass Datacenters' Polaris Industries-style steel chassis design uses on-site bolt-up assembly, cutting on-site labor hours per MW by ~40%. ↗ _(technical_spec)_
• Iron Mountain's hyperscale leases now average 12-year terms, vs 5-7 years for legacy enterprise colo. ↗ (other)

Cross-cutting opportunities (industry read)

• PCIe Gen5/Gen6 & CXL Retimer / Switch IC — Hyperscale AI racks need PCIe Gen5→Gen6 + CXL retimers/switches just to keep host-to-accelerator links alive at scale; this is Astera Labs' core ALAB-listed business.
• 800G / 1.6T Co-Packaged Optics & Silicon Photonics module — Scale-out beyond ~100K GPU clusters (verified Colossus class) is bandwidth-bound; pluggable optics are hitting reach/power limits, so the industry is racing to ship CPO at 800G→1.6T while still selling AEC for short reach.
• UALink AI Scale-Up Fabric (GPU-to-GPU) — NVLink lock-in is the single biggest non-NVIDIA accelerator pain point; the UALink consortium is the answer and Astera is the first merchant silicon making it ship-worthy.

See the Products and Strategy modules for the full product list and forward-looking judgment.