Datacenter REITs & Colocation — Market

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)

Top products (engine read)

Single-tenant hyperscale campus (80MW Portland POR01-style) — build-to-suit hyperscale campus on long lease

Opportunity: Hyperscalers want long-dated single-tenant control of premium-power markets (Oregon, etc.) (212690db); 13.5yr WALT (bf5c66ae) gives REIT-like cash-flow visibility despite community pushback on siting (1a26c4af, 1cdce3da).

Stack is the private-capital comp showing what listed wholesale REITs (Digital Realty, Iron Mountain) are getting outbid on: 80MW single-site, 15-year terms, in supply-constrained Oregon. Community/political pushback (1a26c4af, 1cdce3da, 75fb829b) is the gating risk on duplicating the model.

xScale / AI-factory JV (gigawatt campus) — hyperscale JV / off-balance-sheet gigawatt campus

Opportunity: Hyperscale AI demand is gigawatt-scale (2dd5ee92); REITs need off-balance-sheet capital to build at that scale without crushing reported capex (abea229f).

Equinix's xScale/AI-factory JV is the template for how listed REITs fund the gigawatt AI buildout. Community talks at 'city-sized' scale (2dd5ee92), Equinix delivers it with sovereign-fund partners while keeping the dividend story intact.

Interconnection MRR cabinet (>$350/cab) — interconnection / cross-connect colocation

Opportunity: Cross-connect density monetization is Equinix's dominant pricing lever (d8cb057d, 29a475c6); but in-house AI migrations are starting to chip at the high-MRR base (479b4657).

The flagship interconnection-cabinet product is hot — Equinix is the only REIT consistently raising guidance off it. Risk: hyperscaler/enterprise AI repatriation eats the highest-MRR logos.

Asset Lifecycle Management (ALM) for hyperscaler servers — server decommissioning / asset disposition

Opportunity: Hyperscaler GPU/server refresh cycles are accelerating — ALM monetizes the exhaust at 30%+ margins (4892bd96), a structurally different gross-margin profile from colocation.

ALM is Iron Mountain's differentiated angle vs every other DC REIT — no other listed REIT has a server-disposition adjacency at $400M scale. Hot, with a real moat in trusted-chain-of-custody on retired hyperscaler hardware.

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