{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","ticker":"DLR","updated_at":"2026-07-12T08:25:42.147956+00:00","canonical":"https://valuechain.wiki/digital-realty","same_as":["https://finance.yahoo.com/quote/DLR","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1297996"],"citable":"밸류체인 그래프 기준 Digital Realty의 직접 연결 기업은 5곳(관계 기준 공급 2·매출 3)이고, 사슬을 2차까지 넓히면 52곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Digital Realty is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 52 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"하이퍼스케일 데이터센터 REIT","kicker_en":"Hyperscale datacenter REIT","lead":"하이퍼스케일·도매 데이터센터 REIT로 2025년 매출 +10%($61억), 코어 FFO/주 +10%. $90억 개발 파이프라인과 $30억 미국 하이퍼스케일 펀드를 운용한다. MS·AWS·구글클라우드·NVIDIA가 고객으로, AI 임차가 최대다. 하이퍼스케일러의 선임차 의존이 위험요인.","lead_en":"A hyperscale and wholesale datacenter REIT, 2025 revenue +10% ($6.1B), core FFO/share +10%. It runs a $9B development pipeline and a $3B US Hyperscale Fund. Customers include Microsoft, AWS, Google Cloud and NVIDIA, with AI leasing at record levels. Reliance on hyperscaler pre-leasing is a risk.","segments":{"fy":2025,"parts":[{"desc":"하이퍼스케일러에 대규모 도매 공간을 선임차 — AI 임차가 최대인 성장 본체이나 소수 고객 집중이 리스크.","name":"하이퍼스케일(도매)"},{"desc":"기업·클라우드용 콜로·상호접속 — 다수 고객 기반의 안정적 반복 매출 축.","name":"콜로케이션·인터커넥션"}],"total":"2025 매출 $6.1B (+10%)","concentration":"$9B 파이프라인. 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As a hyperscale/wholesale REIT with 2025 revenue and core FFO/share each +10%, it builds capacity via a $9B development pipeline and a $3B US Hyperscale Fund — with AI leasing at record levels, demand is tied directly to hyperscaler capex. In the graph, Microsoft, AWS, Google Cloud and NVIDIA pre-lease wholesale space downstream, while it depends upstream on HD Hyundai Electric (transformers) and Siemens Energy (grid), and the real pace of expansion hinges on power/transformer supply and construction lead times. The keys are absorbing pre-leases and securing power; the risks are reliance on a few hyperscaler tenants and the power bottleneck.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"기업·클라우드 (콜로)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"Digital Realty FY2025 총매출(2025 신규수주 $1.2B·5년평균 +70%)","scale":"B","value":6.9,"period":"FY2025","basis_en":"Digital Realty FY2025 revenue (2025 bookings $1.2B, +70% vs 5-yr avg)"},"note":"기업·클라우드 콜로케이션.","note_en":"Enterprise and cloud colocation.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-05","url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926010887/dlr-20260205xex99d1.htm","title":"Digital Realty FY2025 실적(2026-02-05)","title_en":"Digital Realty FY2025 results (2026-02-05)","excerpt":"FY2025 매출 $6.9B, 조정 EBITDA $2.574B, Core FFO $7.39/주(+10%). 2025 신규 리스 수주 $1.2B(5년평균 대비 +70%), 2026 Core FFO 가이던스 $8.00~8.10.","excerpt_en":"FY2025 revenue $6.9B, adjusted EBITDA $2.574B, Core FFO $7.39/sh (+10%). 2025 bookings $1.2B (+70% vs 5-yr avg); 2026 Core FFO guide $8.00-8.10."},{"stance":"confirms","publisher":"Global Data Center Hub","publisher_en":"Global Data Center Hub","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.globaldatacenterhub.com/p/digital-realty-q2-2025-9b-development","title":"Digital Realty $9B 파이프라인·하이퍼스케일 펀드","title_en":"Digital Realty $9B pipeline and hyperscale fund","excerpt":"기업·클라우드 콜로케이션.","excerpt_en":"Enterprise and cloud colocation."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"MS에 하이퍼스케일 도매 데이터센터를 선임차 — AI 임차 수요의 대표 축으로, MS의 데이터센터 캐펙스가 곧 디지털리얼티의 선임차·개발 소화로 이어진다.","note_en":"Pre-leases hyperscale wholesale data centers to Microsoft — a flagship axis of AI leasing demand, where Microsoft's datacenter capex flows into Digital Realty's pre-lease absorption and development.","sources":[{"stance":"confirms","publisher":"Digital Realty","publisher_en":"Digital Realty","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://investor.digitalrealty.com/","title":"Digital Realty 회사·IR(NYSE DLR)","title_en":"Digital Realty company/IR (NYSE DLR)","excerpt":"DR 연차·IR: 하이퍼스케일 임대·$9B 파이프라인.","excerpt_en":"DR annual/IR: hyperscale leasing and $9B pipeline."},{"stance":"confirms","publisher":"Motley Fool","publisher_en":"Motley Fool","kind":"research","lang":"en","published_at":"2025-11-02","url":"https://www.fool.com/investing/2025/11/02/ai-needs-data-centers-and-digital-realty-trust-del/","title":"Digital Realty, AI 데이터센터 수요","title_en":"Digital Realty delivers AI datacenters","excerpt":"MS에 하이퍼스케일 도매 데이터센터 임대.","excerpt_en":"Leases hyperscale wholesale datacenters to Microsoft."},{"stance":"confirms","publisher":"Global Data Center Hub","publisher_en":"Global Data Center Hub","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.globaldatacenterhub.com/p/digital-realty-q2-2025-9b-development","title":"Digital Realty $9B 파이프라인·하이퍼스케일 펀드","title_en":"Digital Realty $9B pipeline and hyperscale fund","excerpt":"MS에 하이퍼스케일 도매 데이터센터 임대.","excerpt_en":"Leases hyperscale wholesale datacenters to Microsoft."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"AWS에 데이터센터 도매 임대.","note_en":"Wholesale datacenter leasing to AWS.","sources":[{"stance":"confirms","publisher":"Global Data Center Hub","publisher_en":"Global Data Center Hub","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.globaldatacenterhub.com/p/digital-realty-q2-2025-9b-development","title":"Digital Realty $9B 파이프라인·하이퍼스케일 펀드","title_en":"Digital Realty $9B pipeline and hyperscale fund","excerpt":"AWS에 데이터센터 도매 임대.","excerpt_en":"Wholesale datacenter leasing to AWS."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"NVIDIA에 AI 데이터센터 입지 제공.","note_en":"AI-datacenter space for NVIDIA.","sources":[{"stance":"confirms","publisher":"Motley Fool","publisher_en":"Motley Fool","kind":"research","lang":"en","published_at":"2025-11-02","url":"https://www.fool.com/investing/2025/11/02/ai-needs-data-centers-and-digital-realty-trust-del/","title":"Digital Realty, AI 데이터센터 수요","title_en":"Digital Realty delivers AI datacenters","excerpt":"NVIDIA에 AI 데이터센터 입지 제공.","excerpt_en":"AI-datacenter space for NVIDIA."}]},{"direction":"cost","counterparty":"Siemens Energy","counterparty_slug":"siemens-energy","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"전력망·그리드 기기를 지멘스에너지 등에서 조달.","note_en":"Sources grid equipment from Siemens Energy and others.","sources":[{"stance":"confirms","publisher":"Energy Connects","publisher_en":"Energy Connects","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.energyconnects.com/news/gas-lng/2025/november/siemens-energy-boosts-outlook-on-turbine-data-center-demand/","title":"Siemens Energy, 터빈·데이터센터 수요로 전망 상향","title_en":"Siemens Energy boosts outlook on turbine and datacenter demand","excerpt":"전력망·그리드 기기를 지멘스에너지 등에서 조달.","excerpt_en":"Sources grid equipment from Siemens Energy and others."}]},{"direction":"cost","counterparty":"HD Hyundai Electric","counterparty_slug":"hd-hyundai-electric","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"데이터센터 변압기를 HD현대일렉트릭 등에서 조달 — 증설의 실제 속도가 변압기 수급에 걸린 상류 병목으로, AI 전력 슈퍼사이클의 공급 제약이 여기서 드러난다.","note_en":"Sources datacenter transformers from HD Hyundai Electric and others — an upstream bottleneck where the real pace of expansion hinges on transformer supply, the AI-power supercycle's constraint showing here.","sources":[{"stance":"confirms","publisher":"KED Global","publisher_en":"KED Global","kind":"news","lang":"ko","published_at":"2026-04-07","url":"https://www.kedglobal.com/machinery/newsView/ked202604070003","title":"한국 변압기, AI 데이터센터 붐 수혜","title_en":"Korean transformer makers ride AI datacenter boom","excerpt":"데이터센터 변압기를 HD현대일렉트릭 등에서 조달.","excerpt_en":"Sources datacenter transformers from HD Hyundai Electric and others."}]},{"direction":"cost","counterparty":"건설·전력 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"센터 건설·전력 구매.","note_en":"Center construction and power.","sources":[{"stance":"confirms","publisher":"Global Data Center Hub","publisher_en":"Global Data Center Hub","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.globaldatacenterhub.com/p/digital-realty-q2-2025-9b-development","title":"Digital Realty $9B 파이프라인·하이퍼스케일 펀드","title_en":"Digital Realty $9B pipeline and hyperscale fund","excerpt":"센터 건설·전력 구매.","excerpt_en":"Center construction and power."}]}]}