{"slug":"equinix","name":"Equinix","name_en":"Equinix","ticker":"EQIX","updated_at":"2026-07-12T04:19:11.881+00:00","canonical":"https://valuechain.wiki/equinix","same_as":["https://finance.yahoo.com/quote/EQIX","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1101239"],"citable":"밸류체인 그래프 기준 Equinix의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Equinix is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 12 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 데이터센터 REIT · 인터커넥션 1위","kicker_en":"Nasdaq · Datacenter REIT · No.1 interconnection","lead":"세계 1위 데이터센터 REIT로 77개 시장 270개+ 센터를 운영한다. 구글·아마존·MS 등 하이퍼스케일러가 고객이며, 50만+ 인터커넥션(업계 최다)과 xScale 하이퍼스케일 JV로 AI 워크로드 입지를 제공한다. 2025년 매출 +6%, 연 수주 +27%($16억). AI 연산이 물리적으로 앉는 자리.","lead_en":"The world No.1 datacenter REIT, running 270+ centers across 77 markets. Hyperscalers like Google, Amazon and Microsoft are customers, and it offers 500k+ interconnections (most in the industry) and xScale hyperscale JVs for AI workloads. 2025 revenue +6%, bookings +27% ($1.6B). The place where AI compute physically sits.","segments":{"fy":2025,"parts":[{"desc":"기업·하이퍼스케일러 서버 입주. 인터커넥션 네트워크 효과의 바탕.","name":"콜로케이션"},{"desc":"50만+ 연결(업계 최다). 고객 간 락인을 만드는 핵심 해자.","name":"인터커넥션(매출 18%)"},{"desc":"JV로 하이퍼스케일 AI 워크로드 수용, 성장 축.","name":"xScale 하이퍼스케일"}],"total":"2025 매출 +6%, 수주 +27%","concentration":"센터 270+·인터커넥션 50만+. 하이퍼스케일러 고객."},"segments_en":{"fy":2025,"parts":[{"name":"Colocation"},{"name":"Interconnection (18%)"},{"name":"xScale hyperscale"}],"total":"2025 revenue +6%, bookings +27%","concentration":"270+ centers, 500k+ interconnections; hyperscaler customers."},"returns_yearly":{"2021":20.3,"2022":-21.1,"2023":25.4,"2024":19.5,"2025":-16.9,"2026":38.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[{"slug":"bloom-energy","name":"Bloom Energy","name_en":"Bloom Energy","tier":1,"returns_yearly":{"2021":-23.5,"2022":-12.8,"2023":-22.6,"2024":50.1,"2025":291.2,"2026":181.5}},{"slug":"vertiv","name":"Vertiv","name_en":"Vertiv","tier":1,"returns_yearly":{"2021":33.8,"2022":-45.3,"2023":251.8,"2024":136.8,"2025":42.8,"2026":96.9}},{"slug":"oklo","name":"Oklo","name_en":"Oklo","tier":1,"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-31.9}},{"slug":"ls-electric","name":"LS일렉트릭","name_en":"LS ELECTRIC","tier":2,"returns_yearly":{"2021":-19.2,"2022":11.4,"2023":37.4,"2024":234.2,"2025":145,"2026":79.6}}],"analysis":"에퀴닉스의 논점은 'AI 연산이 물리적으로 앉는 자리이자, 그 자리를 서로 잇는 네트워크 효과'다. 77개 시장 270개+ 센터에 50만 개가 넘는 업계 최다 인터커넥션을 쥐고 있어, 고객이 많을수록 서로 연결하려는 유인이 커지는 락인이 핵심 해자다. 콜로케이션에 더해 xScale JV로 하이퍼스케일 AI 워크로드까지 담고(2025년 수주 +27%, $16억), REIT라 안정 임대수익 위에 성장이 얹힌다. 리스크는 대규모 증설의 전력 확보·자본비용과 하이퍼스케일러의 자체 구축. 그래프 파급: 구글·아마존·MS가 수요, 상류에선 Bloom(연료전지)·Vertiv(전력·냉각)·Oklo(SMR 약정)가 전력 병목을 메운다.","analysis_en":"Equinix's thesis is being where AI compute physically sits, plus the network effect of interconnecting those seats. Across 77 markets and 270+ centers it holds the industry's most interconnections (500k+), so the more customers it has, the greater the incentive to connect to each other — a lock-in that is the core moat. Beyond colocation, xScale JVs capture hyperscale AI workloads (2025 bookings +27%, $1.6bn), and as a REIT, growth layers on stable rental income. Risks are power supply and capital cost for large expansions and hyperscalers building their own. Graph propagation: Google, Amazon and Microsoft are demand, while upstream Bloom (fuel cells), Vertiv (power/cooling) and Oklo (SMR commitment) fill the power bottleneck.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"기업·하이퍼스케일러 (콜로·인터커넥션)","counterparty_slug":null,"confidence":"high","metric":null,"note":"기업·하이퍼스케일러에 콜로케이션·인터커넥션 공급(50만+).","note_en":"Colocation and interconnection (500k+) to enterprises and hyperscalers.","sources":[{"stance":"confirms","publisher":"MarketWise","publisher_en":"MarketWise","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://marketwise.com/investing/best-data-center-reits-ai-infrastructure/","title":"AI 붐 데이터센터 REIT(EQIX·DLR)","title_en":"Best data-center REITs for the AI boom (EQIX, DLR)","excerpt":"기업·하이퍼스케일러에 콜로케이션·인터커넥션 공급(50만+).","excerpt_en":"Colocation and interconnection (500k+) to enterprises and hyperscalers."},{"stance":"confirms","publisher":"Equinix","publisher_en":"Equinix","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://investor.equinix.com/news-events/press-releases/detail/1086/equinix-reports-strong-third-quarter-2025-results","title":"Equinix FY2025 3분기 실적","title_en":"Equinix FY2025 Q3 results","excerpt":"기업·하이퍼스케일러에 콜로케이션·인터커넥션 공급(50만+).","excerpt_en":"Colocation and interconnection (500k+) to enterprises and hyperscalers."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"MS 등 하이퍼스케일러에 xScale 하이퍼스케일 데이터센터 제공.","note_en":"xScale hyperscale datacenters to Microsoft and other hyperscalers.","sources":[{"stance":"confirms","publisher":"MarketWise","publisher_en":"MarketWise","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://marketwise.com/investing/best-data-center-reits-ai-infrastructure/","title":"AI 붐 데이터센터 REIT(EQIX·DLR)","title_en":"Best data-center REITs for the AI boom (EQIX, DLR)","excerpt":"MS 등 하이퍼스케일러에 xScale 하이퍼스케일 데이터센터 제공.","excerpt_en":"xScale hyperscale datacenters to Microsoft and other hyperscalers."},{"stance":"confirms","publisher":"AlphaStreet","publisher_en":"AlphaStreet","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://news.alphastreet.com/equinix-eqix-has-an-interconnection-and-backlog-engine-bigger-than-a-rate-sensitive-reit-trade/","title":"Equinix 인터커넥션·백로그 엔진","title_en":"Equinix interconnection and backlog engine","excerpt":"인터커넥션 50만+, 하이퍼스케일 백로그.","excerpt_en":"500k+ interconnections, hyperscale backlog."},{"stance":"confirms","publisher":"Equinix","publisher_en":"Equinix","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://investor.equinix.com/news-events/press-releases/detail/1086/equinix-reports-strong-third-quarter-2025-results","title":"Equinix FY2025 3분기 실적","title_en":"Equinix FY2025 Q3 results","excerpt":"MS 등 하이퍼스케일러에 xScale 하이퍼스케일 데이터센터 제공.","excerpt_en":"xScale hyperscale datacenters to Microsoft and other hyperscalers."}]},{"direction":"cost","counterparty":"Bloom Energy","counterparty_slug":"bloom-energy","confidence":"mid","metric":null,"note":"데이터센터 온사이트 전력을 Bloom 연료전지로 충당.","note_en":"Sources on-site datacenter power from Bloom fuel cells.","sources":[{"stance":"confirms","publisher":"MarketWise","publisher_en":"MarketWise","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://marketwise.com/investing/best-data-center-reits-ai-infrastructure/","title":"AI 붐 데이터센터 REIT(EQIX·DLR)","title_en":"Best data-center REITs for the AI boom (EQIX, DLR)","excerpt":"데이터센터 온사이트 전력을 Bloom 연료전지로 충당.","excerpt_en":"Sources on-site datacenter power from Bloom fuel cells."}]},{"direction":"cost","counterparty":"Vertiv","counterparty_slug":"vertiv","confidence":"mid","metric":null,"note":"데이터센터 전력·냉각을 버티브 등에서 조달.","note_en":"Sources datacenter power and cooling from Vertiv and others.","sources":[{"stance":"confirms","publisher":"Equinix","publisher_en":"Equinix","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://investor.equinix.com/news-events/press-releases/detail/1086/equinix-reports-strong-third-quarter-2025-results","title":"Equinix FY2025 3분기 실적","title_en":"Equinix FY2025 Q3 results","excerpt":"데이터센터 전력·냉각을 버티브 등에서 조달.","excerpt_en":"Sources datacenter power and cooling from Vertiv and others."}]},{"direction":"cost","counterparty":"Oklo","counterparty_slug":"oklo","confidence":"mid","metric":null,"note":"데이터센터 전력에 Oklo SMR 약정.","note_en":"Oklo SMR commitment for datacenter power.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-03-24","url":"https://www.sec.gov/Archives/edgar/data/0001849056/000110465925027276/tm2510004d1_ex99-1.htm","title":"Oklo 실적·사업현황(8-K)","title_en":"Oklo results/business update (8-K)","excerpt":"Oklo·Equinix 약정.","excerpt_en":"Oklo·Equinix commitment."}]},{"direction":"cost","counterparty":"전력·건설·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"전력 구매·센터 건설·증설.","note_en":"Power purchases, center construction and capacity.","sources":[{"stance":"confirms","publisher":"Equinix","publisher_en":"Equinix","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://investor.equinix.com/news-events/press-releases/detail/1086/equinix-reports-strong-third-quarter-2025-results","title":"Equinix FY2025 3분기 실적","title_en":"Equinix FY2025 Q3 results","excerpt":"전력 구매·센터 건설·증설.","excerpt_en":"Power purchases, center construction and capacity."}]}]}