Nasdaq · Datacenter REIT · No.1 interconnection
Equinix
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.
EQIX Updated Jul 12, 2026 3 AI consumers
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).
Financials & Segments
- Total revenue · 2025 revenue +6%, bookings +27%
- Customer concentration · 270+ centers, 500k+ interconnections; hyperscaler customers.
- Segments · Colocation · Interconnection (18%) · xScale hyperscale
Revenue from
- Enterprises · hyperscalers (colocation · interconnection) High confidence
Colocation and interconnection (500k+) to enterprises and hyperscalers. - Microsoft Medium confidence
xScale hyperscale datacenters to Microsoft and other hyperscalers.
Pays to
- Bloom Energy Medium confidence
Sources on-site datacenter power from Bloom fuel cells. - Vertiv Medium confidence
Sources datacenter power and cooling from Vertiv and others. - Oklo Medium confidence
Oklo SMR commitment for datacenter power. - Power · construction · capacity expansion (undisclosed) Low confidence
Power purchases, center construction and capacity.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Equinix | node | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +38.6 |
| Bloom Energy | benef1 | -23.5 | -12.8 | -22.6 | +50.1 | +291.2 | +181.5 |
| Vertiv | benef1 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +96.9 |
| Oklo | benef1 | · | +0.7 | +6.5 | +101 | +238 | -31.9 |
| LS ELECTRIC | benef2 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +79.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 0 · Avg. target $1,195 · Price $1,051.1 (07-11) · Upside +14%
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026