cyrusone inc.

overview

CyrusOne is a leading global data center operator specializing in hyperscale colocation, build-to-suit solutions, and AI-optimized infrastructure. The company operates 55+ data centers across North America, Europe, and Asia-Pacific, serving nearly 1,000 customers including approximately 200 Fortune 1000 companies. CyrusOne provides mission-critical digital infrastructure solutions for cloud service providers, hyperscalers, enterprises, and AI/ML workloads through its proprietary Intelliscale platform.

business model

CyrusOne operates as a private data center infrastructure provider focused on three core service lines: (1) Hyperscale colocation - large-scale deployments for cloud providers and hyperscalers ranging from 21 MW to 100+ MW, (2) Enterprise colocation - retail colocation and powered-shell solutions for Fortune 1000 companies, and (3) Build-to-suit - custom-designed facilities for specific customer requirements. The company generates revenue through long-term lease agreements, typically 10-15 years for hyperscale customers and 3-5 years for enterprise customers, charging for space, power, and interconnection services. CyrusOne differentiates through rapid deployment capabilities, standardized modular designs, and the Intelliscale platform optimized for AI workloads supporting up to 300 kW rack densities.

data center profile

global footprint

us portfolio (from database)

projects by state

specialization

primary focus: hyperscale, colocation, ai-ml, wholesale, retail

key differentiators:

• Intelliscale platform - AI-optimized data centers supporting up to 300 kW rack densities

• Rapid deployment capabilities - industry-leading speed to market

• Standardized modular design enabling predictable, efficient expansion

• Space efficiency - Intelliscale facilities use 75% less space than traditional designs

• Hyperscale expertise - facilities ranging from 21 MW to 100+ MW

financial highlights

strategy

corporate strategy

CyrusOne’s corporate strategy focuses on becoming the premier provider of hyperscale and AI-optimized data center infrastructure globally. Under KKR and GIP ownership since 2022, the company has pivoted from a balanced enterprise/hyperscale REIT model to an aggressive growth strategy emphasizing three pillars: (1) Hyperscale leadership - building large-scale campuses 21-100+ MW for cloud providers and hyperscalers, (2) AI infrastructure innovation - deploying the proprietary Intelliscale platform to capture AI/ML workload growth with support for 300 kW rack densities and advanced cooling, (3) Global expansion - strategic geographic growth in North America, Europe (270+ MW across Frankfurt, London, Amsterdam, Madrid, Paris, Dublin, Milan), and Asia-Pacific (Japan joint venture targeting 900 MW). The company leverages standardized modular designs and established supply chains to achieve industry-leading deployment speeds while maintaining operational efficiency.

growth strategy

CyrusOne pursues aggressive growth through multiple vectors: (1) Organic development - secured nearly $12 billion in financing in 2024 ($7.9B warehouse facility for US development, $1.8B revolving credit facility) supporting rapid expansion, (2) Strategic partnerships -$7B Japan joint venture with KEPCO targeting 900 MW over decade; Calpine partnership for Whitney $1.2B campus with dedicated power generation, (3) Market expansion - European growth including Frankfurt (186 MW total including developments), Milan (54 MW MIL2), London facilities; (4) AI infrastructure focus - Intelliscale platform deployments with 10+ sites in pipeline targeting hyperscale AI customers, (5) Campus development - Phoenix Mesa campus (198 MW), Northern Virginia (57-acre hyperscale site), San Antonio (SAT10/SAT11), (6) Technology differentiation - investing in advanced cooling, high-density capabilities, and rapid deployment methodologies. Portfolio recycling through strategic divestitures like$670M DataBank Houston sale enables capital redeployment into higher-growth markets.

power strategy

CyrusOne employs an innovative power strategy combining direct utility partnerships, behind-the-meter generation, and on-site power solutions. The company’s partnership with Calpine at Whitney provides direct connection to 250 MW Thad Hill Energy Center, representing a breakthrough model for hyperscale power procurement. CyrusOne works closely with utilities across markets to secure dedicated capacity for large deployments.

renewable commitment: CyrusOne achieved 100% renewable energy across all European operations and 51% renewable energy globally as of 2022. The company targets Climate Neutral by 2030 validated by Science-based Targets Initiative (SBTi). Since 2021, CyrusOne reduced carbon emissions 29% despite 70% business volume increase. All European facilities operate on 100% renewable energy. The company received Climate Neutral Data Centre Pact (CNDCP) Self-Regulatory Initiative Certification, becoming the first European data center operator to achieve this designation. CyrusOne partners with E.ON to overcome grid capacity constraints through renewable energy solutions in Europe.

major commitments

partnerships

power providers

technology partners

NVIDIA (GPU/AI Infrastructure) : Partnership for high-density GPU deployments in Intelliscale facilities supporting AI/ML workloads

Advanced cooling technology providers (Cooling Infrastructure) : Industrial-scale cooling systems for Intelliscale platform supporting mixed air-cooled and liquid cooling deployments up to 300 kW per rack

financial partnerships

leadership

Eric Schwartz

Chief Executive Officer

Former Equinix executive with 16+ years including President of EMEA region for over decade. Joined CyrusOne in October 2022 following $15B KKR/GIP acquisition. Brings extensive global data center expertise and hyperscale customer relationships.

Selected by KKR and GIP to lead post-acquisition transformation and aggressive growth strategy. Equinix background brings deep hyperscale and European market expertise.

David Ferdman

Board Member and Co-Founder

Co-founder of CyrusOne in July 2000 with Larry Bursten. Served as interim President & CEO from July 28, 2021 until Eric Schwartz appointment October 2022. Continues as Board Member providing strategic guidance and institutional knowledge.

Founder who built CyrusOne from startup to $15B enterprise over 20+ years. Provides continuity and strategic counsel through board role.

John Hatem

President

20+ years data center design and operations experience. Previously held senior roles at JPMorgan Chase, Deutsche Bank, and Morgan Stanley. Oversees global operations, design, construction, and sales.

Brings deep financial services and enterprise customer expertise. Oversees operational execution of growth strategy.

competitive position

CyrusOne is a significant global data center operator ranking in the second tier of colocation providers behind market leaders Equinix, Digital Realty, and NTT. The company holds approximately 2% global market share in the colocation sector. Under KKR and GIP ownership since 2022, CyrusOne has repositioned from a balanced enterprise/hyperscale REIT to an aggressive growth-focused hyperscale specialist with emphasis on AI infrastructure. The company’s competitive position is strongest in North America (particularly Texas, Arizona, Virginia, Illinois) and is rapidly strengthening in Europe (270+ MW across 6 countries) and Asia-Pacific (Japan JV). CyrusOne differentiates through the proprietary Intelliscale platform for AI workloads (up to 300 kW racks), rapid deployment capabilities, and strategic power partnerships like the Calpine Whitney model.

strengths

• Intelliscale platform - proprietary AI-optimized infrastructure supporting 300 kW rack densities with 75% space efficiency

• Rapid deployment capabilities - industry-leading speed to market through standardized modular designs

• Strong hyperscale relationships - Meta (36 MW Chicago deal), Microsoft (San Antonio primary tenant), AWS, Google

• Innovative power strategy - Calpine partnership for behind-the-meter generation at Whitney campus

• KKR and GIP backing - access to significant capital ($12B financing in 2024) and infrastructure expertise

opportunities

• AI infrastructure boom - Intelliscale platform well-positioned for GPU-intensive workloads

• $12B financing war chest enabling aggressive expansion

• Hyperscale growth - cloud adoption and outsourcing trends favor third-party providers

• European expansion - 270+ MW platform with room for significant growth

• Japan market entry - $7B KEPCO JV provides Asia-Pacific beachhead in constrained market

threats

• Hyperscaler self-build - Meta, Google, Microsoft, AWS building owned infrastructure reducing third-party demand

• Power constraints - limited availability in key markets (Northern Virginia, Frankfurt, London, Singapore)

• Intense competition from Equinix, Digital Realty with deeper pockets and broader footprints

• Rising construction costs and supply chain disruptions impacting development economics

• Interest rate environment - higher rates increasing debt service costs on $12B financing

projects

sources

• CyrusOne - Data Center Solutions

• CyrusOne

• CyrusOne Leadership Team

• CyrusOne

• KKR, GIP to Acquire CyrusOne in Blockbuster $15 Billion Deal

• Data Center Frontier (2021-11-15)

• CyrusOne to be Acquired by KKR and Global Infrastructure Partners in $15 Billion Transaction

• Business Wire (2021-11-15)

• KKR and GIP Complete Acquisition of CyrusOne

• Nasdaq (2022-03-25)

• KKR and GIP Complete Acquisition of CyrusOne

• Global Infrastructure Partners (2022-03-25)

• CyrusOne - Wikipedia

• Wikipedia

• CyrusOne’s Next Chapter: Building Strategic Scale for Cloud Runways

• Data Center Frontier

• CyrusOne and Calpine Announce New Hyperscale Data Center Development in Texas

• CyrusOne (2025-07-30)

• CyrusOne, Calpine to develop a $1.2B hyperscale data center campus in Central Texas

• Dallas News (2025-07-30)