equinix, inc.

overview

Equinix is the world’s digital infrastructure company, operating 270+ carrier-neutral data centers across 76 major metros in 36 countries. The company pioneered the concept of the International Business Exchange (IBX) and has built the largest global interconnection platform, enabling digital leaders to scale with agility, speed the launch of digital services, and deliver world-class experiences. With over 492,000 interconnections and 10,000+ customers including cloud providers, enterprises, networks, and digital service providers, Equinix has created the most powerful network effect in the data center industry.

business model

Equinix operates as a real estate investment trust (REIT) focused on carrier-neutral colocation and interconnection services. The company generates revenue through recurring colocation services (cabinet rentals, power consumption, cross-connects), interconnection services (Equinix Fabric virtual connections), and managed infrastructure services (Equinix Metal bare metal as-a-service). The business model centers on creating powerful network effects: as more networks, clouds, and enterprises deploy at Equinix IBX facilities, the platform becomes exponentially more valuable to all participants. Equinix operates through both retail colocation (multi-tenant facilities serving diverse customers) and xScale hyperscale data centers (joint venture facilities serving large cloud providers). The REIT structure provides capital efficiency and enables consistent dividend distributions while maintaining investment-grade credit ratings for growth capital access.

data center profile

global footprint

us portfolio (from database)

projects by state

specialization

primary focus: colocation, interconnection, cloud, enterprise, ai-ml, edge

key differentiators:

• World’s largest interconnection platform with 492,000+ cross-connects

• Platform Equinix ecosystem with 10,000+ customers creating powerful network effects

• IBX (International Business Exchange) brand and carrier-neutral positioning

• Global reach with 272 data centers across 76 metros in 36 countries

• Equinix Fabric software-defined interconnection across 50+ locations

financial highlights

strategy

corporate strategy

Equinix’s corporate strategy centers on being the world’s digital infrastructure company by providing the most interconnected platform for global businesses to deploy their digital infrastructure. The company focuses on creating and capturing network effects through its Platform Equinix ecosystem, where the presence of multiple networks, clouds, and enterprises in Equinix facilities creates exponential value for all participants. Core strategic pillars include: (1) Global platform expansion to maintain presence in every major digital hub, (2) Interconnection leadership through Equinix Fabric and physical cross-connects, (3) Digital services innovation with offerings like Equinix Metal and Network Edge, (4) Customer success through enabling hybrid multicloud architectures, (5) Sustainability leadership targeting climate neutrality by 2030. The strategy emphasizes carrier neutrality, vendor independence, and creating digital ecosystems where customers can directly connect to partners, clouds, and networks with low latency and high performance.

growth strategy

Equinix pursues growth through multiple strategic vectors: (1) Organic expansion - 57 projects underway across 35 markets in 22 countries delivering 22,000+ retail cabinets and 100+ MW xScale capacity through 2025, (2) Strategic acquisitions - history of transformative M&A including TelecityGroup ($3.8B, 2015), Verizon data centers ($3.6B, 2017), Switch and Data ($683M, 2010), GPX India ($161M, 2020), and planned Philippines entry (2024), (3) xScale hyperscale joint ventures - $15B+ partnership with GIC and CPP Investments to develop 1.5+ GW of hyperscale capacity across multiple 100+ MW campuses in the U.S., building on existing$8B+ xScale portfolio with 725+ MW capacity across 35+ facilities globally, (4) Geographic expansion - entry into new markets (Philippines 2024, India 2020, South Africa 2024) while densifying existing metros, (5) Digital services - expanding Equinix Fabric, Metal, and Network Edge to increase revenue per customer, (6) AI infrastructure positioning - enabling GPU clusters and high-density deployments for AI workloads. The company targets consistent revenue growth through land-and-expand strategy with existing customers while attracting new participants to the ecosystem.

power strategy

Equinix pursues a comprehensive power strategy combining utility partnerships, innovative clean energy procurement, and next-generation power technologies to support AI-driven growth. The company works with local utilities for traditional grid power while leading the industry in alternative energy adoption including nuclear, fuel cells, and advanced renewables.

renewable commitment: Equinix achieved 96% renewable energy coverage globally across 250 sites operating on 100% renewable energy in 2024, targeting 100% clean and renewable energy by 2030. The company committed to climate neutrality by 2030 with science-based targets to reduce Scope 1 and 2 emissions by 50% by 2030 against 2019 baseline, and reach net-zero across value chain by 2040 with 90% absolute reduction in Scope 1, 2, and 3 emissions. Equinix has issued $6.9 billion in green bonds (top 5 U.S. issuer) supporting 207 projects including 225 MW of renewable PPAs, green building design, and energy efficiency. Company achieved CDP Climate Change A List ranking for second consecutive year and reduced Scope 1 and 2 carbon footprint by 23% since 2019 despite 50% growth in electricity consumption.

nuclear partnerships:

• Oklo - First data center operator to sign SMR agreement for 500 MW of nuclear energy

• Radiant Industries - Preorder agreement for 20 Kaleidos microreactors

• ULC-Energy - Agreement for 250 MWe of nuclear capacity

• Stellaria - Partnership for 500 MWe of nuclear power

major commitments

partnerships

power providers

technology partners

Cisco Systems (Networking infrastructure) : Strategic networking technology provider for Equinix Fabric and IBX infrastructure

NVIDIA (GPU/AI infrastructure) : GPU technology for AI workload deployments at Equinix facilities

AWS (Cloud connectivity) : Equinix was launch partner for first AWS Direct Connect hub in 2011. AWS operates edge nodes in Equinix IBX facilities globally. Strategic partnership for hybrid cloud connectivity.

Microsoft Azure (Cloud connectivity) : Azure ExpressRoute connectivity available at Equinix locations worldwide. Azure edge nodes in IBX facilities.

Google Cloud (Cloud connectivity) : Google Cloud Interconnect available at Equinix. Direct peering and edge presence in IBX facilities.

financial partnerships

leadership

Adaire Fox-Martin

President and Chief Executive Officer

Adaire Fox-Martin was appointed President and CEO of Equinix in June 2024, having served on the Equinix Board of Directors since 2020. She brings 25+ years of technology sector leadership experience. Prior to Equinix, she served as President of Go-to-Market for Google Cloud and Head of Google Ireland, where she led global go-to-market teams including sales, professional services, partner ecosystem, and customer success. Before Google, she held board-level positions at SAP and executive leadership roles at Oracle.

First female CEO of Equinix. Brings deep cloud and technology go-to-market expertise critical for Equinix’s strategy of serving hyperscale cloud providers and enterprises in hybrid cloud era. Leadership transition represents strategic shift toward cloud-native business development.

Charles Meyers

Executive Chairman of the Board

Charles Meyers transitioned to Executive Chairman in June 2024 after serving as President and CEO since 2018. He joined Equinix in 2010 as part of the Switch and Data acquisition and held various leadership roles including Chief Operating Officer and President. Under his leadership as CEO, Equinix significantly expanded its global platform, launched the xScale hyperscale program, and established climate neutrality commitments.

Instrumental in Equinix’s strategic evolution over 14+ years. Transition to Executive Chairman maintains continuity while enabling focus on board governance and strategic direction. Led company through pandemic, climate commitments, and hyperscale JV formations.

Keith D. Taylor

Chief Financial Officer

Keith Taylor has served as CFO of Equinix since 2005 and joined the company in February 1999 as one of the earliest employees. He has been recognized as ‘Best CFO’ on Institutional Investor’s prestigious list. Taylor has overseen Equinix’s financial strategy through two decades including IPO aftermath, financial crisis, REIT conversion, and massive international expansion.

Longest-tenured executive with 25+ years at Equinix. Deep institutional knowledge of data center REIT financial models, capital markets, and M&A execution. Instrumental in REIT conversion (2015) and green bond program ($6.9B issued). Recognized as one of industry’s top CFOs.

competitive position

Equinix is the undisputed global leader in retail colocation and interconnection services with 13% market share, significantly ahead of second-place Digital Realty (8%) and third-place NTT. The company operates the world’s largest interconnection platform with 492,000+ cross-connects and 10,000+ customers across 272 data centers in 76 metros globally. Equinix’s competitive position is strongest in interconnection-heavy markets and retail colocation, while Digital Realty leads in wholesale colocation. Combined, Equinix, Digital Realty, and NTT control 30% of global colocation revenues. Equinix’s market leadership stems from powerful network effects where each additional customer, network, or cloud provider increases the platform’s value to all participants.

strengths

• World’s largest interconnection platform with 492,000+ cross-connects creating powerful network effects

• Global reach with 272 IBX facilities across 76 metros in 36 countries on six continents

• Carrier-neutral positioning with 1,800+ networks, creating unmatched ecosystem density

• Platform Equinix ecosystem with 10,000+ customers and 50%+ of Fortune 500

• Industry-leading interconnection services including Equinix Fabric software-defined networking

opportunities

• AI infrastructure boom driving unprecedented demand for high-density GPU deployments

• Hyperscale growth through $15B xScale JV enabling 1.5+ GW U.S. capacity addition

• Edge computing expansion as 5G drives distributed infrastructure requirements

• Southeast Asia expansion with Philippines entry and regional densification

• Digital services revenue growth from Fabric, Metal, and Network Edge adoption

threats

• Hyperscalers building owned infrastructure reducing third-party colocation demand

• Power supply constraints in major markets limiting capacity expansion

• Intense competition from Digital Realty, CyrusOne (KKR), NTT, and well-funded new entrants

• Rising construction costs and supply chain disruptions impacting development economics

• Interest rate environment affecting REIT valuations and dividend yields

projects

sources

• Equinix Investor Relations

• Equinix

• Equinix - The World’s Digital Infrastructure Company

• Equinix

• Equinix, Inc. SEC Filings - Form 10-K

• U.S. Securities and Exchange Commission (2025-02-12)

• Equinix Reports Strong Fourth-Quarter and Full-Year 2024 Results

• Equinix (2025-02-12)

• Equinix - Wikipedia

• Wikipedia

• Equinix Sustainability Report

• Equinix

• Equinix Agrees to Form Greater Than $15B JV to Expand Hyperscale Data Centers

• PR Newswire (2024-10)

• Equinix and GIC Launch Hyperscale Joint Venture

• Equinix Blog (2019-07)

• Equinix Continues to Expand Sustainability Initiatives with Additional €1.15 Billion in Green Bonds

• Equinix (2024-11)

• Equinix Sets 2030 Global Climate-Neutral Target

• Equinix (2021-06)