Digital Realty's offerings span wholesale data center space, turnkey build-to-suit facilities, retail colocation, and interconnection services enabling customers to establish private and public connections. Demand for zero-to-one megawatt capacity and interconnections accelerated sharply, with full-year bookings reaching nearly $340 million, roughly 35% above 2024.
Cyborg Score Rationale
Management highlighted record bookings and strong double-digit growth drivers with a deep development pipeline, while acknowledging higher capital needs and infrastructure bottlenecks that are offset by demand visibility and balance sheet strength. Same-capital IT-load occupancy stands around 91% with another 50-100 basis points improvement targeted for 2026.
Top Insights
Record backlog of nearly $1.4 billion includes $634 million of leases scheduled to commence in 2026, providing strong visibility into future revenue.
Digital Realty entered private markets with over $3.2 billion of LP equity commitments to its inaugural closed-end fund, evolving its funding strategy to support hyperscale data center capacity growth.
Acquisition of Malaysia's TelcoHub 1 facility with 1.5MW dark fiber hub and 14MW expansion potential extends PlatformDIGITAL across Southeast Asia into a market projected to grow from 1.26 to 2.53 gigawatts by 2030.
Hyperscale customers remain a powerful growth engine with leasing exceeding $800 million on a 100% basis in 2025 as cloud and AI giants expand capacity.
Named Competitors
Equinix — Leading global data center and interconnection platform with superior AFFO growth
CoreWeave — Specialized AI-optimized data center infrastructure provider
Zenlayer — Global edge computing and data center platform
CyrusOne — Large-scale data center operator and colocation provider
Recent Developments
(February 2026) Q4 2025 results: Core FFO of $1.86/share and $7.39 for full year 2025, up 10% YoY; 2026 Core FFO guidance of $7.90-$8.00 and revenue guidance of $6.6-$6.7B
(January 2026) Announced planned acquisition of Malaysia's TelcoHub 1 data center in Cyberjaya, marking entry into Southeast Asia market with closing expected in H1 2026
(January 2026) Appointed Stephen Bolze to Board of Directors, bringing 30+ years infrastructure and energy experience from Blackstone and GE Power
(December 2025) Closed $3.225 billion of LP equity commitments for inaugural closed-end fund; priced €1.4 billion euro notes for general and green uses
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