Data-center REIT · No.1 in 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.
Business categories Data Center Facilities · AI Compute Infrastructure · primary
EQIX Updated Oct 10, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Equinix is directly linked to 7 companies (5 supply, 2 revenue relationships) and reaches 36 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-10-10).
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. - VeriSign, Inc. Medium confidence
Equinix was described by Verisign in 2010 as a long-time data-center service provider and selected as a partner for jointly marketing cloud-based services on the Equinix platform, but the public disclosure does not establish whether the relationship remains current or state the amount paid.Confirms EN Equinix Published Nov 11, 2010: Equinix Helps Businesses Succeed in Growing Digital Economy
Pays to
- Legrand High confidence· spend proxy €14M · 2023 · supplier revenue disclosed for customer-level CDP allocation
Equinix procures data-center infrastructure from Legrand through Minkels and Legrand North America; the disclosed allocation-basis revenue is EUR 13,626,000. - 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. - Salesforce, Inc. Medium confidence
Equinix uses Agentforce, Data Cloud, and Marketing Cloud to improve lead generation and conversion, according to a Salesforce customer-success roundup published in August 2025. No individual contract value is disclosed. - 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 |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +68.2 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Kenvue Inc. | lead2 | · | · | · | +3.1 | -15.9 | +12.4 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.3 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +10.3 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| The Kraft Heinz Company | lead2 | +8 | +18.2 | -5 | -13 | -16.3 | +6.1 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Ralph Lauren Corporation | lead2 | +16.7 | -8.4 | +39.8 | +62.9 | +55 | -0.2 |
| Dover Corporation | lead2 | +45.7 | -24.3 | +15.2 | +23.3 | +5.2 | -0.5 |
| Veralto Corporation | lead2 | · | · | · | +24.3 | -1.6 | -3.2 |
| Roper Technologies | lead2 | +14.7 | -11.6 | +26.9 | -4.1 | -13.8 | -7.9 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -8 |
| Axon Enterprise, Inc. | lead2 | +28.1 | +5.7 | +55.7 | +130.1 | -4.4 | -9.2 |
| GoDaddy | lead2 | +2.3 | -11.8 | +41.9 | +85.9 | -37.1 | -15.9 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -20.4 |
| Fiserv | lead2 | -8.8 | -2.6 | +31.4 | +54.6 | -67.3 | -21.1 |
| Cognizant Technology Solutions Corporation | lead2 | +9.6 | -34.5 | +34.4 | +3.5 | +9.7 | -23.6 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -55.2 |
| VeriSign, Inc. | lead1 | +17.3 | -19.1 | +0.3 | +0.5 | +18.4 | +21.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Equinix | node | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| Bloom Energy | benef1 | -23.5 | -12.8 | -22.6 | +50.1 | +291.2 | +191 |
| Vertiv | benef1 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| Legrand | benef1 | +20.3 | -7.1 | +12.8 | +11.9 | +39.3 | +6.1 |
| Salesforce, Inc. | benef1 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -12.9 |
| Oklo | benef1 | · | +0.7 | +6.5 | +101 | +238 | -42.5 |
| LS ELECTRIC | benef2 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +73.2 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Alphabet (Google) | benef2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
YTD as of 2026-09-04 · source: Yahoo Finance
Equinix operates across Nasdaq, Datacenter REIT, No.1 interconnection. After -16.9% in 2025, it rebounded +37.3% in 2026. Demand side (avg +4%), the stock (+37.3%) and supply side (avg +55%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Bloom Energy (+191%) and the furthest behind is Oklo (-42.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The place where AI compute physically sits.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 0 · Avg. target $1,195 · Price $1,035.98 (09-05) · Upside +15%
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026
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