Digital Realty (DLR)
Leases global data-center capacity from colocation cabinets to hyperscale campuses.
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Digital Realty is a landlord for the buildings, power and private connections behind online services. Giant computer halls still pay most of the bills, while smaller shared rooms, connection services and outside investment partners are widening the business as artificial-intelligence demand pulls new construction forward.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
5 in detail · 19 more below
Greater than 1 MW
Large customers reserve whole power-heavy halls. DLR’s share of signed annual rent waiting to start reached $1.4 billion in June 2026; delivery timing matters, as does concentration: an unnamed giant software company and Oracle together supplied 20.8% of repeat rent and service income.
Competes with xScale data centers (Equinix) · Hyperscale campuses (Vantage Data Centers)
In plain English
A megawatt is a measure of electricity large enough for a very big room of computers. Here, Digital Realty rents whole halls or campuses to companies that sell computing over the internet or build artificial-intelligence systems; the renter brings the computers, while Digital Realty supplies the building, power, cooling and security.
Money arrives as long-term rent for reserved space and power, plus repayment for electricity and property costs. Think of a warehouse lease where the electrical hookup matters more than the floor. Rent starts only after construction is finished, so permits, power delivery and the customer’s ability to pay decide when signed demand becomes cash.
0–1 MW
Smaller private rooms, fenced areas and cabinets make up roughly a third of sales. They open faster and command more rent for each unit of power; watch whether recent record signings settle into steady rent.
Competes with IBX Colocation (Equinix) · Global Data Centers Colocation (NTT DATA)
In plain English
A company that needs a few computer racks does not want to rent an entire building. Digital Realty gives it a locked cabinet, a fenced-off area or a private room inside a shared data center, along with electricity, cooling and staff on site.
It works like renting a secure workshop in a busy industrial building: each tenant has private space but benefits from shared utilities and nearby suppliers. Customers pay more for each unit of power than the giant-campus renters, and they often add private connections to other companies in the same building. That makes small deployments valuable beyond their floor space.
AI Infrastructure Solution Program
A packaged setup for companies that want their own artificial-intelligence computers near private data. In fiscal 2026’s second quarter, AI-related deals were about one-fifth of $108 million in newly signed small-space and connection business; watch how much becomes occupied space.
Competes with Distributed AI (Equinix) · CoreWeave Cloud (CoreWeave)
In plain English
Some businesses want artificial-intelligence systems close to their private information, but assembling the room, powerful computers, cooling and connections is a difficult puzzle. Digital Realty brings those pieces together with equipment makers and installer ePlus, so the customer can place a ready-to-run setup inside a secure data center.
The customer pays Digital Realty for the space, heavy electricity use and private data paths; the partners provide the machines and setup work. This is still a packaged route into the existing rental and connection businesses, not a separately measured sales engine. Its value depends on customers moving from a proposed design to installed equipment that keeps paying rent.
Interconnection
Private cables and digital links between customers generated $478.7 million in fiscal 2025. Each new customer creates more possible connections; watch whether ServiceFabric turns broader reach into more paid links, not just a larger footprint.
Competes with Fabric and Cross Connects (Equinix) · Hybrid-cloud network connections (Megaport)
In plain English
The useful thing about putting many companies’ computers under one roof is that they can connect directly. Digital Realty installs short cables inside a building and private paths between sites, letting a bank, phone-network operator or computing provider exchange data without sending it across the open internet.
It resembles an old switchboard: every new participant gives the others another useful destination. Customers pay repeatedly for each physical or software-controlled link, so a building with a busy mix of customers can earn more than rent alone. The business depends on reliable fiber and enough destinations to make another connection worth buying.
Private Capital
Outside investors fund much of selected construction while Digital Realty keeps a stake and earns management fees. Its U.S. fund gathered $3.25 billion of promised investment in March 2026; watch for uneven extra fees when a project performs especially well.
Competes with xScale partner data centers (Equinix) · Digital Equity funds (DigitalBridge)
In plain English
The funding side of the machine. Pension funds and other large investors put most of the ownership money into selected data centers; Digital Realty contributes a smaller share, builds or manages the property, and keeps part of the long-term income.
It is similar to a property developer building with partners instead of paying for every project alone. Digital Realty earns fees for the work and may collect an extra success fee when a project performs well enough. That lets it oversee more construction than its own cash could support, but the fee stream jumps around because large transactions do not arrive on a neat schedule.
Greater than 1 MWLarge customers reserve whole power-heavy halls. DLR’s share of signed annual rent waiting to start reached $1.4 billion in June 2026; delivery timing matters, as does concentration: an unnamed giant software company and Oracle together supplied 20.8% of repeat rent and service income.Large customers reserve whole power-heavy halls. DLR’s share of signed annual rent waiting to start reached $1.4 billion in June 2026; delivery timing matters, as does concentration: an unnamed giant software company and Oracle together supplied 20.8% of repeat rent and service income.
In plain English
A megawatt is a measure of electricity large enough for a very big room of computers. Here, Digital Realty rents whole halls or campuses to companies that sell computing over the internet or build artificial-intelligence systems; the renter brings the computers, while Digital Realty supplies the building, power, cooling and security.
Money arrives as long-term rent for reserved space and power, plus repayment for electricity and property costs. Think of a warehouse lease where the electrical hookup matters more than the floor. Rent starts only after construction is finished, so permits, power delivery and the customer’s ability to pay decide when signed demand becomes cash.
Competes with xScale data centers (Equinix) · Hyperscale campuses (Vantage Data Centers)
0–1 MWSmaller private rooms, fenced areas and cabinets make up roughly a third of sales. They open faster and command more rent for each unit of power; watch whether recent record signings settle into steady rent.Smaller private rooms, fenced areas and cabinets make up roughly a third of sales. They open faster and command more rent for each unit of power; watch whether recent record signings settle into steady rent.
In plain English
A company that needs a few computer racks does not want to rent an entire building. Digital Realty gives it a locked cabinet, a fenced-off area or a private room inside a shared data center, along with electricity, cooling and staff on site.
It works like renting a secure workshop in a busy industrial building: each tenant has private space but benefits from shared utilities and nearby suppliers. Customers pay more for each unit of power than the giant-campus renters, and they often add private connections to other companies in the same building. That makes small deployments valuable beyond their floor space.
Competes with IBX Colocation (Equinix) · Global Data Centers Colocation (NTT DATA)
AI Infrastructure Solution ProgramA packaged setup for companies that want their own artificial-intelligence computers near private data. In fiscal 2026’s second quarter, AI-related deals were about one-fifth of $108 million in newly signed small-space and connection business; watch how much becomes occupied space.A packaged setup for companies that want their own artificial-intelligence computers near private data. In fiscal 2026’s second quarter, AI-related deals were about one-fifth of $108 million in newly signed small-space and connection business; watch how much becomes occupied space.
In plain English
Some businesses want artificial-intelligence systems close to their private information, but assembling the room, powerful computers, cooling and connections is a difficult puzzle. Digital Realty brings those pieces together with equipment makers and installer ePlus, so the customer can place a ready-to-run setup inside a secure data center.
The customer pays Digital Realty for the space, heavy electricity use and private data paths; the partners provide the machines and setup work. This is still a packaged route into the existing rental and connection businesses, not a separately measured sales engine. Its value depends on customers moving from a proposed design to installed equipment that keeps paying rent.
Competes with Distributed AI (Equinix) · CoreWeave Cloud (CoreWeave)
InterconnectionPrivate cables and digital links between customers generated $478.7 million in fiscal 2025. Each new customer creates more possible connections; watch whether ServiceFabric turns broader reach into more paid links, not just a larger footprint.Private cables and digital links between customers generated $478.7 million in fiscal 2025. Each new customer creates more possible connections; watch whether ServiceFabric turns broader reach into more paid links, not just a larger footprint.
In plain English
The useful thing about putting many companies’ computers under one roof is that they can connect directly. Digital Realty installs short cables inside a building and private paths between sites, letting a bank, phone-network operator or computing provider exchange data without sending it across the open internet.
It resembles an old switchboard: every new participant gives the others another useful destination. Customers pay repeatedly for each physical or software-controlled link, so a building with a busy mix of customers can earn more than rent alone. The business depends on reliable fiber and enough destinations to make another connection worth buying.
Competes with Fabric and Cross Connects (Equinix) · Hybrid-cloud network connections (Megaport)
Private CapitalOutside investors fund much of selected construction while Digital Realty keeps a stake and earns management fees. Its U.S. fund gathered $3.25 billion of promised investment in March 2026; watch for uneven extra fees when a project performs especially well.Outside investors fund much of selected construction while Digital Realty keeps a stake and earns management fees. Its U.S. fund gathered $3.25 billion of promised investment in March 2026; watch for uneven extra fees when a project performs especially well.
In plain English
The funding side of the machine. Pension funds and other large investors put most of the ownership money into selected data centers; Digital Realty contributes a smaller share, builds or manages the property, and keeps part of the long-term income.
It is similar to a property developer building with partners instead of paying for every project alone. Digital Realty earns fees for the work and may collect an extra success fee when a project performs well enough. That lets it oversee more construction than its own cash could support, but the fee stream jumps around because large transactions do not arrive on a neat schedule.
Competes with xScale partner data centers (Equinix) · Digital Equity funds (DigitalBridge)
Named in filings, launches and programs
- PlatformDIGITALPlatformThe umbrella joining large sites, shared rooms and private connections across cities; its sales already appear inside those businesses.
- ServiceFabricPlatform · RampingA control layer for ordering private digital links across hundreds of Digital Realty and partner sites; its money sits inside connection services.
- High-Density ColocationProductShared space with extra power and cooling for tightly packed, hard-working computers, sold within both small and large capacity leases.
- Data Center SuitesProductPrivate rooms or halls with dedicated power and security for customers that need more separation than a cabinet provides.
- Data Center ServicesServiceOn-site staff perform hands-on checks and urgent operating tasks when a customer cannot send its own technician.
- Build-to-SuitServiceDigital Realty designs and builds a facility around one customer’s requested size and operating needs.
- Powered Base BuildingsProductA powered outer shell that the customer finishes with its own computer room and equipment.
- Campus ConnectServicePrivate links between buildings on the same Digital Realty campus.
- Metro ConnectServicePrivate links between separate Digital Realty sites in the same city.
- Cross ConnectServiceA direct physical cable joining two customers’ equipment inside one facility.
- Internet ExchangeServiceA shared meeting point where participating networks pass internet traffic directly to one another.
- IP BandwidthServiceManaged internet access sold alongside private connection products inside Digital Realty facilities.
- Office and storage spaceProduct lineSupporting rooms rented beside the main computer areas, part of the small remainder outside the core capacity lines.
- U.S. Hyperscale Data Center FundEcosystemOutside investors supply most ownership money for selected very large U.S. sites while Digital Realty keeps a stake and manages development.
- Columbia Capital data-center investment-management platformBrandAn acquired team and platform for finding and managing data-center investments backed by outside capital.
- TeracoBrandAn African data-center operator that Digital Realty owns sixty-one percent of; a further stake was announced but not confirmed complete.
- Charlotte AI inference leaseCustomer program · RampingA large power reservation for an unnamed highly rated computing customer, scheduled to open in stages during 2027 and 2028.
- July 2026 U.S. large-campus leasesCustomer program · RampingTwo large U.S. customer agreements whose names were not disclosed, adding rent after their facilities are delivered.
- Northern Virginia portfolioCustomer programThree fully rented facilities bought from Blackstone interests, backed by unnamed highly rated tenants on fifteen-year leases.
PlatformDIGITALPlatform
The umbrella joining large sites, shared rooms and private connections across cities; its sales already appear inside those businesses.
ServiceFabricPlatform · Ramping
A control layer for ordering private digital links across hundreds of Digital Realty and partner sites; its money sits inside connection services.
High-Density ColocationProduct
Shared space with extra power and cooling for tightly packed, hard-working computers, sold within both small and large capacity leases.
Data Center SuitesProduct
Private rooms or halls with dedicated power and security for customers that need more separation than a cabinet provides.
Data Center ServicesService
On-site staff perform hands-on checks and urgent operating tasks when a customer cannot send its own technician.
Build-to-SuitService
Digital Realty designs and builds a facility around one customer’s requested size and operating needs.
Powered Base BuildingsProduct
A powered outer shell that the customer finishes with its own computer room and equipment.
Campus ConnectService
Private links between buildings on the same Digital Realty campus.
Metro ConnectService
Private links between separate Digital Realty sites in the same city.
Cross ConnectService
A direct physical cable joining two customers’ equipment inside one facility.
Internet ExchangeService
A shared meeting point where participating networks pass internet traffic directly to one another.
IP BandwidthService
Managed internet access sold alongside private connection products inside Digital Realty facilities.
Office and storage spaceProduct line
Supporting rooms rented beside the main computer areas, part of the small remainder outside the core capacity lines.
U.S. Hyperscale Data Center FundEcosystem
Outside investors supply most ownership money for selected very large U.S. sites while Digital Realty keeps a stake and manages development.
Columbia Capital data-center investment-management platformBrand
An acquired team and platform for finding and managing data-center investments backed by outside capital.
TeracoBrand
An African data-center operator that Digital Realty owns sixty-one percent of; a further stake was announced but not confirmed complete.
Charlotte AI inference leaseCustomer program · Ramping
A large power reservation for an unnamed highly rated computing customer, scheduled to open in stages during 2027 and 2028.
July 2026 U.S. large-campus leasesCustomer program · Ramping
Two large U.S. customer agreements whose names were not disclosed, adding rent after their facilities are delivered.
Northern Virginia portfolioCustomer program
Three fully rented facilities bought from Blackstone interests, backed by unnamed highly rated tenants on fifteen-year leases.