Artificial Intelligence · Profile from AI Research Companion
Equinix
The Redwood City, California data-centre company, founded in 1998 as a neutral place where networks could exchange internet traffic, that grew into the world's largest operator of interconnection-focused colocation: ~268 data centres in ~74 metros (end-2024, company) where carriers, clouds and enterprises connect directly to each other through more than 480,000 cross-connects. It converted to a real-estate investment trust (REIT) in 2015, built a hyperscale wholesale arm (xScale) through joint ventures with sovereign and pension funds from 2019, and pitches itself in the AI era as the place where inference, private AI and multi-cloud networks meet. Revenue was ~$9.2bn in 2025 (company) and is guided to ~$10.3bn in 2026 (company, October 2026). It has had to defend its accounting (a Hindenburg short report in March 2024, followed by DOJ and SEC subpoenas that closed without action in November 2025) and its capital plan (a ~16–18% share-price fall around its June 2025 Analyst Day).
At a glance
- Founded
- June 1998 (incorporated as Quark Communications, renamed Equinix in October 1998), by Jay Adelson and Al Avery, former Digital Equipment Corporation facilities managers
- Headquarters
- Redwood City, California
- Ownership / structure
- Public (Nasdaq: EQIX) since August 2000; REIT for tax purposes since January 1, 2015; widely held by index and REIT funds; activist Elliott Management took a stake in mid-2025 (reported)
- Leadership (2026)
- Adaire Fox-Martin (president and CEO since late June 2024; formerly Google Cloud and SAP; Equinix director since 2020); Charles Meyers (executive chairman; CEO 2018–24); Keith Taylor (long-time CFO, retired 2025, verify) and successor CFO (verify name); Jon Lin (chief business officer, verify)
- Products
- Retail colocation (cages, cabinets, power); interconnection (physical cross-connects, Equinix Internet Exchange, Equinix Fabric software-defined interconnection, Fabric Cloud Router, Fabric One from 2026); xScale hyperscale data centres (in joint ventures); managed services including Equinix Private AI with Nvidia DGX (from January 2024); Equinix Metal bare-metal cloud (2020–June 2026, retired)
- Scale
- 2025 revenue ~$9.217bn (+5% as reported); adjusted EBITDA ~$4.53bn (~49% margin, +11%); AFFO ~$3.76bn (+12%); AFFO per share ~$38.33 (+9%) (company, 11 Feb 2026; re-checked Nov 2026). Q3 2026 revenue $2.571bn (+11%), adjusted EBITDA $1.321bn (51% margin), record annualised gross bookings $533m (+35%) (company, October 28, 2026). 14,042 employees and ~$25.2bn of debt principal at September 30, 2026 (company)
- 2026 guidance
- Revenue $10.325–10.365bn (~12% growth); adjusted EBITDA $5.29–5.33bn; AFFO per share $43.71–44.11; total capex $5–6bn (company, October 2026; raised from the February 2026 guide of revenue $10.123–10.223bn and adjusted EBITDA $5.141–5.221bn)
- Signature moves (incl. failures)
- Founding and the neutral interconnection model (1998); REIT conversion and the acquisition run (2015–17); xScale joint ventures (2019–24); Private AI with Nvidia and the inference pitch (2024–26); the Hindenburg report and investigations (2024–25); the June 2025 Analyst Day capex reset and Elliott (2025); nuclear and fuel-cell power deals (2024–25); the atNorth acquisition with CPP Investments (2026)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1998
Founding and the Neutral Interconnection Model
Founding
2015
REIT Conversion and the Acquisition Run
Restructuring (REIT conversion) / acquisition
2019
xScale Hyperscale Joint Ventures
Partnership / joint venture
2024
Hindenburg Short Report and Investigations
Regulatory action / short-seller attack (and the company's response)
2024
Private AI with Nvidia and the Inference Pitch
Launch / partnership (and the retirement of Equinix Metal)
2025
Analyst Day Capex Reset and Elliott
Capital plan / activist investor
2025
Nuclear and Fuel Cell Power Deals
Partnership (power procurement)
2026
atNorth Acquisition with CPP
Acquisition (joint, minority stake)