数据中心：顶级数据中心市场的样子-包括DLR和EQIX的布局

15May2026

USCommunicationsInfrastructure

DataCenters:Whatatop-tierdatacentermarketlookslike—includingtheDLRandEQIXfootprints

MadisonRezaei

+19173448622

madison.rezaei@

NancyWu

+19173448545

nancy.wu@

We’refieldingalotofquestionsondatacenterbuildouts,atleastinpartdrivenbythedaily

headlinesonpowerdelays,NIMBYism,andsupplychainconstraints.Mostofouranswersboildownto“itdependsonwhatmarket(s)you’relookingat-wefeelprettygoodaboutMajor

Metrosandtheplayersbuilding/buyingthere”.Inthisnote,wedoacomparisonofmarkettypesandadeepdiveintothreeof

thetopU.S.markets

.

Wethinkofthreedatacentermarketarchetypes:MajorMetromarkets(typicallyconsideredthetop8-10inNorthAmerica),MinorMetromarkets(sometimesthoughtofasTiers

2-4,smallercitiesortheextremeoutskirtsofMajorMetros),andRuralmarkets.Thetwopublicdatacentercompanyfootprints,DLR(OP,$232)andEQIX(OP,$1,222)areoverwhelminglyconcentratedinMajorandMinorMetros;theyareamongthemostinsulatedfrommarketnoise.

MajorMetrosareandwillcontinuetobethemostimportantmarketsforlatency-sensitiveusecases(includinginferencing),aswellasenterprisecolocation.Thesemarketsare

wellestablishedandhardtobuildin.Powerqueuesarelong,buildcostsarehigh,and

supplychainsaretight.Existingcapacityandin-progress,permittedbuildsarevaluable.WeareseeinganincreaseinNIMBYisminthesemarkets,particularlyNoVaandPhoenix,inpartdrivenbyrisingpowercosts.Webelievetheestablishedbuilderswillmanagethisappropriately,butitisanemergingrisk.

AfterMajorMetros,overflowgoesintoMinorMetros.Thisworkswherethereismarginallylesslatencysensitivityand/ormarginallymorepricesensitivity.Therehasbeensignificantgrowthinthesemarketsoverthelast~5years,whichweanticipatecontinuing.

Finally,training,latency-insensitive,and/orverypricesensitiveworkloadstakeplacein

Ruralmarkets.Thesemarketstendtohavelargerfacilities,morespeculativebuilds,andlessexperienceddevelopersthanMajorMetros.Onthepositiveside,thereisfasterpoweravailabilityandlowercosttobuild.Onthenegativeside,thereisnotasclearvisibilityto

sustaineddemand.

IntheU.S.,thebiggestdatacentermarketisNorthernVirginia(NoVa),whichhas~8GWofsupplytoday,~5GWunderconstruction,andpowerqueuesreportedlyintheseven-year

range.PricinginNoVahasonlygoneupoverthelastseveralyears,currentlyaround$217/KW/mo,withvacancystablebelow1%.WhiletherehasbeensomerecentnewsaroundtheDigitalGatewayProject(QTSandCompass),thismarketistypicallyawell-oiledmachine.

Thisquarter,bothDLRandEQIXspokeaboutlargehyperscale-focusedbuildsoutsideofAtlanta,anothertopU.S.datacentermarketgrowingquickly(~2GWtoday,~3GWunderconstruction).Atlantapricingis$175/KW/motoday,withvacancyaround2%.Welike

thisstrategy-marketdynamicsarefavorable,bothDLRandEQIXaresavvybuilderswithstrong,experiencedteamsintheMajorMetros,andrelativelylimitedexecutionrisk.WeremainpositiveonbothDLRandEQIX,believingbothcompanieswilldeliverontheirbuildprojectionsgiventheirMajorMetromarketexposure.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:15May202604:01UTCCompletionDate:15May202600:21UTC

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15May2026

BERNSTEINTICKERTABLE

14May

2026

TTM

AdjustedEPSAdjustedP/E(x)

Ticker

Rating

Cur

Closing Price

Price

Target

Rel.

Perf.

Cur

2025A2026E2027E

2025A2026E2027E

DLR(DigitalRealty)

O

USD

192.84

232.00

(10.9)%

USD

3.872.742.3749.870.581.2

EQIX(Equinix)

O

USD

1,079.68

1,222.00

(1.6)%

USD

14.9617.8821.3672.260.450.5

SPX

7,501.24

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspendedSource:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

WevalueDLRonaPricetoAdjustedFundsfromOperations(AFFO)persharemultiple.Our$232pricetargetisbasedon27xour2027EAFFOpershareof$8.60.

WevalueEQIXonaPricetoAdjustedFundsFromOperations(AFFO)persharemultiple.Our$1,222pricetargetisbasedon25xour2027EAFFOpershareof$48.63

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DETAILS

ADEEPDIVEINTOTHETOPU.S.MARKETS

Thethreemarketarchetypesareessentiallybasedonhowdevelopersandcustomerstradeofflatencyvs.poweravailability

vs.cost—withurbanmarketsoptimizingforproximity,ruralmarketsoptimizingforscaleandpower,andsecondarymarkets

sittinginbetweenasanequilibriumzone.Weseeacleargradientacrossdatacentermarkettiers:MajorMetrosareoptimizedforlatency-sensitiveinferenceandenterprisecolocation,withthehighestpricing($120–150/kWhyperscale,$160–230

colo),highestbuildcosts($12–15BperGW),tightestcaprates(≈4.5–6.5%),andthelongestpowerdelays(4–7years),whileMinorMetrossitinthemiddlewithslightlylowerpricing,costs,anddelaysbuthigheryields;incontrast,Ruralmarketsare

primarilyfocusedonlarge-scaleAItraining,offeringthelowestcosts($7–9BperGW),fastestpoweravailability(1–3years),

andcheapesthyperscalepricing($70–120/kW),butalsothehighestcaprates(≈6.5–9%+)andminimalcolocationpresence—leadingtoabroaderindustryshiftwheregrowthandnewcapacityincreasinglymigratefromconstrainedurbanhubstolower-cost,power-richruralregions.

EXHIBIT1:ComparingTiersofDataCenterMarkets

MajorMetroMinorMetroRural

UseCases

Inference,EnterpriseColo

Inference,EnterpriseColo

Training

HyperscalePricing

$120-150

$90-130

$70-120

ColoPricing

$160-230

$150-190

-

EstimatedSizeToday(U.S.GW)

21.5

23.6

23.6

EstimatedPlanned

(U.S.GW)

25.7

26.1

37.0

BuildCostsperGW

$12-15B

$9-12B

$7-9B

HyperscaleCapRates

4.5-6.0%

5.5-6.75%

6.5-8.0%

ColoCapRates

5.5-6.5%

6.0-7.25%

7.0-9.0%

PowerQueues

4-7years

3-5years

1-3years

DevelopmentRisk

Med(zoning,local

pushback)

Med(zoning,local

pushback)

Low

Source:Omdia,CBRE,JLL,Bernsteinanalysis

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EXHIBIT2:NoVA,theBayArea,andDallas/Ft.Worthhavethemostexistingfacilitiestoday

TopU.S.DataCenterMarkets-#ofExistingFacilities

123

109

92

79

5855

33

SiliconValleyDallas/Ft.WorthChicagoNewYorkTri-PhoenixAtlantaHillsboro

State

278

NorthernVirginia

300

250

200

150

100

50

0

Source:Omdia,Bernsteinanalysis

EXHIBIT3:…whileNoVA,Dallas/Ft.Worth,andtheChicagometroareahavethemostcapacitytoday

TopU.S.DataCenterMarkets-ExistingCapacity(MW)

3,078

2,689

2,1171,990

1,672

1,096

688

Dallas/Ft.ChicagoPhoenixAtlantaSiliconValleyHillsboroNewYorkTri-

WorthState

9,000

7,988

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Northern

Virginia

Source:Omdia,Bernsteinanalysis

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EXHIBIT4:Chicago,Atlanta,andPhoenixareexpectedtogainthemostcapacityover2026-2030

TopU.S.DataCenterMarkets-PlannedCapacityw/KnownOpenDates(MW)

3,500

3,000

2,500

2,000

1,500

1,000

500

-

20262027202820292030

NorthernVirginiaDallas/Ft.WorthChicagoPhoenixSiliconValleyHillsboroAtlantaNewYorkTri-State

Source:Omdia,Bernsteinanalysis

EXHIBIT5:…aswellasthegreatestincreaseinnumberoffacilities

TopU.S.DataCenterMarkets-#ofPlannedBuildsw/KnownOpenDates

40

35

30

25

20

15

10

5

-

20262027202820292030

NorthernVirginiaDallas/Ft.WorthChicagoPhoenixSiliconValleyHillsboroAtlantaNewYorkTri-State

Source:Omdia,Bernsteinanalysis

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EXHIBIT6:Chicago,NoVA,andAtlantahavethemostnumberofplannedbuilds,includingplannedbuildswithunknownopendates

TUSDCMTPB

op..ataenterarkets-otal#oflanneduilds

30

20

15

9

6

4

AtlantaPhoenixDallas/Ft.WorthSiliconValleyHillsboroNewYorkTri-

State

56

45

60

50

40

30

20

10

0

ChicagoNorthern

Virginia

Source:Omdia,Bernsteinanalysis

EXHIBIT7:…aswellasthemostplannedcapacity,with~5GWinbothNoVAandChicago,and>3GWinAtlanta

TopU.S.DataCenterMarkets-TotalPlannedCapacity(MW)

3,222

2,212

1,677

1,493

445444

ChicagoAtlantaPhoenixSiliconValleyDallas/Ft.HillsboroNewYorkTri-

WorthState

4,000

3,000

2,000

1,000

0

Northern

Virginia

6,000

5,000

5,1085,089

Source:Omdia,Bernsteinanalysis

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EXHIBIT8:Acrossthetop8marketswehaveidentified,theaverageexistingfacilityis27MWversus112MWforplannedbuilds,or>4xmorecapacity

AvgFacilitySizebyMarket-Operational&FutureBuilds(MW)

373633292928

149

PhoenixAtlantaHillsboroChicagoNorthern

Virginia

114111

100

Dallas/Ft.WorthSiliconValleyNewYorkTri-State

107

74

200

180

160

140

120

100

80

60

40

20

-

OperationalFuture

186

111

91

Source:Omdia,Bernsteinanalysis

EXHIBIT9:WhilethelargestcurrentprovidersareAmazon,Meta,Google,andDigitalRealty,AmazonandMicrosofthavethemostambitiouscapacityexpansionplans,eachwith5-6GWslotted

10LargestProvidersinTopMarkets-Operational&FutureCapacity(MW)

5047

6088

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

1812

2087

Google

317

1940

DigitalRealty

1083

944

CyrusOne

180

2491

Meta

1296

745

Vantage

2792

Amazon

654

1083Aligned

911

361

DataBank

222

1564

QTS

1498

Microsoft

OperationalFuture

Source:Omdia,Bernsteinanalysis

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INDIVIDUALMARKETSNAPSHOTS:COMPARINGNOVA,PHOENIX,ANDATLANTA

NorthernVirginia(NoVA),Phoenix,andAtlantaillustratethreedistinctarchetypeswithintheU.S.datacenterlandscape,each

shapedbyadifferentbalanceofpoweravailability,cost,andecosystemmaturity.NoVAremainsthedominantglobalhub,

characterizedbyunmatchedscale,denseinterconnection,andhyperscaleconcentration—supportingpremiumpricing,the

lowestcaprates,andthetightestsupplyconditions,butalsofacingthelongestpowertimelinesandhighestbarrierstoentry.Phoenixrepresentsapower-advantagedgrowthmarket,attractinglargehyperscaledeploymentsduetorelativelylower

costsandmoreavailableland,withrisingimportanceasanalternativetoconstrainedTier1hubs,thoughwithlessnetwork

densityandecosystemdepththanNoVA.Atlanta,meanwhile,sitsinbetweenasarapidlyscalingsecondaryhubthatcombinesproximitytoenterprisedemandwithimprovingpoweraccessandeconomics,increasinglycapturingspilloverfromprimary

marketswhilemaintainingamorebalancedprofileacrosspricing,growth,anddevelopmentrisk.

EXHIBIT10:NoVAisthelargestandmostdevelopedmarketbyfar,withamuchearlierrampstartingin2000-2009,thoughPhoenixandAtlantaarecurrentlythefastest-growing

TopMarketsTotalCapacityGrowth,1990-2025

4,603

3,572

624585636

381

2000-20092010-20192020

NorthernVirginia

5,491

868

673

2021

Phoenix

1,443

1,064

2023Atlanta

7,988

7,368

6,967

9000

8000

7000

6000

5000

4000

3000

2000

1000

0

6,233

1,099

1,064

2022

357

113

1990-1999

1,990

2,117

2025

1,873

1,676

2024

Source:Omdia,Bernsteinanalysis

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EXHIBIT11:Thetopthreemarketshaveseenaconsistentdeclineinavailablecapacity,asrisingdemandcontinuestoabsorbandsecurenewlydeliveredsupply

2H20211H20222H20221H20232H20231H20242H20241H20252H2025

NorthernVirginiaPhoenixAtlanta

41.1

34.727.5

20.1...

14.29.1

35.6

25.519.0

9.1

TopMarketsAvailableMW

(Units,2021-2025)

86.1

48.1

38.6

27.3

16.9

28.5

21.5

10.5

2..10.5

25.7

14.0

11.5

Source:CBRENorthAmericaDataCenterTrends,BernsteinAnalysis

EXHIBIT12:NoVAstandsoutasthemostprominentmarketintermsofnetabsorption,reflectingstrongdemand

forthesegment.Similarly,Atlantahasbeengainingmomentumsince2024,whilePhoenixcontinuestogrowatasteadypace

TopMarketsNetAbsortion

(MW,2021-2025)

1,102

83

2H20241H20252H2025

706

539

452

246

437

4433

2H2022

456

281

206

269

4630

1H2022

193

44

1H2023

108

14

1H2024

NorthernVirginiaPhoenixAtlanta

49

2H2023

2H2021

424

303

148

30

70

18

8

Source:CBRENorthAmericaDataCenterTrends,BernsteinAnalysis

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EXHIBIT13:Vacancyratesintopmarketshavesignificantlydeclinedduetostrongdemandgrowth,reachingnotablylowlevelsofapproximately1%–2%

(%,2021-2025)

13.3%

8.5%

7.8%

5.3%

2H20211H20222H20221H20232H20231H20242H20241H20252H2025

NorthernVirginiaPhoenixAtlanta

11.9%

8.3%

5.1%

TopMarketsVacancyRates

3.6%

1.0%

3.9%

1.4%

2.6%

1.9%

0.5%

3.3%

1.5%

3.6%

1.9%

2.0%

1.3%

0.5%

1.5%

0.7%

0.9%

8.8%

7.4%

1.9%

Source:CBRENorthAmericaDataCenterTrends,BernsteinAnalysis

EXHIBIT14:Acrossthethreemarkets,theaveragefour-yearCAGRis13%,reflectingstrongdemand,withPhoenixthemoststablesince2023.

$125

2H20231H20242H20241H20252H2025PhoenixAtlanta

TopMarketsPricing

($KWpermonth,2021-2025)

$190$185$185$185

$170

$158

$130

$$12

$113

1H20222H2022

$130

$118

1H2023

NorthernVirginia

$123

$103

2H2021

$213

$190

$170

$213

$190

$175

$200

$193

$170

Source:CBRENorthAmericaDataCenterTrends,BernsteinAnalysis

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EXHIBIT15:PhoenixandAtlantastandoutasthemostcost-efficientdatacentermarkets,whileNoVAremainsthemostexpensive,reflectingitsstrongerdemandandleadingmarketposition.

AverageCosttoBuildExpectedfor2026($M)

$10.5$10.5

NoVaPhoenixAtlanta

NoVaPhoenixAtlanta

$13.0

Source:JLLGlobalDCOutlook,BernsteinAnalysis

DLRANDEQIX-HOWDOTHEIRRESPECTIVEFOOTPRINTSSTACKUP?

DigitalRealty(DLR)andEquinix(EQIX)illustratetwodistinctapproachestoglobaldatacenterdeploymentthatmapcloselytothetieringframework:DLRhasbuiltabroaderfootprintacrossbothprimaryandemergingmarkets,withastrongemphasis

onhyperscaleandhybridofferingsthatextendintosecondaryandpower-richregions,whileEQIXremainsmoretightly

concentratedinTier1,highlyinterconnectedurbanhubswhereenterprisecolocation,networkdensity,andproximitytoendusersdrivepricingpower.DLRtypicallyoperateslargercampusesandbuildingsoftenrangingfrom~20MWto100+MWperfacility(andevenlargeratthecampuslevel),gearedtowardhyperscaleandwholesaledeployments,whereasEQIXfacilities

aregenerallysmaller,denser,andmoremodular,oftenaveraging~5MWto25MWpersite,optimizedformulti-tenantcolo

andinterconnectiondensity.Asaresult,DLRtendstocapturegrowthinlarge-scale,cost-optimizeddeploymentsalongside

hyperscalers,whereasEQIXmaintainsapremiumpositionincoremetros,leveragingitsdenseinterconnectionecosystemandenterprisecustomerbase.

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EXHIBIT16:DLR’spresenceleansmoreheavilytowardsmajormetroareas,especiallyinNorthAmerica

DLRCurrentFacilitiesbyRegion/Tier

145

100

45

MajorMetroMinorMetroRural

NorthAmericaInternational

160

140

120

100

80

60

40

20

0

14

1

11

Source:Omdia,Bernsteinanalysis

EXHIBIT17:EQIXhasgreaterexposuretominormetroandruralmarketsthanDLR,butmajormetrosstillrepresentthelargestshare

EQIXCurrentFacilitiesbyRegion/Tier

140

124

120

100

84

80

67

60

40

2419

20

6

0

MajorMetroMinorMetroRural

NorthAmericaInternational

Source:Omdia,Bernsteinanalysis

EXHIBIT18:Thesamegoesforonacapacitybasis,as

DLR’sNorthAmericafootprintis~95%inmajormetroareas

DLRCurrentCapacitybyRegion/Tier

(MW)

2,677

757

453

0.452

MajorMetroMinorMetroRural

NorthAmericaInternational

3000

2500

2000

1500

1000

500

0

136

Source:Omdia,Bernsteinanalysis

EXHIBIT19:UnlikeDLR,EQIX’scapacityleansmoreheavilytowardsinternational,especiallyEMEA

EQIXCurrentCapacitybyRegion/Tier

(MW)

852

603

468

134

56

20

MajorMetroMinorMetroRural

NorthAmericaInternational

900

800

700

600

500

400

300

200

100

0

Source:Omdia,Bernsteinanalysis

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EXHIBIT20:DLRMWUnderDevelopment(1Q26)

96

312622

AMERICAS922

212

192

DLRMWUnderDevelopment

AmericasEMEAAPAC

34

10

(Units,1Q26)

EMEA174

APAC73

318

100

22

7

Companyfilings,BernsteinAnalysis

EXHIBIT21:EQIXIncrementalCabinets(1Q26)

EQIXIncrementalCabinets

AMERICAS26.200

APAC17.300

al.s.ll

(Units,1Q26)

EMEA16.175

AmericasEMEAAPAC

DoesnotincludexScale

Source:Companyfilings,BernsteinAnalysis

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EXHIBIT22:BothDLRandEQIXtendtohavefacilitieswithlargercapacitiesinmajormetroregionsvsrural,andtheeffectismorepronouncedforNorthAmericathanforInternational

DLR&EQIXAvgFacilityCapacitybyRegion/Tier

9.710.1

7.67.2

5.6

4.7

3.4

0.4

NorthAmericaInternationalNorthAmerica

DigitalRealtyDigitalRealtyEquinix

MajorMetroMinorMetroRural

6.97.0

2.9

InternationalEquinix

20

18

16

14

12

10

8

6

4

2

-

18.5

Source:Omdia,Bernsteinanalysis

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APPENDIX-FINANCIALFORECASTS

EXHIBIT23:DLRIncomeStatementOverview

Source:Companyfilings,BernsteinAnalysisandEstimates

EXHIBIT24:EQIXIncomeStatementOverview

Source:Companyfilings,BernsteinAnalysisandEstimates

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DISCLOSUREAPPENDIX

I.REQUIREDDISCLOSURES

Referencesto"Bernstein"orthe“Firm”inthesedisclosuresrelatetothefollowingentities:BernsteinInstitutionalServicesLLC

(April1,2024onwards),SanfordC.Bernstein&Co.,LLC(preApril1,2024),BernsteinAutonomousLLP,BSGFranceS.A.(April1,

2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司,SanfordC.Bernstein(Canada)Limited,Sanford

C.Bernstein(India)PrivateLimited(SEBIregistrationno.INH000006378),SanfordC.Bernstein(Singapore)PrivateLimited,

SanfordC.BernsteinJapanKK(サンフォード・C・バーンスタイン株式会社)andanalystsemployedbySociétéGénérale

AfricaTechnologies&ServicestoproduceBernsteinresearchunderaGlobalServicesAgreementinplacebetweenBernstein

andSociétéGénérale.

BernsteinispartofajointventurebetweenSociétéGénérale(SG)andAllianceBernstein,L.P.(AB).Unlessspecificallynotedotherwise,forpurposesofthesedisclosures,referencestoBernstein’s“affiliates”relatetobothSGandABandtheirrespectiveaffiliates.

VALUATIONMETHODOLOGY

DigitalRealtyTrust,Inc.

WevalueDLRonaPricetoAdjustedFundsFromOperations(AFFO)persharemultiple.Our$232pricetargetisbasedon27xour2027EAFFOpershareof$8.52.

Equinix,Inc.

WevalueEQIXonaPricetoAdjustedFundsFromOperations(AFFO)persharemultiple.Our$1,222pricetargetisbasedon25xour2027EAFFOpershareof$48.63.

RISKS

DigitalRealtyTrust,Inc.

Themaindownsideriskstoourpricetarget/OutperformratingonDLRare1)Lowerthanexpectedgrowthinthe<1MWsegment,2)Slowdowninenterprisedemandfordatacentercapacity,and3)Continuingdeclineinmarketshareofdatacentersupplymayelevatepricingpressures

Equinix,Inc.

Themaindownsideriskstoourpricetarget/OutperformratingonEQIXare1)Slowdowninenterprisedemandfordatacentercapacity,2)Increasedcompetitionintheinterconnectionspace,and3)Continuingdeclineinmarketshareofdatacentersupplymayelevatepricingpressures

RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION

EQUITYRATINGSDEFINITIONS

Bernsteinbrand

TheBernsteinbrandratesstocksbase