Company File
Largest global colo REIT; interconnection hub between clouds, carriers, and enterprises.
Plate I — Pillar-Purity Score
Premium interconnection colo; strong AI tenant mix.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Equinix is the largest interconnection-focused colocation REIT globally. Hyperscaler and enterprise tenants co-locate specifically to peer with each other — a density moat that compounds.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds EQIX
Downstream — where EQIX feeds into
Bottom of chain within our coverage.
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01Hyperscalers build more proprietary capacity
- Risk 02Power constraint caps growth
Plate V — Also on the Steel plate
Siblings by pillar.
- VRTScore 10Power and cooling infrastructure; leader in liquid cooling for dense AI racks.
- ANETScore 9High-performance Ethernet switching for AI clusters; Nvidia-networking challenger.
- SMCIScore 9Server integrator; Nvidia's preferred rack-scale system builder (governance risk noted).
- DLRScore 8Number two colo REIT; hyperscale wholesale exposure across six continents.
- MODScore 8Cooling systems; the cheaper, less-covered Vertiv alternative.
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Next earnings: 2026-04-29.
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