Company File
Paper-to-data-center pivot is working; under-appreciated REIT re-rating.
Plate I — Pillar-Purity Score
Credible DC pivot but segment still minority of mix.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Iron Mountain's data-center segment is growing from a small base into a credible third DC REIT. The re-rating from 'paper-storage value' to 'AI-infra-growth' is the trade — contingent on DC segment execution.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds IRM
Downstream — where IRM feeds into
Bottom of chain within our coverage.
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01DC segment growth stalls
- Risk 02Paper-storage churn accelerates
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).
- EQIXScore 8Largest global colo REIT; interconnection hub between clouds, carriers, and enterprises.
- DLRScore 8Number two colo REIT; hyperscale wholesale exposure across six continents.
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