Equinix, Inc.

Equinix has stopped being a steady colocation landlord and become a builder. Three straight quarters of double-digit recurring revenue growth and record bookings now sit on a plan that spends far more each year on new capacity than the business generates. How much of Equinix's 2026 retail build is already pre-sold before it opens?

• Booking momentum turned into a raised multi-year outlook.

  Management raised its 2027-2029 targets to 10% to 13% revenue growth a year, its largest ever raise. About 30% of this year's remaining retail capacity is already sold before it opens, so growth is booked ahead of delivery. What share of the 2027-2029 revenue target is already under contract?

• The build now costs more cash than the business makes.

  Capital spending is guided to $5-6 billion this year, free cash flow is negative and net debt has climbed to roughly $19 billion. The bill lands years before the buildings earn, so growth is paid for out of the balance sheet. When does the spending peak and free cash flow turn positive again?

• Interconnection is the moat that lets it hold prices.

  Equinix added a record number of network links last quarter, past half a million and double its nearest rival. Those links are hard to move, which is why pricing stays firm as it resells the same space for more.