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Digital Realty Trust Data Center Capex and Sites

NYSE:DLR digitalrealty.com ↗
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Digital Realty reported $3.0B of net development capex in 2025 against guidance of $3.0-3.5B, delivered 289 MW, and carried 769 MW under construction at an 11.9% yield, with a gross development pipeline exceeding $10B. It runs a $3B LP-equity US Hyperscale Fund supporting roughly $10B of development capacity, unwound its $7B Blackstone JV by buying Blackstone's 64% blended interest in three Northern Virginia data centers for $3.5B in June 2026, and formed a $200M build-to-suit JV with Realty Income in Northern Virginia. Two completed Santa Clara buildings stand unenergized waiting on utility power.

Updated October 6, 2026Capital record from the Capital Atlas
Named sites
8
Site commitments on record for Digital Realty Trust
Disclosed site capital
$600M
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
16 MW
Named sites with a stated megawatt figure
Financing transactions
5
Transactions naming Digital Realty Trust or one of its sites
Sources
25
Every cited page, listed below
MarketMarket data from TradingView, delayed
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Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.

PeriodKindAmountAs statedSources
FY2025 reported $3.0B
$3.0B of net development capex in 2025; delivered 289 MW; 769 MW under construction at a 11.9% yield
FY2025 guidance $3.2B
guidance of $3.0-3.5B; midpoint recorded, verbatim range $3.0-3.5B
Q3 2025 backlog $10.0B
gross development pipeline exceeded $10B; recorded at the stated floor
Q2 2025 backlog $9.0B
$9B development pipeline, a 5 GW total runway, and a 3.7 GW land bank
2025 raise ~$3.0B
US Hyperscale Fund raised $3B of LP equity supporting roughly $10B of development capacity
Named sites

Where Digital Realty Trust builds

SiteStatePlaceCapitalMWStatusSources
Digital Realty / Realty Income Northern Virginia build-to-suit data centers
with Realty Income
 Virginia n.a. $600M 16 announced
Digital Realty Ad Astra Enterprise Park campus
Reported 10 August 2026
 Kansas De Soto, Johnson County n.a. n.a. approved
Digital Realty Hawthorne Race Course site
Buyer reported 21 August 2026; purchase closed 2 September 2026
 Illinois Stickney, Cook County n.a. n.a. announced
Digital Realty Kokomo data center campus (Industrial Park North)
with City of Kokomo
 Indiana Kokomo, Howard County n.a. n.a. proposed
Digital Realty Rolling Meadows Atrium Campus
Reported 3 September 2026
 Illinois Rolling Meadows, Cook County n.a. n.a. announced
Digital Realty SJC37, 641 Walsh Ave.
construction began six years before reporting; could be years from operation
 California Santa Clara, Santa Clara n.a. n.a. complete unenergized
Digital Realty Santa Clara four-story building (completed 2024)
completed 2024; expected fully operational around 2027
 California Santa Clara, Santa Clara n.a. n.a. complete unenergized
Digital Realty downtown Seattle data center (six-story)
Land-use permit application filed at the end of May 2026; reported vested and proceeding 3 October 2026; single-outlet report (The Seattle Times)
 Washington Seattle, King County n.a. n.a. proposed
Financing

Financing transactions

Transactions that name Digital Realty Trust as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
Digital Realty + Seller not disclosed
Digital Realty announced the purchase of about 1,440 acres at Astra Enterprise Park near Kansas City for $475 million, a powered land site it said would support 600 MW by early 2028 and 2 GW at full delivery. The three transactions announced that day were funded mainly by issuing 6.3 million common shares and operating partnership units at a weighted average of $197.54. The release does not name the seller or state a closing date.
 acquisition ~$475M
Announced 22 June 2026 (company release)
Digital Realty Ad Astra Enterprise Park campus (KS)
Realty Income + Digital Realty
Realty Income and Digital Realty formed a Northern Virginia build-to-suit JV covering two data centers, initially 16 MW expandable to 48 MW.
 jv equity $200M
not dated in source
Digital Realty / Realty Income Northern Virginia build-to-suit data centers (VA)
Digital Realty + Allimac 2023 LLC + Hawthorne Race Course (seller) + Hilco Real Estate
Digital Realty is the buyer, through Allimac 2023 LLC, of the 119-acre Hawthorne Race Course at 3501 South Laramie Avenue in Stickney, Illinois. The site is zoned heavy industrial, and a data center has not yet been formally proposed The $90 million sale closed on 2 September 2026. Digital Realty has not publicly confirmed it is behind Allimac
 acquisition $90M
Buyer reported 21 August 2026; sale closed 2 September 2026
Digital Realty Hawthorne Race Course site (IL)
Digital Realty + Brennan Investment Group (seller)
Digital Realty bought the 40-acre Rolling Meadows Atrium Campus at 3800 Golf Road, Rolling Meadows, Illinois, and plans to convert it to data center use. Planned MW was not disclosed
 acquisition $82M
Reported 3 September 2026
Digital Realty Rolling Meadows Atrium Campus (IL)
Digital Realty + City of De Soto
Digital Realty applied to use an existing 2021 tax increment financing district at Ad Astra Enterprise Park in De Soto, Kansas, for a nine-building campus on about 1,400 acres. Phase 1 construction is expected in 2027 to 2028 and Phase 2 in 2028 to 2031
 incentive n.a.
Reported 10 August 2026
Digital Realty Ad Astra Enterprise Park campus (KS)
The record

Sourced facts on Digital Realty Trust

  • The brief's premise of a $3B Realty Income JV is not supported by the fetched record; the actual structure is $200M for an 80% interest in 16-48 MW.
  • A $3.0B ATM agreement established in December 2024 saw $1.1B issued during 2025, and a new $7.5B ATM was established in May 2026; the brief's ~$7B forward equity is best matched to the $7.5B ATM, and a discrete $7B forward-sale tranche was n.a. in fetched filings.
  • Digital Realty says it serves over 315 companies in the Bay Area and will bring Santa Clara capacity online as soon as utility infrastructure allows.
  • Silicon Valley Power's enabling $450M system upgrade, explicitly serving Digital Realty and Stack, is scheduled for completion in 2028.
Sources

Sources for Digital Realty Trust

Every source cited on this page, once each.

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Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.

The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
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Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
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