Equinix guided to $4-5B of capex per year through 2029, up from $3.3B in 2025, exceeding the $3-4B per year framing in the brief. It agreed to form a greater-than-$15B xScale joint venture with GIC and CPP Investments on a 37.5%/37.5%/25% split targeting more than 1.5 GW in the United States, with $15B planned, roughly $6B invested and 750+ MW committed as of its 2025 Analyst Day. It remains one of two developers still pursuing three proposed mega data centers in Seattle City Light territory that were captured by Seattle's one-year moratorium.
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.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| 2026-2029 | guidance | $4.5B | superseded: guided to $4-5B per year through 2029 per S&P (June 2025); Equinix's own Q2 2026 release gives the prior outlook as $3-4B per year and raises it to $5-7B for 2027-2029 |
|
| 2027-2029 | guidance | $6.0B | Total capital expenditures annual range $5,000-7,000 million for 2027-2029, excluding M&A, real estate acquisitions and xScale JV investments; midpoint recorded; 2026 guided at $5.0-6.0 billion (Q2 2026 results, 29 July 2026) |
|
| FY2025 | reported | $3.3B | $3.3B in 2025 |
|
| 2025 Analyst Day | aum | ≥$15.0B | xScale: $15B planned, ~$6B invested, and 750+ MW committed |
Where Equinix builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Equinix DA12 data center (1550 West Mockingbird Lane) with Margulies Hoelzli Architecture (design) |
Texas | Dallas, Dallas County | ≥$836M | n.a. | under construction | |
Equinix proposed SoDo data center (nine-story, 54 MW) Moratorium adopted 9 June 2026; project reported vested and advancing 3 October 2026 (environmental permit documents submitted to the state June 2026) |
Washington | Seattle | n.a. | 54 | proposed |
Financing transactions
Transactions that name Equinix as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
Equinix + GIC + CPP Investments Equinix agreed to form a greater-than-$15B xScale joint venture with GIC and CPP Investments targeting more than 1.5 GW in the United States, with 750+ MW committed as of the 2025 Analyst Day. |
jv equity | $15.0B | agreement announced; as of 2025 Analyst Day $15B planned, ~$6B invested |
n.a. |
|
Equinix + Bank of America + BNP Paribas + Citibank + Goldman Sachs + HSBC + JPMorgan Chase + MUFG Equinix entered a $5.5 billion revolving credit agreement with Bank of America as administrative agent. Proceeds are available for working capital, capital expenditures, acquisitions and general corporate purposes |
debt facility | $5.5B | Entered 27 July 2026 |
n.a. |
|
Equinix + Equinix Europe 2 Financing Corporation LLC Equinix and a finance subsidiary sold $3.0 billion of senior unsecured notes in four tranches under underwriting agreements dated 30 July 2026. The 2031 notes were issued by Equinix Europe 2 Financing Corporation and guaranteed by Equinix |
project bond | ~$3.0B | Priced 30 July 2026; issued 6 August 2026 |
n.a. |
Sourced facts on Equinix
- Equinix and Prologis are the two remaining developers still pursuing three of five originally proposed mega data centers in Seattle City Light territory after two developers withdrew.
- The Seattle projects sat inside the 369 MW that four companies asked Seattle City Light about in April 2026, and were captured by Seattle's one-year moratorium on data centers above 20 MVA, adopted 9-0 on June 9, 2026 with an option to extend six months.
- Site-level Virginia, Texas and Chicago delay disclosures were n.a. in the fetched record.
Sources for Equinix
Every source cited on this page, once each.
- tdlr.texas.govTDLR TABS DA12-1 (TABS2026006348)
- tdlr.texas.govTDLR TABS DA12-2 (TABS2026006556)
- bizjournals.comDallas Business Journal (paywalled)
- theurbanist.orgThe Urbanist
- activerain.comActiveRain summary
- seattletimes.comThe Seattle Times
- investor.equinix.comEquinix
- d1io3yog0oux5.cloudfront.netEquinix Analyst Day 2025
- sec.govSEC Form 8-K (Equinix)
- sec.govSEC Form 10-Q (Equinix, Q2 2026)
- sec.govSEC Form 8-K (Equinix)
- sec.govSEC Form FWP final term sheet (Equinix)
- spglobal.comS&P Global Market Intelligence
- sec.govEquinix Q2 2026 results, Form 8-K Exhibit 99.1 (SEC)
- x.comPuget Sound Business Journal
More in the Index
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.
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.