Iron Mountain Data Center Capex and Sites
Iron Mountain's data center capex was $1,767.5M in full-year 2025, up from $1,441.8M in 2024, with first-half 2025 alone at $961.2M. At Q2 2025 it reported 450 MW operating at 96% leased, 202 MW under construction at 60% pre-leased, 628 MW held for development, and roughly 1.3 GW total developable across 30 data centers. The brief's $10B pipeline claim is not confirmed; the company's own materials state ~1.3 GW developable capacity rather than a $10B figure.
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 |
|---|---|---|---|---|
| FY2025 | reported | ≥$1.8B | $1,767.5M in full-year 2025 ($1,747.0M growth + $20.6M recurring) |
|
| FY2024 | reported | $1.4B | up from $1,441.8M in 2024 |
|
| 1H2025 | reported | $961M | first-half 2025 alone was $961.2M vs. $576.8M in 1H 2024 |
|
| 1H2024 | reported | $577M | $576.8M in 1H 2024 |
|
| n.a. | backlog | n.a. | n.a. The $10B pipeline claim is not confirmed; Iron Mountain's own materials state ~1.3 GW developable capacity rather than a $10B pipeline figure |
Where Iron Mountain builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Richmond data center campus (RCH-1 to RCH-4) Construction started June 2026 |
Virginia | Sandston, Henrico County | ≥$1.0B | 200 | construction | |
Iron Mountain Manassas holdings |
Virginia | Manassas | n.a. | 400 | announced | |
Iron Mountain VA-9 targeted for Q4 2026 |
Virginia | n.a. | n.a. | 28 | announced |
Financing transactions
Sourced facts on Iron Mountain
- At Q2 2025 Iron Mountain reported 450 MW operating and 96% leased, 202 MW under construction and 60% pre-leased, 628 MW held for development, and ~1.3 GW total developable across 30 data centers, framed by management as nearly tripling capacity.
- By mid-2026 roughly 85 MW of new capacity had come online against ~450 MW operating.
- Iron Mountain added 100+ acres supporting 350+ MW across Richmond and Manassas, toward 1.2 GW globally.
- Phoenix and Frankfurt site-level figures were n.a. in the fetched record.
Sources for Iron Mountain
Every source cited on this page, once each.
- resources.ironmountain.comIron Mountain
- datacenterdynamics.comDCD
- virginiabusiness.comVirginia Business
- ironmountain.comIron Mountain news
- resources.ironmountain.comVA-9 solution guide
- s204.q4cdn.comQ4 2025 supplemental
- s204.q4cdn.comQ2 2025 supplemental
- resources.ironmountain.comIron Mountain blog
- s204.q4cdn.comQ2 2025 earnings presentation
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.