SAVRN Research · Capital Atlas · REIT and developer
Equinix Data Center Capex and Sites
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.
Equinix
EQIX
REIT and developer
Financing regimebalance-sheet capex plus xScale hyperscale JV with sovereign and pension capital
Named sites
2
Site-level commitments the atlas ties to Equinix
Disclosed site capital
$836M
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
54 MW
Sum of named sites with a stated megawatt figure
Financing transactions
3
Transactions naming Equinix or tied to one of its sites
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and 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| 2026-2029 | guidance | $4.5B | superseded: guided to $4-5B per year through 2029 per S&P (June 2025); Equinix's own Q2 2026 release gives the prior outlook as $3-4B per year and raises it to $5-7B for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 |
Named sites
Where Equinix builds
Texas
1 site · $836M disclosed
Open the Texas investment tracker →
Washington
1 site
Open the Washington investment tracker →
| 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
Financing transactions
Transactions that name Equinix as a party or attach to one of its named sites. Amounts are as stated; 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. |
The record
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
Sources for Equinix
Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.
- 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
REIT and developer: one page each
Aligned Data Centers 1Cloverleaf Infrastructure 1Cologix 0Compass Datacenters 3CRG (Clayco) 1CyrusOne 7DataBank 4Digital Realty Trust 8EdgeConneX 0Equinix 2Fermi Inc. (Fermi America) 1Flexential 0H5 Data Centers 2Iron Mountain 3Novva Data Centers 1Prime Data Centers 4QTS Realty Trust (Blackstone) 7Rowan Digital Infrastructure 1Sabey Data Centers 3SB Energy 4STACK Infrastructure 4Tract 6Vantage Data Centers 7
The figure beside each provider is its count of named sites in the atlas.
Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them 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.
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
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.
Open the watchlist →
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.
Open the permits tracker →
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.
Open the scarcity tracker →
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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