SAVRN Research · Capital Atlas · REIT and developer
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.
Iron Mountain
IRM
REIT and developer
Financing regimebalance-sheet / operating cash flow REIT capex
Named sites
3
Site-level commitments the atlas ties to Iron Mountain
Disclosed site capital
$1.0B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
628 MW
Sum of named sites with a stated megawatt figure
Financing transactions
0
Transactions naming Iron Mountain 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 |
|---|---|---|---|---|
| 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 |
Named sites
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
Financing transactions
No financing transaction in the atlas names Iron Mountain or attaches to one of its sites as of October 8, 2026.
The record
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
Sources for Iron Mountain
Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.
- 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
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.
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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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