Company File
Number two colo REIT; hyperscale wholesale exposure across six continents.
Plate I — Pillar-Purity Score
Hyperscale wholesale exposure more direct than Equinix; score matches.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Digital Realty sits closer to hyperscale wholesale than Equinix. Thesis is that multi-megawatt hyperscale leasing continues to dominate net absorption for years, with DLR capturing a disproportionate share.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds DLR
Downstream — where DLR feeds into
Bottom of chain within our coverage.
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01Hyperscaler self-build accelerates
- Risk 02Cap-rate shock
Plate V — Also on the Steel plate
Siblings by pillar.
- VRTScore 10Power and cooling infrastructure; leader in liquid cooling for dense AI racks.
- ANETScore 9High-performance Ethernet switching for AI clusters; Nvidia-networking challenger.
- SMCIScore 9Server integrator; Nvidia's preferred rack-scale system builder (governance risk noted).
- EQIXScore 8Largest global colo REIT; interconnection hub between clouds, carriers, and enterprises.
- MODScore 8Cooling systems; the cheaper, less-covered Vertiv alternative.
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Next earnings: 2026-04-23.
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