Equinix is the world's largest operator of carrier-neutral, multi-tenant data centers, running 280 data centers across 77 markets and 36 countries. Over 10,500 customers — including telecom carriers, cloud providers, financial services firms, and enterprises — use Equinix's IBX data centers to house their servers and networking equipment, and to connect directly with each other and with cloud providers. Beyond basic colocation, Equinix's core value proposition is interconnection: customers pay for direct private connections — physical cross-connects, virtual connections via Equinix Fabric, and cloud on-ramps — and Equinix argues that having over 500,000 deployed interconnections creates a network effect that is difficult to replicate. Equinix also operates xScale data centers through joint ventures with institutional investors, which are large-scale facilities built specifically for hyperscale cloud providers like AWS, Azure, and Google. The vast majority of Equinix's revenue is monthly recurring, split between colocation fees (based on physical space and power consumed) and interconnection fees (roughly 19% of recurring revenue). Equinix operates as a REIT and uses AFFO per share as its primary financial metric. Equinix's growth strategy centers on expanding capacity — targeting a doubling of total capacity by 2029 — with 52 major projects underway and approximately 3 gigawatts of powered land under control. AI workloads are an accelerating demand driver, as they require low latency, cloud proximity, and run at higher power density, which benefits revenue per cabinet.