Digital Realty is a global data center REIT that owns, develops, and operates data centers across 310 facilities in 55+ metros on six continents. Digital Realty leases physical space and power capacity to customers ranging from hyperscale cloud providers like Amazon, Google, and Microsoft to enterprises, financial services firms, and network operators. Digital Realty organizes its products into two categories: colocation and interconnection (0–1 MW deployments), which serves enterprises and service providers on 2–5 year contracts; and scale/hyperscale (1 MW+ deployments), which serves large cloud and AI-oriented customers on 5–10+ year contracts. Digital Realty's business model resembles a net lease REIT — revenue is driven by rent per kilowatt of IT load, occupancy, releasing spreads, and fixed lease escalators of 3–4%+. Power costs are largely passed through to customers. The colocation business generates high-margin recurring interconnection revenue through cross-connects and its ServiceFabric virtual connectivity platform, which creates network effects as more customers co-locate. The hyperscale business is capital-intensive but generates long-duration contracted revenue. To fund growing hyperscale demand without stretching its balance sheet, Digital Realty has expanded into private capital vehicles, including a U.S. Hyperscale Data Center Fund that raised $3.25B of LP equity commitments, on which Digital Realty earns asset management and development fees. Digital Realty brands its global platform as PlatformDIGITAL, marketing the combination of global reach, large capacity blocks, and dense interconnection.