- Equinix booked a record $533 million of annualized gross bookings in Q3, up 35% from a year earlier and 26% from Q2, with new-deal pricing up 12%.
- Revenue hit $2.57 billion and FFO $858 million, and the company lifted its 2026 revenue forecast to $10.33 billion to $10.37 billion.
- A record 13,000-plus cabinets arrive in Q4, over 20% pre-sold, as executives say capacity can’t keep pace with demand and power limits delay some projects.
Equinix lifted its full-year guidance for the third consecutive quarter after logging record bookings as AI and cloud demand keeps climbing, Commercial Observer reports.
The data center REIT signed $533M of annualized gross bookings in Q3, 35% above last year’s pace and 26% above Q2. Pricing on new deals rose 12%.
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The Financials
Revenue was $2.57 billion, up 11% on the year though a touch below Q2’s $2.63B. Net income rose to $489 million from $477 million in Q2 and $374 million a year ago.
FFO reached $858 million, versus $707 million in the same quarter of 2025. Equinix now forecasts 2026 revenue of $10.33 billion to $10.37 billion, up from a prior range of $10.21 billion to $10.29 billion.
Capacity Is the Constraint
CEO Adaire Fox-Martin told investors on the earnings call that capacity falls short of demand, and that Equinix is at the start of a lasting pricing-power cycle.
Equinix plans to ship almost 40% more retail cabinets in 2026 than originally planned. A record 13,000-plus are due in Q4, with over 20% already pre-sold and about 15% of 2027 capacity committed.
Playing Landlord
Utilization across stabilized sites is 83%. Fox-Martin said Equinix may let lower-paying, low-interconnection customers roll off as contracts expire and replace them at higher rents.
Power constraints, regulation and local opposition have slowed some projects, including one in Dubai. Most development expands existing campuses or sits in industrial zones rather than greenfield sites.
Why It Matters
Bookings have moved sharply this year. CRE Daily’s brief on Equinix’s best quarter in May reported $378 million of Q1 bookings, a record at the time, with AI driving about 60% of its largest deals. Q3’s $533 million is roughly 41% above that.
Fox-Martin also cautioned that more than 100 AI cloud providers are chasing business and some will lose. Equinix’s exposure to them is under 2% of MRR.
What’s Next
Capital spending was $1.6 billion in Q3, with 90% going to expansion, and full-year spending is on pace for $5 billion to $6 billion. Equinix also signed a 20-year power agreement in Georgia, paying for new power lines and a substation, and announced a 1.2-megawatt AI collaboration in Dallas with Texas A&M, AMD and Dell. Capex guidance leaves out property purchases and xScale JV spending.
Local pushback is the wildcard. CRE Daily has reported on data center moratoriums spreading across more than 600 jurisdictions.
