- Equinix posted record Q1 annualized gross bookings at $378M, up 35% year-over-year.
- Double-digit revenue growth, with Q1 revenues reaching $2.44B and net income of $415M.
- AI-driven demand accounted for 60% of Equinix’s largest deals in Q1.
- Full-year 2026 revenue and AFFO guidance have been raised amid strong demand.
AI Demand Fuels Data Centers
Equinix extended its record-setting run in early 2026, driven by surging demand for AI and cloud infrastructure. Commercial Observer reported the results. The data center REIT posted its largest quarterly gross bookings ever, reaching $378M. It also recorded the highest quarterly sales activity in its history. About 60% of its top Q1 deals came from AI-related demand. This shift shows the industry moving beyond pilot programs toward full enterprise adoption.
Strong Financial Performance
The company recorded Q1 revenue of $2.44B, up more than 10% from the prior year, with net income jumping 21% to $415M. Adjusted funds from operations (AFFO), the REIT’s key cash flow measure, hit $1.07B, surpassing $1B for the first time. Customer transactions exceeded 3,800, serving a broad mix from hyperscalers to enterprise AI users.
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Expansion and Investment Activity
Equinix deployed $1.26B in capital expenditures in Q1, focused on global data center development. The company expanded its portfolio to 281 data centers across 77 markets. It also announced an agreement with Canada Pension Plan Investment Board to acquire atNorth. This move aligns with a broader wave of institutional capital flowing into large-scale data center partnerships. Available liquidity stood at $7.1B, keeping the company well-positioned for further growth.
Upgraded 2026 Outlook
Based on robust data center demand, Equinix raised its 2026 financial outlook. As a result, full-year revenue is now expected between $10.14B and $10.24B. Meanwhile, AFFO is projected between $4.20B and $4.28B. In addition, the company expects capital expenditures to reach $4.1B this year. This increase reflects faster investment in new capacity and innovation. Ultimately, these moves aim to meet sustained AI-driven demand.
