Aslan Research · Data centers
EQUINIX INC (EQIX)
Data as of 2026-09-03 · 28 quarters · filed in USD
Backlog stands at $15.0 billion, or 1.5x one year of revenue. Revenue grew 9% per year while expenses grew 7% per year, giving the contracted base scale against the latest operating trend.
Earned, collected early, and merely signed
Reports $20B of debt; has promised $29B
Total committed money is 1.5x reported debt. Beyond $19.9 billion of debt, the commitments include $1.4 billion for leases and $8.2 billion for purchases.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $12.9 billion due against $758 million of future revenue promised for that period. An additional $1.0 billion is scheduled after year five without a stated timing.
The rates that matter
Expenses as filed vs after cited reconciliation
7 patterns worth a second look
The filings show lending to related joint ventures that also generate revenue and other income, plus substantial obligations in unconsolidated ventures. These include loan commitments, guarantees, equity funding, and receivables. A later filing also describes a related-party Hampton campus sale followed by a cash contribution and retained interests in the buyer joint venture.
circular financing · 1
The company lends to related joint ventures that also generate revenue and other income for the company.
off balance sheet · 1
The filings report substantial obligations in unconsolidated ventures, including loan commitments, guarantees, equity funding, and receivables.
regulator challenge · 2
A reply to SEC staff was filed on 2021-07-02, answering a staff comment letter dated 2021-06-22; it quotes 0 staff comments.
A reply to SEC staff was filed on 2022-07-14, answering a staff comment letter dated 2022-07-07; it quotes 0 staff comments.
related party exposure · 1
Related-party revenue and balances increase materially across the filings alongside continuing venture commitments and guarantees.
subsequent event · 1
The FY2025 filing reports a related-party Hampton campus sale followed by cash contribution and retained interests in the buyer joint venture.
value revision · 1
The quarterly income-tax expense revision from $37.385 million to $37.0 million is substantive rather than clerical.