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Omitted: the free-text notes of the internal check passes and of rating reconciliations, and the location of the internal card review; references to local evidence files and to internal method decisions are replaced by plain descriptions.","roster":{"members":[{"entityId":"equinix","slot":"importance","since":"2026-10-22"},{"entityId":"digital-realty","slot":"importance","since":"2026-10-22"},{"entityId":"china-mobile","slot":"importance","since":"2026-10-22"},{"entityId":"china-telecom","slot":"importance","since":"2026-10-22"},{"entityId":"china-unicom","slot":"importance","since":"2026-10-22"},{"entityId":"qts","slot":"importance","since":"2026-10-22"},{"entityId":"ntt-global-data-centers","slot":"importance","since":"2026-10-22"},{"entityId":"cyrusone","slot":"importance","since":"2026-10-22"},{"entityId":"applied-digital","slot":"rising","since":"2026-10-22"},{"entityId":"core-scientific","slot":"rising","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22","resultsDate":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"infrastructure-campuses","layer":"infrastructure","sublayer":"campuses","version":1,"scope":"Capacity in operation that data-centre operators run for tenants (colocation, wholesale and AI-campus developers), counted once with the operator that runs it. All self-built capacity is outside this card: data centres that clouds, AI companies and other businesses build for their own use, such as Meta's and xAI's, are not counted as campuses anywhere, and their output is counted where it is sold, in Cloud as rented computing or in Models and Applications; equipment and electricity are counted in Power & cooling and Energy, and capacity under construction or only planned is excluded.","outputMeasure":"Data-centre capacity in operation that operators offer to tenants, in megawatts of IT load, weighted by region.","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","hardToReplace":"New capacity takes years because grid connections and electrical equipment are scarce, so a tenant can move only to space already built nearby. Retail colocation in large metros is easier to switch.","functions":[{"id":"americas","name":"Americas","why":"About half of world data-centre capacity, nine-tenths of it in the United States.","weight":{"low":0.42,"central":0.5,"high":0.56},"weightSource":{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","title":"2026 Global Data Center Outlook","publisher":"JLL","publishedDate":"2026-01-05","accessedDate":"2026-10-22","tier":"T4","locator":"'The Americas is the largest data center region, representing about 50% of global capacity'; the U.S. accounts 'for about 90% of capacity in the Americas'. Global capacity grows by 97 GW to 'could reach 200 GW' by 2030, so about 103 GW in 2025: Americas about 51.5 GW. High end: Knight Frank's 2025 live IT capacity, Americas 33,070 of 59,962 MW (55%). Low end 0.42 allows for operators leasing a smaller share of capacity in the US than elsewhere."},"shareData":"Operating leasable MW over JLL's regional capacity times Synergy's 40% operator share, as in the weights"},{"id":"emea","name":"Europe, Middle East and Africa","why":"About a fifth of world capacity, led by a few European metros and new Gulf and Nordic campuses.","weight":{"low":0.16,"central":0.19,"high":0.23},"weightSource":{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","title":"2026 Global Data Center Outlook","publisher":"JLL","publishedDate":"2026-01-05","accessedDate":"2026-10-22","tier":"T4","locator":"EMEA is the remainder of about 103 GW after the Americas (about 51.5 GW) and APAC (32 GW): about 19.5 GW, or 19%. Consistent with JLL's 'The region will add 13 GW of new supply' at roughly 10% a year to 2030. Cross-check: Knight Frank, 2025 live IT capacity, EMEA 12,360 of 59,962 MW (21%)."},"shareData":"Operating leasable MW over JLL's regional capacity times Synergy's 40% operator share, as in the weights"},{"id":"asia-pacific","name":"Asia-Pacific, including mainland China","why":"About three-tenths of world capacity, across China, Japan, India, Southeast Asia and Australia.","weight":{"low":0.24,"central":0.31,"high":0.38},"weightSource":{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","title":"2026 Global Data Center Outlook","publisher":"JLL","publishedDate":"2026-01-05","accessedDate":"2026-10-22","tier":"T4","locator":"'APAC data center capacity will expand from 32 GW to 57 GW by 2030': 32 GW of about 103 GW is 31%. JLL does not say whether mainland China is included; Knight Frank's APAC, which shows no Chinese market, is 14.5 GW, so JLL's 32 GW is read as including it. Low end: Knight Frank's 24%. High end 0.38 allows for JLL's statement that APAC colocation grows 19% a year while on-premise capacity declines."},"shareData":"Operating leasable MW over JLL's regional capacity times Synergy's 40% operator share, as in the weights"}],"risingFloorPct":1,"validationCaseIds":[],"knownGaps":["No free source gives leasable capacity by region, so regions are weighted by total data-centre capacity (JLL); operators lease a larger share of capacity outside the US, which the ranges allow for.","Regional denominators are JLL's regional capacity times Synergy Research's worldwide operator share (about 40%); if a public leasable total is used for any region, the weights must be re-derived from the same totals.","Operators report capacity on different definitions (critical IT load or gross power; joint ventures at 100% or at ownership share); figures on other definitions are labelled off-basis.","Megawatts do not capture interconnection, where a few operators run the densest network hubs.","Large private operators (Vantage, STACK, Aligned, AirTrunk, CyrusOne, QTS) publish capacity irregularly.","Capacity used for AI cannot be separated from capacity used for other cloud and enterprise computing.","Chinese carriers' data-centre businesses count as operators, but they report capacity inside wider segments."],"approval":{"approver":"Claude (delegated by 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(Airtel)","reachPct":0.307334,"importance":0.0768335,"importanceRank":39,"functions":[{"id":"americas","weight":0.5,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"emea","weight":0.19,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"asia-pacific","weight":0.31,"sharePct":0.9914,"shareLowPct":0.48605,"shareHighPct":1.53545,"stale":false,"offBasis":true,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":39,"rankP10":39,"rankP90":39,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null}],"selection":{"importanceIds":["equinix","digital-realty","china-mobile","china-telecom","china-unicom","qts","ntt-global-data-centers","cyrusone"],"risingIds":["applied-digital","core-scientific"],"filledFromImportance":[]},"risingPools":{"growth":10,"shareChange":7,"committed":9},"weightSensitivity":[{"functionId":"americas","end":"low","entered":[],"left":[]},{"functionId":"americas","end":"high","entered":["aligned-data-centers"],"left":["ntt-global-data-centers"]},{"functionId":"emea","end":"low","entered":[],"left":[]},{"functionId":"emea","end":"high","entered":[],"left":[]},{"functionId":"asia-pacific","end":"low","entered":["aligned-data-centers"],"left":["china-unicom"]},{"functionId":"asia-pacific","end":"high","entered":[],"left":[]}],"validation":[],"baseline":{"spearman":0.966666666667,"baselineTop10NotSelected":["gds","vnet","iron-mountain-data-centers","nextdc"],"selectedNotInBaselineTop10":["china-mobile","china-unicom","qts","cyrusone","core-scientific"]},"raterAgreement":{"within":0.6,"weightedKappa":0.0362811791383,"disagreements":[]}},"inputs":{"equinix":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"equinix","name":"Equinix","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"low":4.8544,"central":6.068,"high":9.2233,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2025","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 2, IBX table: total cabinet capacity Americas 157,400; EMEA 141,300; Asia-Pacific 93,600 (31 Dec 2025)"},"note":"Equinix states MW only for xScale (408 MW previously opened across 23 facilities, Q2 2026 earnings presentation, T2). Estimated two ways. (a) ABI Research (T4): 995 MW of US active IT capacity; scaled to the Americas by IBX count (109 Americas IBX over 91 US data centres) = 1,190 MW, then converted to operating capacity with the retail factor of 1.0 to 1.3 of the ABI calibration = 1,190 to 1,550 MW. (b) Retail cabinet capacity of 157,400 at an assumed 5 to 8 kW per cabinet (central 6.5 kW) = 1,020 MW, plus about 150 MW of xScale = 1,170 MW. The central of 1,250 MW is between the two. Share: 1,250 MW (low 1,000, high 1,900) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":10.2564,"central":13.4615,"high":20.5128,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2025","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 2, IBX table: total cabinet capacity EMEA 141,300 (31 Dec 2025)"},"note":"Method (b): 141,300 retail cabinets at 5 to 8 kW (central 6.5 kW) = 920 MW, plus about 130 MW of xScale = 1,050 MW; low and high at 5 kW and 8 kW plus or minus xScale. Share: 1,050 MW (low 800, high 1,600) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":2.3605,"central":3.176,"high":5.1502,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (derived)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2025","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T5","locator":"Item 2, IBX table: total cabinet capacity Asia-Pacific 93,600 (31 Dec 2025)"},"note":"Method (b): 93,600 retail cabinets at 5 to 8 kW (central 6.5 kW) = 610 MW, plus about 130 MW of xScale (Tokyo, Osaka, Sydney, Melbourne and others) = 740 MW. Share: 740 MW (low 550, high 1,200) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"priorShares":{"americas":{"low":4.7244,"central":6.4974,"high":10.9742,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2024 (derived)","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-20241231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2024","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2025-02-12","accessedDate":"2026-10-22","tier":"T5","locator":"Item 2, IBX table: total cabinet capacity Americas 144,100 (31 Dec 2024)"},"note":"Current estimate scaled by the change in retail cabinet capacity (144,100 over 157,400 = 0.9155); assumes MW per cabinet unchanged. Prior-year share: 1,144 MW over a prior-year denominator of 17,607 MW, which is this file's current denominator (20,600 MW) divided by 1 + JLL's projected supply growth for the region (17% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"emea":{"low":10.0255,"central":14.4831,"high":24.5225,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2024 (derived)","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-20241231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2024","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2025-02-12","accessedDate":"2026-10-22","tier":"T5","locator":"Item 2, IBX table: total cabinet capacity EMEA 138,200 (31 Dec 2024)"},"note":"Current estimate scaled by 138,200 over 141,300 = 0.9781. Prior-year share: 1,027 MW over a prior-year denominator of 7,091 MW, which is this file's current denominator (7,800 MW) divided by 1 + JLL's projected supply growth for the region (10% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"asia-pacific":{"low":2.2898,"central":3.384,"high":6.1046,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2024 (derived)","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-20241231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2024","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2025-02-12","accessedDate":"2026-10-22","tier":"T5","locator":"Item 2, IBX table: total cabinet capacity Asia-Pacific 89,100 (31 Dec 2024)"},"note":"Current estimate scaled by 89,100 over 93,600 = 0.9519. Prior-year share: 704 MW (740 MW x 0.9519) over a prior-year denominator of 20,804 MW, which is this file's current denominator (23,300 MW) divided by 1 + JLL's projected supply growth for the region (12% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":392300,"central":392300,"high":392300,"unit":"cabinets","basis":"Total retail IBX cabinet capacity (excludes xScale), cabinets","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2025","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 2, IBX table: total 392,300 cabinets"}},"prior":{"low":371400,"central":371400,"high":371400,"unit":"cabinets","basis":"Total retail IBX cabinet capacity (excludes xScale), cabinets","period":"At 31 December 2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-20241231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2024","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2025-02-12","accessedDate":"2026-10-22","tier":"T1","locator":"Item 2, IBX table: total 371,400 cabinets"}}},"committedExpansion":{"low":0.1402,"central":0.1402,"high":0.1402,"unit":"ratio","basis":"Retail cabinets under active development ÷ current retail cabinet capacity","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2025","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Item 2: 52 active major development projects 'will deliver 55,000+ cabinets of retail capacity and 100+ MW of xScale capacity through 2028'; table total 392,300 cabinets"},"note":"55,000 ÷ 392,300 = 0.140. Counts retail cabinets only: the 100+ MW of xScale capacity in the same projects is left out because Equinix gives no matching xScale base in MW, so the ratio understates total committed expansion. The Q2 2026 call also says about 700 MW is being built on 3 GW of land."},"baselineRevenueUsd":{"low":9217000000,"central":9217000000,"high":9217000000,"unit":"USD","basis":"Total revenues, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","title":"Equinix, Inc. Annual Report (Form 10-K) for 2025","publisher":"Equinix, Inc. (SEC filing)","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Note on segments: total revenues $9,217 million"},"note":"Whole-company revenue (colocation and interconnection)."},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ecedf29f3d1da5159306a7b3eaeb4278993c7ed72c88e453974bfeb4ede08789"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"ecedf29f3d1da5159306a7b3eaeb4278993c7ed72c88e453974bfeb4ede08789"}}},"digital-realty":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"digital-realty","name":"Digital Realty","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"low":6.3107,"central":8.9175,"high":10.6796,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"In place at 1 June 2026","periodEnd":"2026-06-01","source":{"url":"https://go2.digitalrealty.com/rs/087-YZJ-646/images/BR_Digital_Realty_2601_Corporate_Overview.pdf","title":"Digital Realty Corporate Overview","publisher":"Digital Realty","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'2,980MW In-place IT capacity ... *As of June 1, 2026' (corporate overview, pages 3-4)"},"note":"Company total of 2,980 MW in-place IT capacity (consolidated and unconsolidated facilities at 100%, as of 1 June 2026; the Q2 2026 earnings presentation says about 3 GW at 30 June 2026, T2) split by region with the net-rentable-square-feet shares in the FY2025 10-K Item 2 (Americas 61.65%, EMEA 29.21%, Asia-Pacific 9.14%, summing the consolidated, managed and non-managed unconsolidated tables; total 43,208 thousand sq ft). Dense hyperscale space makes the Americas richer in MW per square foot, so the range is wide. ABI Research (T4) lists 686 MW of US 'active IT capacity' for Digital Realty, which is a load-type measure; scaled by the 1.8 factor in the ABI calibration of this sublayer it is about 1,240 MW for the US alone, the basis for the low end. Share: 1,837 MW (low 1,300, high 2,200) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":8.3333,"central":11.1667,"high":14.1026,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"In place at 1 June 2026","periodEnd":"2026-06-01","source":{"url":"https://go2.digitalrealty.com/rs/087-YZJ-646/images/BR_Digital_Realty_2601_Corporate_Overview.pdf","title":"Digital Realty Corporate Overview","publisher":"Digital Realty","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'2,980MW In-place IT capacity ... *As of June 1, 2026'"},"note":"Same derivation (EMEA 29.21% of net rentable square feet). Includes Johannesburg and Lagos space, which is less dense per square foot. Share: 871 MW (low 650, high 1,100) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0.8155,"central":1.1674,"high":1.7167,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"In place at 1 June 2026","periodEnd":"2026-06-01","source":{"url":"https://go2.digitalrealty.com/rs/087-YZJ-646/images/BR_Digital_Realty_2601_Corporate_Overview.pdf","title":"Digital Realty Corporate Overview","publisher":"Digital Realty","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'2,980MW In-place IT capacity ... *As of June 1, 2026'"},"note":"Same derivation (Asia Pacific 9.14% of net rentable square feet). Includes the Tokyo and Osaka joint ventures. Share: 272 MW (low 190, high 400) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"priorShares":{"americas":{"low":6.4179,"central":9.979,"high":13.2775,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"In place at 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000155837025009543/dlr-20250724xex99d2.htm","title":"Digital Realty second-quarter 2025 earnings presentation (Form 8-K, Exhibit 99.2)","publisher":"Digital Realty","publishedDate":"2025-07-24","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 3: '~2,850 MW in place IT capacity', as of June 30, 2025"},"note":"About 2,850 MW in place at 30 June 2025 (company, T2), split with the same FY2025 10-K regional shares as the current figure (the FY2024 split is not applied). Prior-year share: 1,757 MW over a prior-year denominator of 17,607 MW, which is this file's current denominator (20,600 MW) divided by 1 + JLL's projected supply growth for the region (17% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"emea":{"low":7.9743,"central":11.7473,"high":16.4841,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"In place at 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000155837025009543/dlr-20250724xex99d2.htm","title":"Digital Realty second-quarter 2025 earnings presentation (Form 8-K, Exhibit 99.2)","publisher":"Digital Realty","publishedDate":"2025-07-24","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 3: '~2,850 MW in place IT capacity', as of June 30, 2025"},"note":"Same derivation. Prior-year share: 833 MW over a prior-year denominator of 7,091 MW, which is this file's current denominator (7,800 MW) divided by 1 + JLL's projected supply growth for the region (10% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"asia-pacific":{"low":0.7953,"central":1.2498,"high":2.0455,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"In place at 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000155837025009543/dlr-20250724xex99d2.htm","title":"Digital Realty second-quarter 2025 earnings presentation (Form 8-K, Exhibit 99.2)","publisher":"Digital Realty","publishedDate":"2025-07-24","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 3: '~2,850 MW in place IT capacity', as of June 30, 2025"},"note":"Same derivation. Prior-year share: 260 MW over a prior-year denominator of 20,804 MW, which is this file's current denominator (23,300 MW) divided by 1 + JLL's projected supply growth for the region (12% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":2980,"central":2980,"high":2980,"unit":"MW","basis":"In-place IT capacity (consolidated and unconsolidated facilities at 100%), MW","period":"In place at 1 June 2026","periodEnd":"2026-06-01","source":{"url":"https://go2.digitalrealty.com/rs/087-YZJ-646/images/BR_Digital_Realty_2601_Corporate_Overview.pdf","title":"Digital Realty Corporate Overview","publisher":"Digital Realty","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'2,980MW In-place IT capacity ... *As of June 1, 2026'"}},"prior":{"low":2850,"central":2850,"high":2850,"unit":"MW","basis":"In-place IT capacity (consolidated and unconsolidated facilities at 100%), MW","period":"In place at 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000155837025009543/dlr-20250724xex99d2.htm","title":"Digital Realty second-quarter 2025 earnings presentation (Form 8-K, Exhibit 99.2)","publisher":"Digital Realty","publishedDate":"2025-07-24","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 3: '~2,850 MW in place IT capacity', as of June 30, 2025"}}},"committedExpansion":{"low":0.4667,"central":0.4667,"high":0.4667,"unit":"ratio","basis":"IT capacity under construction ÷ IT capacity in place","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926086270/dlr-20260723xex99d2.htm","title":"Digital Realty second-quarter 2026 earnings presentation (Form 8-K, Exhibit 99.2)","publisher":"Digital Realty","publishedDate":"2026-07-23","accessedDate":"2026-10-22","tier":"T2","locator":"Slides 3-4: '~3 GW In-Place IT Capacity' and '~1.4 GW Under Construction', as of June 30, 2026"},"note":"The company says about 1.4 GW is under construction and about 3 GW is in place at 30 June 2026 (rounded figures); 1,400 ÷ 3,000 = 0.467."},"baselineRevenueUsd":{"low":6112692000,"central":6112692000,"high":6112692000,"unit":"USD","basis":"Total operating revenues, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","title":"Digital Realty Trust, Inc. Annual Report (Form 10-K) for 2025","publisher":"Digital Realty Trust, Inc. (SEC filing)","publishedDate":"2026-02-13","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7, Revenues: total operating revenues $6,112,692 thousand"},"note":"Whole-company revenue (a data-centre REIT, so all of it is in this sublayer's activity)."},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"64d9aab20f5e8725bf89fe1e71d90d1bbbcfef2065dbddb2bb91b6bd53ba495f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"64d9aab20f5e8725bf89fe1e71d90d1bbbcfef2065dbddb2bb91b6bd53ba495f"}}},"china-mobile":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"china-mobile","name":"China Mobile (data-centre business)","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"low":0,"central":0.0049,"high":0.0243,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032600468.pdf","title":"China Mobile Limited, 2025 Annual Results announcement","publisher":"China Mobile Limited (HKEX announcement)","publishedDate":"2026-03-26","accessedDate":"2026-10-22","tier":"T5","locator":"Business review: external IDC services through more than 1.5 million standard racks; no overseas data centres named"},"note":"No data centre outside Asia-Pacific is named in the results announcement, so this is a small judgement range. Share: 1 MW (low 0, high 5) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0,"central":0.0128,"high":0.0641,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032600468.pdf","title":"China Mobile Limited, 2025 Annual Results announcement","publisher":"China Mobile Limited (HKEX announcement)","publishedDate":"2026-03-26","accessedDate":"2026-10-22","tier":"T5","locator":"Business review: external IDC services through more than 1.5 million standard racks; no overseas data centres named"},"note":"As for the Americas. Share: 1 MW (low 0, high 5) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":16.0944,"central":16.0944,"high":16.0944,"unit":"percent","basis":"Share of rack power capacity (MW; includes capacity the operator uses itself, not only space let to tenants) in the region, latest reported","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032600468.pdf","title":"China Mobile Limited, 2025 Annual Results announcement","publisher":"China Mobile Limited (HKEX announcement)","publishedDate":"2026-03-26","accessedDate":"2026-10-22","tier":"T2","locator":"Business review: 'provided external IDC services through more than 1.5 million standard racks'; footnote 12: 'Standard rack equivalence is calculated based on 2.5 KW per rack'"},"offBasis":true,"note":"More than 1.5 million standard racks serving external customers at 2.5 kW per standard rack (company's own conversion) = 3,750 MW; 'more than' makes it a floor. Racks serving external customers may include capacity China Mobile rents from other operators, which would double count with those operators; the rack-equivalent power is not stated to be IT load: flagged off-basis. Cross-check: data-centre revenue of RMB 19.0 billion in H1 2026 (annualised RMB 38 billion) over 3.75 GW is RMB 10 million per MW, in line with China Telecom (10.8) and VNET (about 10). Share: 3,750 MW (low 3,750, high 3,750) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"activityGrowth":{"current":{"low":19,"central":19,"high":19,"unit":"RMB billion","basis":"Data centre revenue, first half, RMB billion","period":"H1 2026","periodEnd":"2026-06-30","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0813/2026081300218.pdf","title":"China Mobile Limited, 2026 Interim Results announcement","publisher":"China Mobile Limited (HKEX announcement)","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Business review: 'Data center revenue was RMB19.0 billion, up by 13.2% year-on-year'"}},"prior":{"low":16.78,"central":16.78,"high":16.78,"unit":"RMB billion","basis":"Data centre revenue, first half, RMB billion","period":"H1 2025","periodEnd":"2025-06-30","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0813/2026081300218.pdf","title":"China Mobile Limited, 2026 Interim Results announcement","publisher":"China Mobile Limited (HKEX announcement)","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T5","locator":"Business review: data centre revenue RMB19.0 billion, up 13.2% year-on-year"},"note":"Derived: RMB 19.0 billion ÷ 1.132 = RMB 16.78 billion; the 2025 interim figure itself was not opened."}},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"801ad80e3c6efeb3610ef72712585980714ae599367decec8b151c2764e88f2b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"801ad80e3c6efeb3610ef72712585980714ae599367decec8b151c2764e88f2b"}}},"china-telecom":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"china-telecom","name":"China Telecom (data-centre business)","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"low":0,"central":0.0097,"high":0.0485,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","title":"China Telecom Corporation Limited, Announcement of Annual Results for the Year Ended 31 December 2025","publisher":"China Telecom Corporation Limited (HKEX announcement)","publishedDate":"2026-03-24","accessedDate":"2026-10-22","tier":"T5","locator":"Business review, AIDC: 'actively carrying out global AIDC deployment'"},"note":"The company says it is 'actively carrying out global AIDC deployment' but states no capacity outside China, so this is a small judgement range. Share: 2 MW (low 0, high 10) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0,"central":0.0256,"high":0.1282,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","title":"China Telecom Corporation Limited, Announcement of Annual Results for the Year Ended 31 December 2025","publisher":"China Telecom Corporation Limited (HKEX announcement)","publishedDate":"2026-03-24","accessedDate":"2026-10-22","tier":"T5","locator":"Business review, AIDC: 'actively carrying out global AIDC deployment'"},"note":"As for the Americas: no overseas capacity is stated, so this is a small judgement range. Share: 2 MW (low 0, high 10) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":13.7339,"central":13.7339,"high":13.7339,"unit":"percent","basis":"Share of rack power capacity (MW; includes capacity the operator uses itself, not only space let to tenants) in the region, latest reported","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","title":"China Telecom Corporation Limited, Announcement of Annual Results for the Year Ended 31 December 2025","publisher":"China Telecom Corporation Limited (HKEX announcement)","publishedDate":"2026-03-24","accessedDate":"2026-10-22","tier":"T2","locator":"Business review, AIDC: 'rack power capacity exceeded 3.2GW'"},"offBasis":true,"note":"The company says its rack power capacity exceeded 3.2 GW at the end of 2025. This counts all racks, including capacity used for China Telecom's own cloud and intelligent-computing services, so it is not strictly capacity offered to tenants: flagged off-basis. A revenue cross-check supports the order of magnitude: AIDC revenue of RMB 34.5 billion over 3.2 GW is RMB 10.8 million per MW, in line with VNET (RMB 9.95 billion over about 1.0 GW of wholesale and retail capacity) and China Mobile (RMB 19.0 billion in half a year over 3.75 GW). The H1 2026 interim report gives 'nearly 8 GW' of total power capacity of existing data centres (all uses, not IT load), which is not used. Share: 3,200 MW (low 3,200, high 3,200) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"activityGrowth":{"current":{"low":34.5,"central":34.5,"high":34.5,"unit":"RMB billion","basis":"Revenue from AIDC (data-centre) services, calendar year, RMB billion","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","title":"China Telecom Corporation Limited, Announcement of Annual Results for the Year Ended 31 December 2025","publisher":"China Telecom Corporation Limited (HKEX announcement)","publishedDate":"2026-03-24","accessedDate":"2026-10-22","tier":"T2","locator":"Highlights: 'revenue from AIDC reached RMB34.5 billion'"}},"prior":{"low":33,"central":33,"high":33,"unit":"RMB billion","basis":"Revenue from AIDC (data-centre) services, calendar year, RMB billion","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0325/2025032500467.pdf","title":"China Telecom Corporation Limited, Announcement of Annual Results for the Year Ended 31 December 2024","publisher":"China Telecom Corporation Limited (HKEX announcement)","publishedDate":"2025-03-25","accessedDate":"2026-10-22","tier":"T2","locator":"Highlights: 'revenue from IDC reached RMB33 billion' (the 2025 announcement renames the line AIDC)"}}},"baselineRevenueUsd":{"low":4933000000,"central":4933000000,"high":4933000000,"unit":"USD","basis":"AIDC (data-centre) services revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","title":"China Telecom Corporation Limited, Announcement of Annual Results for the Year Ended 31 December 2025","publisher":"China Telecom Corporation Limited (HKEX announcement)","publishedDate":"2026-03-24","accessedDate":"2026-10-22","tier":"T2","locator":"Highlights: 'revenue from AIDC reached RMB34.5 billion'"},"note":"RMB 34.5 billion converted at RMB 6.9931 per US dollar, the Federal Reserve H.10 noon buying rate for 31 December 2025 as quoted in VNET's FY2025 results release: US$4.93 billion."},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"271cc53418fdcab9fa2680ae40a2bbcf0490ace203c6b7d68d6379fd1ded4c47"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"271cc53418fdcab9fa2680ae40a2bbcf0490ace203c6b7d68d6379fd1ded4c47"}}},"china-unicom":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"china-unicom","name":"China Unicom (data-centre business)","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"low":0,"central":0.0049,"high":0.0243,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-06-30","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","title":"China Unicom (Hong Kong) Limited, 2026 Interim Results Announcement","publisher":"China Unicom (Hong Kong) Limited (HKEX announcement)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T5","locator":"Highlights: standard cabinets 'deployed across the entire network'; no overseas data centres named"},"note":"No data centre outside Asia-Pacific is named in the results announcement, so this is a small judgement range. Share: 1 MW (low 0, high 5) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0,"central":0.0128,"high":0.0641,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-06-30","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","title":"China Unicom (Hong Kong) Limited, 2026 Interim Results Announcement","publisher":"China Unicom (Hong Kong) Limited (HKEX announcement)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T5","locator":"Highlights: standard cabinets 'deployed across the entire network'; no overseas data centres named"},"note":"As for the Americas. Share: 1 MW (low 0, high 5) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":12.3391,"central":12.3391,"high":12.3391,"unit":"percent","basis":"Share of rack power capacity (MW; includes capacity the operator uses itself, not only space let to tenants) in the region, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","title":"China Unicom (Hong Kong) Limited, 2026 Interim Results Announcement","publisher":"China Unicom (Hong Kong) Limited (HKEX announcement)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T2","locator":"Highlights: 'over 1.15 million standard cabinets have been deployed across the entire network'; note 5: 'calculated based on 2.5 kW per cabinet'"},"offBasis":true,"note":"Over 1.15 million standard cabinets deployed across the whole network at 2.5 kW per cabinet (company's own conversion) = 2,875 MW, utilisation above 74%. The count covers the whole network, including capacity used for China Unicom's own cloud and computing services, and the kW per cabinet is a convention, not IT load: flagged off-basis. Share: 2,875 MW (low 2,875, high 2,875) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3},"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fc43c6e32e63d645db936efa0b49e7b6b18b0ff5c7cc056110513ce1ed0bd019"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fc43c6e32e63d645db936efa0b49e7b6b18b0ff5c7cc056110513ce1ed0bd019"}}},"qts":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"qts","name":"QTS Data Centers","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":4.9223,"central":6.5728,"high":11.4175,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: QTS, 33 U.S. data centers, 811 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 811 MW of 2025 US active IT capacity for QTS (33 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leaseable capacity at 31 December 2025 (389.9 MW, Q4 2025 supplemental report, page 22, T2, https://s204.q4cdn.com/148941814/files/doc_financials/2025/q4/Q4-2025.pdf, opened 23 October 2026), dated like ABI's CY2025 figure, is 1.67 times ABI's 233 MW for it (its 30 June 2026 figure of 419.9 MW would give 1.80, but falls six months after ABI's date); NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets (an earlier estimate that could not be reproduced from the sources opened, and it does not set the central factor); and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.67 (the lowest of the first three, Iron Mountain's like-dated factor), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. QTS: 811 x 1.25 / 1.67 / 2.9 = 1014 / 1354 / 2352 MW. Share: 1,354 MW (low 1,014, high 2,352) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0.1282,"central":0.7692,"high":3.2051,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (2025 report)","periodEnd":"2025-12-31","source":{"url":"https://q.com/wp-content/uploads/2026/08/2025-QTS-Sustainability-Report.pdf","title":"2025 QTS Sustainability Report","publisher":"QTS Data Centers","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Infographic: '4.8GW ... critical power capacity under customer contract'"},"note":"QTS lists European sites (Eemshaven and Groningen in the Netherlands, London, Cambois in the UK, Zaragoza in Spain); no operating MW is stated there, so this is a judgement range. Share: 60 MW (low 10, high 250) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"participates":false,"evidence":{"url":"https://q.com/wp-content/uploads/2026/08/2025-QTS-Sustainability-Report.pdf","title":"2025 QTS Sustainability Report","publisher":"QTS Data Centers","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Infrastructure map: data centres 'in North America and Europe'; no Asia-Pacific site listed"}}},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cadcf3e97031cef300727e595a41e28ffb83cf194344da906cd0c67e7029a38c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cadcf3e97031cef300727e595a41e28ffb83cf194344da906cd0c67e7029a38c"}}},"ntt-global-data-centers":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"ntt-global-data-centers","name":"NTT Global Data Centers","kind":"unit","parentId":"ntt","commercialActivityVerified":true,"shares":{"americas":{"low":3.2524,"central":3.2524,"high":3.2524,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 14, Total Power Capacity chart: As of December 31, 2025, North America approx. 670 MW (total 1,570 MW)"},"note":"NTT DATA Group's overseas-segment data centres: total power capacity approx. 1,570 MW at 31 December 2025, North America 670 MW (figures are approximate; includes data centres transferred to NTT DC REIT that NTT still operates). Read from the chart values of the presentation (670, 430, 400, 70). ABI Research (T4) lists 322 MW of US active IT capacity for NTT, consistent with the load-type measure. Share: 670 MW (low 670, high 670) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":5.5128,"central":5.5128,"high":5.5128,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 14, Total Power Capacity chart: As of December 31, 2025, EMEA approx. 430 MW"},"note":"EMEA approx. 430 MW at 31 December 2025 (same chart; the 2K+MW worldwide figure on NTT's product page, undated, includes planned capacity). Share: 430 MW (low 430, high 430) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":2.5751,"central":3.0515,"high":3.6481,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 31 December 2025 (Japan assumed unchanged)","periodEnd":"2025-12-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 14, Total Power Capacity chart: As of December 31, 2025, India approx. 400 MW and APAC approx. 70 MW"},"note":"India 400 MW plus other Asia-Pacific 70 MW (same chart, T2) plus Japan, which the overseas segment excludes: 241 MW, derived as NTT's 1,741 MW total of IT power capacity at March 2025 including Japan (IR presentation of November 2025, slide 51, T2) less the overseas segment's approx. 1,500 MW at the same date. Japan is held at its March 2025 level (a Kyoto data centre completed in the period, so the range leans up). Share: 711 MW (low 600, high 850) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"priorShares":{"americas":{"low":3.4594,"central":3.8053,"high":4.2281,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 31 March 2025","periodEnd":"2025-03-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 14, Total Power Capacity chart: As of March 31, 2025, North America approx. 670 MW (total 1,500 MW)"},"note":"North America approx. 670 MW at 31 March 2025 (same chart; total approx. 1,500 MW). Prior-year share: 670 MW over a prior-year denominator of 17,607 MW, which is this file's current denominator (20,600 MW) divided by 1 + JLL's projected supply growth for the region (17% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"emea":{"low":5.5127,"central":6.064,"high":6.7378,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 31 March 2025","periodEnd":"2025-03-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 14, Total Power Capacity chart: As of March 31, 2025, EMEA approx. 430 MW"},"note":"EMEA approx. 430 MW at 31 March 2025 (same chart). Prior-year share: 430 MW over a prior-year denominator of 7,091 MW, which is this file's current denominator (7,800 MW) divided by 1 + JLL's projected supply growth for the region (10% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"asia-pacific":{"low":2.3597,"central":3.0811,"high":4.1659,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 31 March 2025","periodEnd":"2025-03-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 14, Total Power Capacity chart: As of March 31, 2025, India approx. 340 MW and APAC approx. 60 MW"},"note":"India 340 MW plus other Asia-Pacific 60 MW (T2) plus Japan 241 MW (derived as in the current figure). Prior-year share: 641 MW over a prior-year denominator of 20,804 MW, which is this file's current denominator (23,300 MW) divided by 1 + JLL's projected supply growth for the region (12% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":1570,"central":1570,"high":1570,"unit":"MW","basis":"Total power capacity of NTT DATA Group's overseas-segment data centres, MW (approximate)","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 14, Total Power Capacity chart: As of December 31, 2025 (Results) 1,570 MW"}},"prior":{"low":1500,"central":1500,"high":1500,"unit":"MW","basis":"Total power capacity of NTT DATA Group's overseas-segment data centres, MW (approximate)","period":"At 31 March 2025","periodEnd":"2025-03-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 14, Total Power Capacity chart: As of March 31, 2025 (Results) 1,500 MW"}}},"committedExpansion":{"low":0.5287,"central":0.5287,"high":0.5287,"unit":"ratio","basis":"Planned capacity (under construction and planned) ÷ current capacity, overseas segment","period":"At 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 25 (Power Capacity table): planned capacity as of December 31, 2025 total 830 MW; current capacity 1,570 MW"},"note":"Planned capacity approx. 830 MW (370 North America, 260 EMEA, 105 India, 90 APAC) ÷ current approx. 1,570 MW = 0.529. 'Planned' is the company's own category and includes capacity not yet under construction, so it overstates committed capacity somewhat."},"baselineRevenueUsd":{"low":2475600000,"central":2475600000,"high":2475600000,"unit":"USD","basis":"Net sales of the data centre business (mainly the DC business under GTSS), fiscal year to March 2025, US dollars","period":"FY2024 (year ended 31 March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.nttdata.com/global/en/-/media/nttdataglobal/1_files/investors/ir_events/2025/fy2025_pre_3q_note.pdf","title":"Presentation of Q3 FY2025 Financial Results","publisher":"NTT DATA Group Corporation","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 22, Net Sales by Product and Service (to External Clients): Data Center, FY2024 Full-Year Results 377.8 (billions of yen)"},"note":"JPY 377.8 billion converted at JPY 152.62 per US dollar, the rate the company uses for FY2024 full-year results. The line 'mainly refers to figures for the DC Business under GTSS', the overseas-segment data centre business, so it leaves out the Japan data centres counted in the Asia-Pacific share; it is net sales to external clients."},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9a87cf3fdd71dbd7eecf9dec0bc4f156ab96758f311e42f88bf6688be812e959"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"9a87cf3fdd71dbd7eecf9dec0bc4f156ab96758f311e42f88bf6688be812e959"}}},"cyrusone":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"cyrusone","name":"CyrusOne","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":3.2718,"central":4.2524,"high":6.2184,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: CyrusOne, 43 U.S. data centers, 674 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 674 MW of 2025 US active IT capacity for CyrusOne (43 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leasable capacity at 30 June 2026 (419.9 MW, supplemental report, T2) is 1.80 times ABI's 233 MW for it; NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets; and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.8 (the lowest of the first three), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. CyrusOne: 674 x 1 / 1.3 / 1.9 = 674 / 876 / 1281 MW. CyrusOne's home page says '1+GW of power capacity' across 60+ operational data centres in 9 countries; the retail factor (1.3) is used instead of the wholesale one so that the US figure plus Europe stays near that statement. Share: 876 MW (low 674, high 1,281) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":1.2821,"central":3.2051,"high":5.7692,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.cyrusone.com/","title":"CyrusOne home page","publisher":"CyrusOne","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'60 + operational data centers ... 1+GW of power capacity'"},"note":"Company gives about 1 GW or more in total; ABI's US 674 MW leaves roughly 300 MW or more outside the US, mostly Europe. Judgement range. Other inputs opened: Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition) (ABI Research, 2026-02-25) https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states. The company's site lists about 17 operating EMEA data centres (Paris 1, Frankfurt 5, Dublin 1, Amsterdam 1, Madrid 1, London 5 and others, with Milan and further Frankfurt and London sites in development); at an assumed 10 to 25 MW each that is 170 to 425 MW. Share: 250 MW (low 100, high 450) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.cyrusone.com/","title":"CyrusOne home page, data centre locations","publisher":"CyrusOne","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"APAC list shows only 'Japan, Osaka, OSK1, In Development'; no operating Asia-Pacific data centre"}}},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"76f4e778627ff0f44765422a9aa3a26ca0ed727bd768ab9a31fb67c365956d3c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"76f4e778627ff0f44765422a9aa3a26ca0ed727bd768ab9a31fb67c365956d3c"}}},"aligned-data-centers":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"aligned-data-centers","name":"Aligned Data Centers","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":3.6165,"central":4.9272,"high":8.6845,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: Aligned, 15 U.S. data centers, 548 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 548 MW of 2025 US active IT capacity for Aligned (15 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leaseable capacity at 31 December 2025 (389.9 MW, Q4 2025 supplemental report, page 22, T2, https://s204.q4cdn.com/148941814/files/doc_financials/2025/q4/Q4-2025.pdf, opened 23 October 2026), dated like ABI's CY2025 figure, is 1.67 times ABI's 233 MW for it (its 30 June 2026 figure of 419.9 MW would give 1.80, but falls six months after ABI's date); NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets (an earlier estimate that could not be reproduced from the sources opened, and it does not set the central factor); and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.67 (the lowest of the first three, Iron Mountain's like-dated factor), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. Aligned: 548 x 1.25 / 1.67 / 2.9 = 685 / 915 / 1589 MW. Latin America (Sao Paulo, Queretaro, Santiago; the former ODATA, counted here) is added as a judgement allowance of 60 to 200 MW (central 100 MW), because ABI covers the US only. Share: 1,015 MW (low 745, high 1,789) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"participates":false,"evidence":{"url":"https://aligneddc.com/press-release/aip-mgx-and-blackrocks-gip-close-acquisition-of-aligned-data-centers/","title":"AIP, MGX and BlackRock's GIP Close Acquisition of Aligned Data Centers","publisher":"Aligned Data Centers","publishedDate":"2026-07-21","accessedDate":"2026-10-22","tier":"T2","locator":"'assets concentrated in ... Northern Virginia, Chicago, Dallas, Ohio, Phoenix and Salt Lake City, as well as São Paulo, Querétaro and Santiago'"}},"asia-pacific":{"participates":false,"evidence":{"url":"https://aligneddc.com/press-release/aip-mgx-and-blackrocks-gip-close-acquisition-of-aligned-data-centers/","title":"AIP, MGX and BlackRock's GIP Close Acquisition of Aligned Data Centers","publisher":"Aligned Data Centers","publishedDate":"2026-07-21","accessedDate":"2026-10-22","tier":"T2","locator":"'assets concentrated in ... Northern Virginia, Chicago, Dallas, Ohio, Phoenix and Salt Lake City, as well as São Paulo, Querétaro and Santiago'"}}},"screening":{"americas":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"221571c3f9c19d30999ab593fc4cea4a32d0d2f77ca33d0491dd52e264472a18"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"221571c3f9c19d30999ab593fc4cea4a32d0d2f77ca33d0491dd52e264472a18"}}},"khazna":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"khazna","name":"Khazna Data Centers","kind":"unit","parentId":"g42","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.khazna.ae/","title":"Khazna Data Centers home page","publisher":"Khazna Data Centers","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Pioneering sustainable data centers in the UAE and beyond ... secure, scalable, and sustainable data hosting solutions that power digital transformation across the Middle East and beyond'"}},"emea":{"low":3.8462,"central":5.7692,"high":8.6282,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.khazna.ae/","title":"Khazna Data Centers home page","publisher":"Khazna Data Centers","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'673 megawatts capacity across the portfolio'"},"note":"The company page says '673 megawatts capacity across the portfolio' without saying how much is operating, and the portfolio includes capacity under construction; in October 2024 Khazna operated 12 UAE data centres with 300 MW planned (W.Media, 15 October 2024), so 300 MW is taken as a floor and two thirds of the portfolio figure (450 MW) as the central. Share: 450 MW (low 300, high 673) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.khazna.ae/","title":"Khazna Data Centers home page","publisher":"Khazna Data Centers","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Pioneering sustainable data centers in the UAE and beyond ... across the Middle East and beyond'"}}},"screening":{"emea":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5a7386a03dff5fd6c55e07561f53c3d5f24231b6e7b1eb34bb7c8c89fba91d9c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5a7386a03dff5fd6c55e07561f53c3d5f24231b6e7b1eb34bb7c8c89fba91d9c"}}},"stack-infrastructure":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"stack-infrastructure","name":"STACK Infrastructure","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":2.4903,"central":3.3252,"high":5.7718,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: STACK Infrastructure, 35 U.S. data centers, 410 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 410 MW of 2025 US active IT capacity for STACK Infrastructure (35 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leaseable capacity at 31 December 2025 (389.9 MW, Q4 2025 supplemental report, page 22, T2, https://s204.q4cdn.com/148941814/files/doc_financials/2025/q4/Q4-2025.pdf, opened 23 October 2026), dated like ABI's CY2025 figure, is 1.67 times ABI's 233 MW for it (its 30 June 2026 figure of 419.9 MW would give 1.80, but falls six months after ABI's date); NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets (an earlier estimate that could not be reproduced from the sources opened, and it does not set the central factor); and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.67 (the lowest of the first three, Iron Mountain's like-dated factor), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. STACK Infrastructure: 410 x 1.25 / 1.67 / 2.9 = 513 / 685 / 1189 MW. Share: 685 MW (low 513, high 1,189) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":1.1538,"central":2.5641,"high":5.1282,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.stackinfra.com/","title":"STACK Infrastructure home page","publisher":"STACK Infrastructure","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'8.5+ GW Built & Under Development'"},"note":"No operating MW by region was found. Judgement range for STACK's EMEA sites. Other inputs opened: Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition) (ABI Research, 2026-02-25) https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states. Share: 200 MW (low 90, high 400) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0.1288,"central":0.4335,"high":1.073,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.stackinfra.com/","title":"STACK Infrastructure home page","publisher":"STACK Infrastructure","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'8.5+ GW Built & Under Development'"},"note":"No operating MW by region was found. Judgement range for STACK's Asia-Pacific sites. Other inputs opened: Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition) (ABI Research, 2026-02-25) https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states. Share: 101 MW (low 30, high 250) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8416f9b42c660f73a933e447a57d8aebd79dcfab33feb7debc307564805ee80e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8416f9b42c660f73a933e447a57d8aebd79dcfab33feb7debc307564805ee80e"}}},"switch":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"switch","name":"Switch","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":2.699,"central":3.6068,"high":6.267,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: Switch, 18 U.S. data centers, 445 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 445 MW of 2025 US active IT capacity for Switch (18 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leaseable capacity at 31 December 2025 (389.9 MW, Q4 2025 supplemental report, page 22, T2, https://s204.q4cdn.com/148941814/files/doc_financials/2025/q4/Q4-2025.pdf, opened 23 October 2026), dated like ABI's CY2025 figure, is 1.67 times ABI's 233 MW for it (its 30 June 2026 figure of 419.9 MW would give 1.80, but falls six months after ABI's date); NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets (an earlier estimate that could not be reproduced from the sources opened, and it does not set the central factor); and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.67 (the lowest of the first three, Iron Mountain's like-dated factor), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. Switch: 445 x 1.25 / 1.67 / 2.9 = 556 / 743 / 1291 MW. Share: 743 MW (low 556, high 1,291) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"participates":false,"evidence":{"url":"https://www.switch.com/","title":"Switch home page, locations","publisher":"Switch","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Locations menu: Tahoe Reno, Las Vegas, Atlanta, Grand Rapids, Austin/Houston"}},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.switch.com/","title":"Switch home page, locations","publisher":"Switch","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Locations menu: Tahoe Reno, Las Vegas, Atlanta, Grand Rapids, Austin/Houston"}}},"screening":{"americas":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3ed59c1f3d10e2810bc075695bd1bfe7b9ec8f5e146275f17bfbeb9698056288"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"3ed59c1f3d10e2810bc075695bd1bfe7b9ec8f5e146275f17bfbeb9698056288"}}},"vantage-data-centers":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"vantage-data-centers","name":"Vantage Data Centers","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":1.9078,"central":2.5437,"high":4.4223,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: Vantage Data Centers, 20 U.S. data centers, 314 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 314 MW of 2025 US active IT capacity for Vantage Data Centers (20 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leaseable capacity at 31 December 2025 (389.9 MW, Q4 2025 supplemental report, page 22, T2, https://s204.q4cdn.com/148941814/files/doc_financials/2025/q4/Q4-2025.pdf, opened 23 October 2026), dated like ABI's CY2025 figure, is 1.67 times ABI's 233 MW for it (its 30 June 2026 figure of 419.9 MW would give 1.80, but falls six months after ABI's date); NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets (an earlier estimate that could not be reproduced from the sources opened, and it does not set the central factor); and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.67 (the lowest of the first three, Iron Mountain's like-dated factor), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. Vantage Data Centers: 314 x 1.25 / 1.67 / 2.9 = 393 / 524 / 911 MW. Share: 524 MW (low 393, high 911) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":1.2821,"central":3.2051,"high":5.1282,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://vantage-dc.com/fr/data-center-locations/emea/","title":"Vantage Data Centers, EMEA data center locations","publisher":"Vantage Data Centers","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"City totals: Berlin 88, Frankfurt 112, Dublin 52, Milan 96, Warsaw 48, Johannesburg 100, Zurich 64, Cardiff 148, London 75 MW (design capacity, status not stated)"},"note":"The page lists city totals adding to 783 MW of EMEA capacity without saying which is operating. Assuming 15% to 50% of the listed capacity is operating (central 32%) gives 120 to 390 MW, central 250 MW. The page's date of reading is used as the period end. Share: 250 MW (low 100, high 400) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0.4292,"central":0.8584,"high":1.7167,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://vantage-dc.com/fr/data-center-locations/apac/","title":"Vantage Data Centers, APAC data center locations","publisher":"Vantage Data Centers","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Totals: Melbourne 64, Hong Kong 13 and 14, Osaka 68, Cyberjaya 467, Johor 300 MW (status not stated)"},"note":"The page lists 926 MW across six entries without status; Vantage says about 1 GW of operational and planned capacity in the region (Entrepreneur Asia Pacific, 24 November 2025), with the Johor site 'planned'. Assuming 10% to 40% is operating (central 22%) gives about 90 to 370 MW, central 200 MW. Share: 200 MW (low 100, high 400) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":2,"levelHigh":4},"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e670c0400b4d6d4ccdbbb31a9932d73c34dfc3e06443b8acefe16fad45be3276"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"e670c0400b4d6d4ccdbbb31a9932d73c34dfc3e06443b8acefe16fad45be3276"}}},"dayone":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"dayone","name":"DayOne","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","title":"DayOne Upsizes Malaysia Financing to US$7.2 Billion; Total Billings Surpass 1GW and Bookings Reach 2.3GW","publisher":"DayOne Data Centers Limited (PR Newswire)","publishedDate":"2026-10-14","accessedDate":"2026-10-22","tier":"T2","locator":"About DayOne: operations in Singapore, Malaysia, Indonesia, Thailand, Japan, Hong Kong SAR, Finland and Spain; 'a footprint across ten markets in Asia Pacific and Europe'"}},"emea":{"low":0,"central":0.1282,"high":0.7692,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-14","source":{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","title":"DayOne Upsizes Malaysia Financing to US$7.2 Billion; Total Billings Surpass 1GW and Bookings Reach 2.3GW","publisher":"DayOne Data Centers Limited (PR Newswire)","publishedDate":"2026-10-14","accessedDate":"2026-10-22","tier":"T5","locator":"About DayOne: 'operations in Singapore, Johor and Greater Kuala Lumpur in Malaysia, Indonesia, Thailand, Tokyo and Kyushu in Japan, Hong Kong SAR, Finland and Spain'"},"note":"Finland and Spain are listed among DayOne's markets, but the release states no operating European capacity (its 4.6 GW of 'Resources' includes capacity not yet built), so this is a small judgement range. Share: 10 MW (low 0, high 60) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":4.2918,"central":4.2918,"high":4.2918,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 20 September 2026","periodEnd":"2026-09-20","source":{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","title":"DayOne Upsizes Malaysia Financing to US$7.2 Billion; Total Billings Surpass 1GW and Bookings Reach 2.3GW","publisher":"DayOne Data Centers Limited (PR Newswire)","publishedDate":"2026-10-14","accessedDate":"2026-10-22","tier":"T2","locator":"Highlights: '1GW of IT Power Capacity now generating income under long-term customer contracts'; Billings defined as capacity 'income-generating pursuant to ... legally binding customer contracts'"},"note":"The company says it passed 1 GW of 'Billings' (IT power capacity income-generating under binding customer contracts) as of 20 September 2026, mostly Johor, Malaysia; Billings were 121 MW at the end of 2024. Share: 1,000 MW (low 1,000, high 1,000) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"committedExpansion":{"low":1.3,"central":1.3,"high":1.3,"unit":"ratio","basis":"Bookings not yet billing ÷ Billings","period":"At 20 September 2026","periodEnd":"2026-09-20","source":{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","title":"DayOne Upsizes Malaysia Financing to US$7.2 Billion; Total Billings Surpass 1GW and Bookings Reach 2.3GW","publisher":"DayOne Data Centers Limited (PR Newswire)","publishedDate":"2026-10-14","accessedDate":"2026-10-22","tier":"T2","locator":"Body: 'Bookings reached approximately 2.3GW' and 'surpassed 1GW of Billings' (figures as of September 20, 2026)"},"note":"(2,300 − 1,000) ÷ 1,000 = 1.3. Bookings are IT power capacity committed under binding contracts; the company also reports 1.1 GW of reservations, which are not counted. No prior-year Billings within 9 to 15 months were found (121 MW at the end of 2024)."},"screening":{"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"08499a645043cdc4fe2de2308f466a5e3f0108e7911679653668cc159709e496"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"08499a645043cdc4fe2de2308f466a5e3f0108e7911679653668cc159709e496"}}},"edgeconnex":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"edgeconnex","name":"EdgeConneX","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":0.4854,"central":1.4563,"high":2.5728,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.edgeconnex.com/","title":"EdgeConneX home page","publisher":"EdgeConneX","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'90+ Data Centers ... 60+ Unique Markets ... 20+ Countries'"},"note":"The company says it runs 90+ data centres in 60+ markets and 20+ countries but gives no operating MW; ABI Research's US top 25 (floor 183 MW) does not list it. Wide judgement range for a mix of small edge sites and hyperscale campuses (it is building 200 MW in Osaka; planned capacity not counted). Other inputs opened: Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition) (ABI Research, 2026-02-25) https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states. EdgeConneX is not in ABI Research's top 25 US operators (25th place 183 MW of active IT capacity), which bounds its US operating capacity at about 530 MW at the top of this sublayer's ABI conversion (x 2.9). Share: 300 MW (low 100, high 530) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":1.9231,"central":3.8462,"high":7.0513,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.edgeconnex.com/","title":"EdgeConneX home page","publisher":"EdgeConneX","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'90+ Data Centers ... 60+ Unique Markets ... 20+ Countries'"},"note":"Judgement split of the same wide range. Other inputs opened: Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition) (ABI Research, 2026-02-25) https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states. Share: 300 MW (low 150, high 550) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0.2575,"central":0.6481,"high":1.7167,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.edgeconnex.com/","title":"EdgeConneX home page","publisher":"EdgeConneX","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'90+ Data Centers ... 60+ Unique Markets ... 20+ Countries'"},"note":"Judgement split of the same wide range. Other inputs opened: Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition) (ABI Research, 2026-02-25) https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states. Share: 151 MW (low 60, high 400) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3},"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d429dd5957202c1fc1afbed635d04f54413157517a33282c1e0eb4db9457eb39"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d429dd5957202c1fc1afbed635d04f54413157517a33282c1e0eb4db9457eb39"}}},"databank":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"databank","name":"DataBank","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":2.6408,"central":3.432,"high":5.0194,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: DataBank, 74 U.S. data centers, 544 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 544 MW of 2025 US active IT capacity for DataBank (74 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leasable capacity at 30 June 2026 (419.9 MW, supplemental report, T2) is 1.80 times ABI's 233 MW for it; NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets; and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.8 (the lowest of the first three), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. DataBank: 544 x 1 / 1.3 / 1.9 = 544 / 707 / 1034 MW. Share: 707 MW (low 544, high 1,034) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0.1282,"central":0.5128,"high":1.5385,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.databank.com/","title":"DataBank home page","publisher":"DataBank","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'Usa United Kingdom 76 Total Data Centers ... 1GW Critical IT Load'"},"note":"No UK MW found; small judgement range (the page lists a United Kingdom presence). Share: 40 MW (low 10, high 120) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.databank.com/","title":"DataBank home page","publisher":"DataBank","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page lists data centres only in the USA and the United Kingdom"}}},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cc27db29c778607deda14f06464b1a3ccadc1997fc846914b4558ecb08a7acdd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"cc27db29c778607deda14f06464b1a3ccadc1997fc846914b4558ecb08a7acdd"}}},"vnet":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"vnet","name":"VNET","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","title":"VNET Reports Unaudited Second Quarter 2026 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T2","locator":"About VNET: 'a leading carrier- and cloud-neutral internet data center services provider in China ... operates in more than 30 cities throughout China'"}},"emea":{"participates":false,"evidence":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","title":"VNET Reports Unaudited Second Quarter 2026 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T2","locator":"About VNET: 'a leading carrier- and cloud-neutral internet data center services provider in China ... operates in more than 30 cities throughout China'"}},"asia-pacific":{"low":4.7511,"central":4.9657,"high":5.3948,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","title":"VNET Reports Unaudited Second Quarter 2026 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T2","locator":"Wholesale IDC: 'Capacity in service was 1,007MW as of June 30, 2026'; Retail IDC: 50,081 cabinets in service"},"note":"Wholesale capacity in service 1,007 MW (utilised 744 MW) plus retail: 50,081 cabinets at an assumed 2 to 5 kW per cabinet (central 3 kW) = 100 to 250 MW (central 150 MW). Total 1,157 MW (low 1,107, high 1,257). The company states no MW for retail. Share: 1,157 MW (low 1,107, high 1,257) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"priorShares":{"asia-pacific":{"low":3.3997,"central":3.9896,"high":4.9937,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","title":"VNET Reports Unaudited Second Quarter 2026 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T5","locator":"Wholesale IDC: capacity in service 674MW at June 30, 2025; Retail IDC: 52,131 cabinets"},"note":"Wholesale 674 MW plus 52,131 retail cabinets at 2 to 5 kW (central 3 kW) = 104 to 261 MW (central 156 MW): 830 MW. Prior-year share: 830 MW over a prior-year denominator of 20,804 MW, which is this file's current denominator (23,300 MW) divided by 1 + JLL's projected supply growth for the region (12% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":1157,"central":1157,"high":1157,"unit":"MW","basis":"Wholesale capacity in service plus retail cabinets at 3 kW, MW","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","title":"VNET Reports Unaudited Second Quarter 2026 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T5","locator":"Wholesale 1,007 MW; retail 50,081 cabinets at an assumed 3 kW (150 MW)"}},"prior":{"low":830,"central":830,"high":830,"unit":"MW","basis":"Wholesale capacity in service plus retail cabinets at 3 kW, MW","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","title":"VNET Reports Unaudited Second Quarter 2026 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T5","locator":"Wholesale 674 MW; retail 52,131 cabinets at an assumed 3 kW (156 MW)"}}},"committedExpansion":{"low":0.5809,"central":0.5809,"high":0.5809,"unit":"ratio","basis":"Wholesale capacity under construction ÷ wholesale capacity in service","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","title":"VNET Reports Unaudited Second Quarter 2026 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-08-18","accessedDate":"2026-10-22","tier":"T2","locator":"Wholesale IDC: 'Capacity under construction was 585MW'; capacity in service 1,007MW"},"note":"585 ÷ 1,007 = 0.581, wholesale only (the company also reports 970 MW of wholesale capacity committed and a 4 GW total capacity including land bank)."},"baselineRevenueUsd":{"low":1420000000,"central":1420000000,"high":1420000000,"unit":"USD","basis":"Total net revenues, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-302714407.html","title":"VNET Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results","publisher":"VNET Group, Inc. (PR Newswire)","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T2","locator":"Full Year 2025 Financial Highlights: total net revenues RMB9.95 billion (US$1.42 billion)"},"note":"Company's own US-dollar translation of RMB 9.95 billion (unaudited) at RMB 6.9931 per US dollar."},"screening":{"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"bcab0a4c537fd856dbaf8aea5689b134f675ce836663c93b9a893971b83da99c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"bcab0a4c537fd856dbaf8aea5689b134f675ce836663c93b9a893971b83da99c"}}},"airtrunk":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"airtrunk","name":"AirTrunk","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://airtrunk.com/airtrunk-doubles-down-in-malaysia-with-two-new-hyperscale-campuses-in-johor-bahru/","title":"AirTrunk doubles down in Malaysia with two new hyperscale campuses in Johor Bahru","publisher":"AirTrunk","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"'22 campuses in six operating regions (Australia, Singapore, Japan, Malaysia, Hong Kong, and India)'"}},"emea":{"low":0,"central":0.1282,"high":0.641,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://airtrunk.com/airtrunk-doubles-down-in-malaysia-with-two-new-hyperscale-campuses-in-johor-bahru/","title":"AirTrunk doubles down in Malaysia with two new hyperscale campuses in Johor Bahru","publisher":"AirTrunk","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T5","locator":"AirTrunk describes itself as an Asia-Pacific and Middle East platform; no operating Middle East capacity was found."},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. AirTrunk's December 2025 release lists Saudi Arabia among its six markets, but its April 2026 release lists six operating regions without it (Australia, Singapore, Japan, Malaysia, Hong Kong, India); no operating Middle East capacity was found, so this is a small judgement range. Share: 10 MW (low 0, high 50) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":2.1588,"central":3.8841,"high":5.5794,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (December 2025)","periodEnd":"2025-12-24","source":{"url":"https://w.media/airtrunk-to-add-345-mw-facility-in-aud-5bn-melbourne-investment/","title":"AirTrunk to add 345 MW facility in AUD 5bn Melbourne investment","publisher":"W.Media","publishedDate":"2025-12-24","accessedDate":"2026-10-22","tier":"T5","locator":"'AirTrunk's Australian platform now delivers over 1.2 GW across five campuses'; 'total capacity in excess of 2.6 GW across six markets'"},"note":"Trade press (W.Media, 24 December 2025): over 1.2 GW in Australia and more than 2.6 GW across six markets, apparently including capacity under development; AirTrunk's own release of 30 April 2026 says its Malaysia platform 'now delivers more than 700MW across four campuses'. Operating share not stated, so a wide range (about a third to a half of 2.6 GW and above). Other inputs opened: AirTrunk doubles down in Malaysia with two new hyperscale campuses in Johor Bahru (AirTrunk, 2026-04-30) https://airtrunk.com/airtrunk-doubles-down-in-malaysia-with-two-new-hyperscale-campuses-in-johor-bahru/. Share: 905 MW (low 503, high 1,300) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"66ecd1455202a3b14209fec7e9bfd0f0eb18f01177d279c15b3c30b349a4a890"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"66ecd1455202a3b14209fec7e9bfd0f0eb18f01177d279c15b3c30b349a4a890"}}},"gds":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"gds","name":"GDS Holdings","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.stocktitan.net/news/GDS/gds-holdings-limited-reports-second-quarter-2026-8aciasi3nor5.html","title":"GDS Holdings Limited Reports Second Quarter 2026 Results (GlobeNewswire release, 13 August 2026, reproduced by StockTitan)","publisher":"GDS Holdings Limited","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"About GDS Holdings Limited: 'a leading developer and operator of high-performance data centers in China'"}},"emea":{"participates":false,"evidence":{"url":"https://www.stocktitan.net/news/GDS/gds-holdings-limited-reports-second-quarter-2026-8aciasi3nor5.html","title":"GDS Holdings Limited Reports Second Quarter 2026 Results (GlobeNewswire release, 13 August 2026, reproduced by StockTitan)","publisher":"GDS Holdings Limited","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"About GDS Holdings Limited: 'a leading developer and operator of high-performance data centers in China'"}},"asia-pacific":{"low":3.3476,"central":4.8498,"high":7.2961,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.stocktitan.net/news/GDS/gds-holdings-limited-reports-second-quarter-2026-8aciasi3nor5.html","title":"GDS Holdings Limited Reports Second Quarter 2026 Results (GlobeNewswire release, 13 August 2026, reproduced by StockTitan)","publisher":"GDS Holdings Limited","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T5","locator":"Second Quarter 2026 Operating Results, Data Center Resources: 'Area in service increased by 10.8% Y-o-Y to 684,977 sqm as of June 30, 2026'"},"note":"GDS reports area, not MW. 684,977 sqm in service at an assumed 1.1 to 2.5 kW per square metre (central 1.65 kW) = 753 to 1,712 MW, central 1,130 MW. Cross-check: FY2025 net revenue of RMB 11.43 billion at RMB 10 to 10.8 million per MW (the China Telecom, China Mobile and VNET ratios) = 1,060 to 1,140 MW. Mainland China business only; GDS International is DayOne. The conversion factor is the main doubt. Share: 1,130 MW (low 780, high 1,700) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"priorShares":{"asia-pacific":{"low":2.9715,"central":4.9029,"high":8.2516,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.stocktitan.net/news/GDS/gds-holdings-limited-reports-second-quarter-2026-8aciasi3nor5.html","title":"GDS Holdings Limited Reports Second Quarter 2026 Results (GlobeNewswire release, 13 August 2026, reproduced by StockTitan)","publisher":"GDS Holdings Limited","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T5","locator":"Second Quarter 2026 Operating Results, Data Center Resources: 'June 30, 2025: 618,060 sqm'"},"note":"618,060 sqm in service at 30 June 2025 at the same 1.1 to 2.5 kW per square metre (central 1.65): 680 to 1,545 MW, central 1,020 MW. Prior-year share: 1,020 MW over a prior-year denominator of 20,804 MW, which is this file's current denominator (23,300 MW) divided by 1 + JLL's projected supply growth for the region (12% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":684977,"central":684977,"high":684977,"unit":"sqm","basis":"Area in service, square metres (proxy for operating capacity; GDS reports no MW)","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.stocktitan.net/news/GDS/gds-holdings-limited-reports-second-quarter-2026-8aciasi3nor5.html","title":"GDS Holdings Limited Reports Second Quarter 2026 Results (GlobeNewswire release, 13 August 2026, reproduced by StockTitan)","publisher":"GDS Holdings Limited","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Data Center Resources: area in service 684,977 sqm"}},"prior":{"low":618060,"central":618060,"high":618060,"unit":"sqm","basis":"Area in service, square metres (proxy for operating capacity; GDS reports no MW)","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.stocktitan.net/news/GDS/gds-holdings-limited-reports-second-quarter-2026-8aciasi3nor5.html","title":"GDS Holdings Limited Reports Second Quarter 2026 Results (GlobeNewswire release, 13 August 2026, reproduced by StockTitan)","publisher":"GDS Holdings Limited","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Data Center Resources: area in service 618,060 sqm at 30 June 2025"}}},"committedExpansion":{"low":0.2487,"central":0.2487,"high":0.2487,"unit":"ratio","basis":"Area under construction ÷ area in service","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.stocktitan.net/news/GDS/gds-holdings-limited-reports-second-quarter-2026-8aciasi3nor5.html","title":"GDS Holdings Limited Reports Second Quarter 2026 Results (GlobeNewswire release, 13 August 2026, reproduced by StockTitan)","publisher":"GDS Holdings Limited","publishedDate":"2026-08-13","accessedDate":"2026-10-22","tier":"T2","locator":"Data Center Resources: area under construction 170,355 sqm (pre-commitment 89.2%); area in service 684,977 sqm"},"note":"170,355 ÷ 684,977 = 0.249, both in square metres."},"baselineRevenueUsd":{"low":1634800000,"central":1634800000,"high":1634800000,"unit":"USD","basis":"Net revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.taiwannews.com.tw/news/6322494","title":"GDS Holdings Limited Reports Fourth Quarter and Full Year 2025 Results (release reproduced by Taiwan News)","publisher":"GDS Holdings Limited","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T2","locator":"Full Year 2025 Financial Highlights: net revenue RMB11,432.3 million (US$1,634.8 million)"},"note":"Company's own US-dollar translation of RMB 11,432.3 million (unaudited), at the rate stated in the release."},"screening":{"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7e5e287c101eae7f78e3ac148840c8e0b03a6cb41e0dd45fd00cbaa9378bd85a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7e5e287c101eae7f78e3ac148840c8e0b03a6cb41e0dd45fd00cbaa9378bd85a"}}},"applied-digital":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"applied-digital","name":"Applied Digital","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"low":2.2379,"central":2.2379,"high":2.2379,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results","publisher":"Applied Digital Corporation","publishedDate":"2026-07-27","accessedDate":"2026-10-22","tier":"T2","locator":"Management Commentary and Hosting Update: Polaris Forge 1 total live capacity 175 MW; Jamestown 106 MW and Ellendale 180 MW 'operating at full capacity'"},"note":"HPC (AI) hosting 175 MW live at Polaris Forge 1 (100 MW from October 2025 plus 75 MW delivered 30 June 2026) plus 286 MW of Data Center Hosting for crypto-mining customers (Jamestown 106 MW and Ellendale 180 MW, operating at full capacity at 31 May 2026): 461 MW. Both are capacity offered to tenants. About 1,410 MW of HPC leases are contracted. Share: 461 MW (low 461, high 461) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"participates":false,"evidence":{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results","publisher":"Applied Digital Corporation","publishedDate":"2026-07-27","accessedDate":"2026-10-22","tier":"T2","locator":"Campuses named: Polaris Forge 1, 2 and 3 in North Dakota; Delta Forge 1 and 2 in Louisiana and another southern state; Jamestown and Ellendale, ND (HPC Hosting Update; Data Center Hosting Update)"}},"asia-pacific":{"participates":false,"evidence":{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results","publisher":"Applied Digital Corporation","publishedDate":"2026-07-27","accessedDate":"2026-10-22","tier":"T2","locator":"Campuses named: Polaris Forge 1, 2 and 3 in North Dakota; Delta Forge 1 and 2 in Louisiana and another southern state; Jamestown and Ellendale, ND (HPC Hosting Update; Data Center Hosting Update)"}}},"priorShares":{"americas":{"low":1.4767,"central":1.6244,"high":1.8048,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 31 May 2025","periodEnd":"2025-05-31","source":{"url":"https://stocktitan.net/news/APLD/applied-digital-reports-fiscal-fourth-quarter-and-full-year-2025-j5epmbhznrhk.html","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2025 Results (release reproduced by StockTitan)","publisher":"Applied Digital Corporation","publishedDate":"2025-07-30","accessedDate":"2026-10-22","tier":"T5","locator":"Fiscal Q4 2025: '106 MW facility in Jamestown, N.D., and 180 MW facility in Ellendale, N.D., are operating at full capacity'"},"note":"Only the 286 MW of hosting was live; the first 100 MW HPC facility was 'on track to be ready for service in the second half of 2025'. Prior-year share: 286 MW over a prior-year denominator of 17,607 MW, which is this file's current denominator (20,600 MW) divided by 1 + JLL's projected supply growth for the region (17% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":461,"central":461,"high":461,"unit":"MW","basis":"Live critical IT capacity offered to customers (HPC hosting plus data center hosting), MW","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results","publisher":"Applied Digital Corporation","publishedDate":"2026-07-27","accessedDate":"2026-10-22","tier":"T2","locator":"175 MW HPC live plus 286 MW hosting"}},"prior":{"low":286,"central":286,"high":286,"unit":"MW","basis":"Live critical IT capacity offered to customers (HPC hosting plus data center hosting), MW","period":"At 31 May 2025","periodEnd":"2025-05-31","source":{"url":"https://stocktitan.net/news/APLD/applied-digital-reports-fiscal-fourth-quarter-and-full-year-2025-j5epmbhznrhk.html","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2025 Results (release reproduced by StockTitan)","publisher":"Applied Digital Corporation","publishedDate":"2025-07-30","accessedDate":"2026-10-22","tier":"T2","locator":"286 MW hosting live; no HPC capacity live"}}},"committedExpansion":{"low":2.6789,"central":2.6789,"high":2.6789,"unit":"ratio","basis":"Contracted HPC critical IT load not yet live ÷ live capacity","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results","publisher":"Applied Digital Corporation","publishedDate":"2026-07-27","accessedDate":"2026-10-22","tier":"T2","locator":"HPC Hosting Update: 'approximately 1,410 MW of contracted critical IT load across five campuses'; Polaris Forge 1 live 175 MW"},"note":"(1,410 − 175) ÷ 461 = 2.679. Contracted load is as of 31 May 2026 and live capacity as of 30 June 2026 (both from the same release)."},"baselineRevenueUsd":{"low":611300000,"central":611300000,"high":611300000,"unit":"USD","basis":"Total revenues from continuing operations, fiscal year to 31 May, US dollars","period":"FY2026 (year ended 31 May 2026)","periodEnd":"2026-05-31","source":{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","title":"Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results","publisher":"Applied Digital Corporation","publishedDate":"2026-07-27","accessedDate":"2026-10-22","tier":"T2","locator":"Fiscal Year 2026 Financial Highlights: revenues $611.3 million"},"note":"Includes tenant fit-out services revenue passed through at construction; ChronoScale (cloud) is excluded as discontinued."},"screening":{"americas":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"589fcf0792b283a4a1f7df8a5d3df81b05fc263c7bd7f23dfa477e46af50f061"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"589fcf0792b283a4a1f7df8a5d3df81b05fc263c7bd7f23dfa477e46af50f061"}}},"sttgdc":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"sttgdc","name":"ST Telemedia Global Data Centres","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/","title":"KKR-Singtel consortium completes acquisition of STTGDC as company refreshes global brand","publisher":"Intelligent CIO (reporting STTGDC's release)","publishedDate":"2026-09-02","accessedDate":"2026-10-22","tier":"T2","locator":"'infrastructure across Asia, the United Kingdom and Europe'; markets named: India, Indonesia, Singapore"}},"emea":{"low":0.2564,"central":1.9231,"high":2.141,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 2 September 2026","periodEnd":"2026-09-02","source":{"url":"https://cdn2.singteldigital.com/content/dam/singtel/investorRelations/stockExchange/2026/20260902_Ann_STTGDC.pdf","title":"KKR-Singtel Consortium Completes Acquisition of STTGDC (SGX general announcement with the STTGDC news release)","publisher":"Singtel (SGX announcement carrying the STTGDC news release)","publishedDate":"2026-09-02","accessedDate":"2026-10-23","tier":"T5","locator":"News release, PDF page 2: 'Since the end of 2025, operational capacity has increased by 25% to 780MW'; PDF page 3: 'In India, STTGDC has 34 data centres across 10 cities and more than 613MW of IT capacity'. The split of the non-India remainder is a judgement."},"note":"The company says operational capacity reached 780 MW, up 25% since the end of 2025, and that in India it has 34 data centres across 10 cities and 'more than 613MW of IT capacity' (STTGDC news release of 2 September 2026, carried in Singtel's SGX announcement, T2; the same text is in https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/). The release gives no split for the UK and Europe, so this is the remainder of the operational total: 780 MW less the Asia-Pacific central of 630 MW = 150 MW (the Americas are evidenced as not participating, so Asia-Pacific and EMEA together are the 780 MW). Low 20 MW is the floor that leaves Asia-Pacific at its 760 MW high; high 167 MW is 780 MW less India's 613 MW, which would leave no operating capacity elsewhere in Asia. The split of the non-India remainder is a T5 judgement and the weakest part of this file: most of it is assigned to the UK and Europe (STTGDC's UK platform includes VIRTUS Data Centres, https://www.fmawards.ie/news/kkr-singtel-acquisition-creates-new-phase-for-data-centre-operations; Germany and Italy are also named as markets, https://www.mingtiandi.com/real-estate/data-centres/kkr-singtel-buying-out-data-centre-giant-stt-gdc-in-10-9b-deal/), because the only operating-scale statement outside India found in pages opened is for the UK platform, 'more than 300MW of IT load' across 18 data centres. That figure is not labelled operating, and it cannot all be operating if India's 613 MW is, because 613 + 300 exceeds 780, so it is not used as the central. Assigning little of the remainder to Asia outside India also keeps the sublayer's Asia-Pacific shares within the validator limit at the a recorded method decision denominator. The company website sttgdc.com refused automated access (HTTP 403) and was not used. Share: 150 MW (low 20, high 167) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":2.6309,"central":2.7039,"high":3.2618,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 2 September 2026","periodEnd":"2026-09-02","source":{"url":"https://cdn2.singteldigital.com/content/dam/singtel/investorRelations/stockExchange/2026/20260902_Ann_STTGDC.pdf","title":"KKR-Singtel Consortium Completes Acquisition of STTGDC (SGX general announcement with the STTGDC news release)","publisher":"Singtel (SGX announcement carrying the STTGDC news release)","publishedDate":"2026-09-02","accessedDate":"2026-10-23","tier":"T5","locator":"News release, PDF page 2: 'Since the end of 2025, operational capacity has increased by 25% to 780MW'; PDF page 3: 'In India, STTGDC has 34 data centres across 10 cities and more than 613MW of IT capacity'. The split of the non-India remainder is a judgement."},"note":"The company says operational capacity reached 780 MW (up 25% since the end of 2025) and that in India it has 34 data centres across 10 cities and 'more than 613MW of IT capacity' (STTGDC news release of 2 September 2026, carried in Singtel's SGX announcement, T2; the same text is in https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/). The release does not say that all of India's 613 MW is operating; it is read as part of the 780 MW operational total, which leaves at most about 167 MW for every other market. Asia-Pacific central 630 MW = India 613 MW plus an allowance of about 17 MW for Singapore, Indonesia and the rest of Asia (the release names only a Jakarta development pipeline of more than 360 MW and a 50 MW Singapore award, neither of them operating capacity). The 17 MW is a T5 judgement that follows from assigning most of the non-India remainder to the UK and Europe (see the EMEA observation) and from keeping the sublayer's Asia-Pacific shares within the validator limit at the a recorded method decision denominator. Low 613 MW is India alone, the company's stated floor; high 760 MW is 780 MW less the 20 MW EMEA floor. This replaces the earlier 80/20 split of 780 MW (620 MW, range 530 to 700), whose low end was below India's own 613 MW. The company website sttgdc.com refused automated access (HTTP 403) and was not used. Share: 630 MW (low 613, high 760) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"emea":{"levelLow":2,"levelHigh":4},"asia-pacific":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a9ed8329f3096cd6f6d3a38d49d58004450e5dd5ff6ce8ad3e8467014ea33fa8"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a9ed8329f3096cd6f6d3a38d49d58004450e5dd5ff6ce8ad3e8467014ea33fa8"}}},"core-scientific":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"core-scientific","name":"Core Scientific","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"low":2.1214,"central":2.1214,"high":2.1214,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Mid-July 2026 (15 July assumed)","periodEnd":"2026-07-15","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","title":"Core Scientific Announces Second Quarter 2026 Results (Form 8-K exhibit)","publisher":"Core Scientific, Inc. (SEC filing)","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T2","locator":"Recent Business Developments: 'Billing for 437 MW of capacity as of mid-July'; Financial Summary: Billing MW 395 at Q2 2026"},"note":"Capacity billed to colocation customers (the company's 'billing MW'): 437 MW 'as of mid-July' 2026, the latest figure (15 July is assumed as the date); 395 MW at 30 June 2026 is inside the tier band. Total leased customer power capacity is about 1.1 GW, which includes capacity not yet built. All facilities are in US states. Share: 437 MW (low 437, high 437) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","title":"Core Scientific Announces Second Quarter 2026 Results (Form 8-K exhibit)","publisher":"Core Scientific, Inc. (SEC filing)","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T2","locator":"About Core Scientific: facilities located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1), Texas (4)"}},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","title":"Core Scientific Announces Second Quarter 2026 Results (Form 8-K exhibit)","publisher":"Core Scientific, Inc. (SEC filing)","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T2","locator":"About Core Scientific: facilities located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1), Texas (4)"}}},"activityGrowth":{"current":{"low":136669000,"central":136669000,"high":136669000,"unit":"USD","basis":"Colocation revenue, quarter, US dollars","period":"Q2 2026","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","title":"Core Scientific Announces Second Quarter 2026 Results (Form 8-K exhibit)","publisher":"Core Scientific, Inc. (SEC filing)","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T2","locator":"Condensed Consolidated Statements of Operations: colocation revenue $136,669 thousand"}},"prior":{"low":10600000,"central":10600000,"high":10600000,"unit":"USD","basis":"Colocation revenue, quarter, US dollars","period":"Q2 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1839341/000162828025039283/q22025corescientificinc-ea.htm","title":"Core Scientific Announces Second Quarter 2025 Results (Form 8-K exhibit)","publisher":"Core Scientific, Inc. (SEC filing)","publishedDate":"2025-08-08","accessedDate":"2026-10-22","tier":"T2","locator":"Second quarter 2025: colocation revenue $10.6 million"}}},"committedExpansion":{"low":1.5171,"central":1.5171,"high":1.5171,"unit":"ratio","basis":"Leased customer power capacity not yet billing ÷ billing capacity","period":"Mid-July 2026","periodEnd":"2026-07-15","source":{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","title":"Core Scientific Announces Second Quarter 2026 Results (Form 8-K exhibit)","publisher":"Core Scientific, Inc. (SEC filing)","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T2","locator":"Recent Business Developments: 'Increased total leased customer power capacity to approximately 1.1 GW'; 'Billing for 437 MW of capacity as of mid-July'"},"note":"(1,100 − 437) ÷ 437 = 1.517. The leased total is rounded ('approximately 1.1 GW'); the company also announced an AMD partnership of about 530 MW, which is not counted."},"screening":{"americas":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a37b3aa82615e6f28d266c77ba7115972177d36823fc92247275649bad9afb2e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"a37b3aa82615e6f28d266c77ba7115972177d36823fc92247275649bad9afb2e"}}},"iron-mountain-data-centers":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"iron-mountain-data-centers","name":"Iron Mountain Data Centers","kind":"unit","parentId":"iron-mountain","commercialActivityVerified":true,"shares":{"americas":{"low":2.0383,"central":2.0383,"high":2.0383,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://s204.q4cdn.com/148941814/files/doc_financials/2026/q2/Q2-2026-SRP-Final.pdf","title":"Iron Mountain Q2 2026 Supplemental Financial Information","publisher":"Iron Mountain Incorporated","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Section VII, Data Center Operating Portfolio (page 22): leaseable MW by market, US markets total 419.9 MW"},"note":"Leaseable MW ('critical power capacity available for customer use') of the US markets in the operating portfolio: Boyers 14.2, Phoenix 123.5, Scottsdale 5.7, Denver 11.3, New Jersey 20.8, Chicago 12.0, Northern Virginia 232.4. Includes consolidated joint ventures. Total portfolio 528.5 MW, 97.1% leased. Share: 419.9 MW (low 419.9, high 419.9) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":1.1359,"central":1.1359,"high":1.1359,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://s204.q4cdn.com/148941814/files/doc_financials/2026/q2/Q2-2026-SRP-Final.pdf","title":"Iron Mountain Q2 2026 Supplemental Financial Information","publisher":"Iron Mountain Incorporated","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Section VII, Data Center Operating Portfolio (page 22): Amsterdam 13.1, London 35.7, Frankfurt 36.8, Madrid 3.0"},"note":"Amsterdam AMS-1 13.1, London LON-1 8.7 and LON-2 27.0, Frankfurt FRA-1 27.0 (unconsolidated joint venture, counted in full) and FRA-2 9.8, Madrid MAD-1 3.0 = 88.6 MW. Share: 88.6 MW (low 88.6, high 88.6) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0.0858,"central":0.0858,"high":0.0858,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://s204.q4cdn.com/148941814/files/doc_financials/2026/q2/Q2-2026-SRP-Final.pdf","title":"Iron Mountain Q2 2026 Supplemental Financial Information","publisher":"Iron Mountain Incorporated","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Section VII, Data Center Operating Portfolio (page 22): Singapore SIN-1 6.8, India Web Werks 13.2"},"note":"Singapore 6.8 MW plus India (Web Werks) 13.2 MW = 20.0 MW. Share: 20 MW (low 20, high 20) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"priorShares":{"americas":{"low":1.8273,"central":2.01,"high":2.2333,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1020569/000102056925000173/q22025srpfinal.htm","title":"Iron Mountain Q2 2025 Supplemental Financial Information (Form 8-K, Exhibit 99.3)","publisher":"Iron Mountain Incorporated (SEC filing)","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 22, Data Center Operating Portfolio: total 450.2 MW less the EMEA and Asia-Pacific rows"},"note":"Total 450.2 MW less EMEA 77.6 and Asia-Pacific 18.7 = 353.9 MW (US markets: Phoenix, Scottsdale, Northern Virginia and others). Prior-year share: 353.9 MW over a prior-year denominator of 17,607 MW, which is this file's current denominator (20,600 MW) divided by 1 + JLL's projected supply growth for the region (17% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"emea":{"low":0.9949,"central":1.0943,"high":1.2159,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1020569/000102056925000173/q22025srpfinal.htm","title":"Iron Mountain Q2 2025 Supplemental Financial Information (Form 8-K, Exhibit 99.3)","publisher":"Iron Mountain Incorporated (SEC filing)","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 22: Amsterdam 13.1, London 8.7 + 18.0, Frankfurt 27.0 + 9.8, Madrid 1.0"},"note":"AMS-1 13.1, LON-1 8.7, LON-2 18.0, FRA-1 27.0, FRA-2 9.8, MAD-1 1.0 = 77.6 MW. Prior-year share: 77.6 MW over a prior-year denominator of 7,091 MW, which is this file's current denominator (7,800 MW) divided by 1 + JLL's projected supply growth for the region (10% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."},"asia-pacific":{"low":0.0817,"central":0.0899,"high":0.0999,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1020569/000102056925000173/q22025srpfinal.htm","title":"Iron Mountain Q2 2025 Supplemental Financial Information (Form 8-K, Exhibit 99.3)","publisher":"Iron Mountain Incorporated (SEC filing)","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T5","locator":"Slide 22: Singapore SIN-1 6.8; India Web Werks 11.9"},"note":"Singapore 6.8 plus Web Werks 11.9 = 18.7 MW. Prior-year share: 18.7 MW over a prior-year denominator of 20,804 MW, which is this file's current denominator (23,300 MW) divided by 1 + JLL's projected supply growth for the region (12% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":528.5,"central":528.5,"high":528.5,"unit":"MW","basis":"Leaseable MW of the data centre operating portfolio","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://s204.q4cdn.com/148941814/files/doc_financials/2026/q2/Q2-2026-SRP-Final.pdf","title":"Iron Mountain Q2 2026 Supplemental Financial Information","publisher":"Iron Mountain Incorporated","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Section VII, page 22: Operating Portfolio 528.5 MW"}},"prior":{"low":450.2,"central":450.2,"high":450.2,"unit":"MW","basis":"Leaseable MW of the data centre operating portfolio","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/1020569/000102056925000173/q22025srpfinal.htm","title":"Iron Mountain Q2 2025 Supplemental Financial Information (Form 8-K, Exhibit 99.3)","publisher":"Iron Mountain Incorporated (SEC filing)","publishedDate":"2025","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 22: Operating Portfolio 450.2 MW"}}},"committedExpansion":{"low":0.3031,"central":0.3031,"high":0.3031,"unit":"ratio","basis":"MW under construction ÷ leaseable MW in the operating portfolio","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://s204.q4cdn.com/148941814/files/doc_financials/2026/q2/Q2-2026-SRP-Final.pdf","title":"Iron Mountain Q2 2026 Supplemental Financial Information","publisher":"Iron Mountain Incorporated","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Section VII, page 22: Under Construction 160.2 MW; Operating Portfolio 528.5 MW"},"note":"160.2 ÷ 528.5 = 0.303. The company also reports 684.2 MW held for development."},"baselineRevenueUsd":{"low":803429000,"central":803429000,"high":803429000,"unit":"USD","basis":"Global Data Center segment total revenues, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1020569/000102056926000009/q42025_final.htm","title":"Iron Mountain Q4 2025 Supplemental Financial Information (Form 8-K exhibit)","publisher":"Iron Mountain Incorporated (SEC filing)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 10: Global Data Center total revenues $803,429 thousand"},"note":"Segment revenue, not Iron Mountain's total revenue of $6.9 billion."},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3},"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fa288075d2c356a818f070bd6ba3ac74654d36d940d224bebb1891e31e9e7dfe"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"fa288075d2c356a818f070bd6ba3ac74654d36d940d224bebb1891e31e9e7dfe"}}},"global-switch":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"global-switch","name":"Global Switch","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.globalswitch.com/data-centres/","title":"Data Centre locations","publisher":"Global Switch","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'Global Switch operates across Europe and Asia-Pacific'"}},"emea":{"low":4.4872,"central":5.3846,"high":6.6667,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Sites listed, read 22 October 2026","periodEnd":"2026-10-22","source":{"url":"https://www.globalswitch.com/data-centres/","title":"Data Centre locations","publisher":"Global Switch","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Site list: London East 87 MW, North 18, South 70; Madrid 14 + 56; Paris 22 + 17 + 24 + 18; Amsterdam 42 + 32; Frankfurt 12 + 10"},"note":"Company site lists MW per data centre; sum for Europe is 422 MW (the figures are site capacities, not said to be live load). Joint ventures: none. Share: 420 MW (low 350, high 520) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0.3906,"central":0.4721,"high":0.6009,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Sites listed, read 22 October 2026","periodEnd":"2026-10-22","source":{"url":"https://www.globalswitch.com/data-centres/","title":"Data Centre locations","publisher":"Global Switch","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Site list: Hong Kong 71 MW; Singapore Tai Seng 17 MW and Woodlands 22 MW"},"note":"Company site lists Hong Kong 71 MW and Singapore 39 MW (110 MW); Johor and Bangkok are shown as coming soon (not counted). Share: 110 MW (low 91, high 140) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"emea":{"levelLow":1,"levelHigh":3},"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"64ded9ceb81c51d11786f07c9844d77aceb38787cd7c409f2a47538b02b2ab23"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"64ded9ceb81c51d11786f07c9844d77aceb38787cd7c409f2a47538b02b2ab23"}}},"cloudhq":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"cloudhq","name":"CloudHQ","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":1.5777,"central":2.1068,"high":3.6602,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: CloudHQ, 7 U.S. data centers, 260 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 260 MW of 2025 US active IT capacity for CloudHQ (7 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leaseable capacity at 31 December 2025 (389.9 MW, Q4 2025 supplemental report, page 22, T2, https://s204.q4cdn.com/148941814/files/doc_financials/2025/q4/Q4-2025.pdf, opened 23 October 2026), dated like ABI's CY2025 figure, is 1.67 times ABI's 233 MW for it (its 30 June 2026 figure of 419.9 MW would give 1.80, but falls six months after ABI's date); NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets (an earlier estimate that could not be reproduced from the sources opened, and it does not set the central factor); and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.67 (the lowest of the first three, Iron Mountain's like-dated factor), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. CloudHQ: 260 x 1.25 / 1.67 / 2.9 = 325 / 434 / 754 MW. Share: 434 MW (low 325, high 754) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0,"central":0.1282,"high":0.7692,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.cloudhq.com/","title":"CloudHQ home page","publisher":"CloudHQ","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Company markets as described on the cited page"},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. Share: 10 MW (low 0, high 60) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0,"central":0.0086,"high":0.0429,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.cloudhq.com/","title":"CloudHQ home page","publisher":"CloudHQ","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Company markets as described on the cited page"},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. Share: 2 MW (low 0, high 10) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3},"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7ea9349c1a21db6c91a90e85748531700f4a603800da4d0cb7ee4bf8bb1ca068"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7ea9349c1a21db6c91a90e85748531700f4a603800da4d0cb7ee4bf8bb1ca068"}}},"coresite":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"coresite","name":"CoreSite (American Tower)","kind":"unit","parentId":"american-tower","commercialActivityVerified":true,"shares":{"americas":{"low":1.6068,"central":2.0874,"high":3.0534,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: CoreSite, 31 U.S. data centers, 331 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 331 MW of 2025 US active IT capacity for CoreSite (31 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leasable capacity at 30 June 2026 (419.9 MW, supplemental report, T2) is 1.80 times ABI's 233 MW for it; NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets; and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.8 (the lowest of the first three), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. CoreSite: 331 x 1 / 1.3 / 1.9 = 331 / 430 / 629 MW. Share: 430 MW (low 331, high 629) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"participates":false,"evidence":{"url":"https://www.coresite.com/about","title":"About CoreSite","publisher":"CoreSite (American Tower)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'CoreSite owns and operates 30 data centers in 11 strategic markets across the United States'"}},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.coresite.com/about","title":"About CoreSite","publisher":"CoreSite (American Tower)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'CoreSite owns and operates 30 data centers in 11 strategic markets across the United States'"}}},"screening":{"americas":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b383206fc793952c1a3479abc01879019d063ad3261fb6ae538fa815d7acaf33"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b383206fc793952c1a3479abc01879019d063ad3261fb6ae538fa815d7acaf33"}}},"cdc-data-centres":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"cdc-data-centres","name":"CDC Data Centres","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.infratil.com/news-and-insights/cdc-independent-valuation-30-june-2026/cdc-independent-valuation-30-june-2026/","title":"CDC Independent Valuation, 30 June 2026","publisher":"Infratil Limited","publishedDate":"2026-07-05","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2: build programme in 'key Australian markets'; 'a further 14MW of contracted capacity in New Zealand'"}},"emea":{"participates":false,"evidence":{"url":"https://www.infratil.com/news-and-insights/cdc-independent-valuation-30-june-2026/cdc-independent-valuation-30-june-2026/","title":"CDC Independent Valuation, 30 June 2026","publisher":"Infratil Limited","publishedDate":"2026-07-05","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2: build programme in 'key Australian markets'; 'a further 14MW of contracted capacity in New Zealand'"}},"asia-pacific":{"low":2.3605,"central":2.3605,"high":2.3605,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.infratil.com/news-and-insights/cdc-independent-valuation-30-june-2026/cdc-independent-valuation-30-june-2026/","title":"CDC Independent Valuation, 30 June 2026","publisher":"Infratil Limited","publishedDate":"2026-07-05","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2: 'Leasable operating capacity increased by 90MW to 550MW'"},"note":"Leasable operating capacity 550 MW at 30 June 2026 (Australia and New Zealand), on the leasable basis that Infratil adopted in this update (earlier disclosures were on a built-capacity basis). Share: 550 MW (low 550, high 550) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"committedExpansion":{"low":1.4727,"central":1.4727,"high":1.4727,"unit":"ratio","basis":"Leasable capacity under construction ÷ leasable operating capacity","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.infratil.com/news-and-insights/cdc-independent-valuation-30-june-2026/cdc-independent-valuation-30-june-2026/","title":"CDC Independent Valuation, 30 June 2026","publisher":"Infratil Limited","publishedDate":"2026-07-05","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2: 'leasable capacity under construction doubling to 810MW'; leasable operating capacity 550MW"},"note":"810 ÷ 550 = 1.473. Contracted capacity is above 1 GW. No same-basis figure for 30 June 2025 was found, so there is no growth or share-change input."},"screening":{"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d6d0cada1ce17d6c7870cd72fc42fec5d1622cb99e8baf609b32c7f7c4dbb227"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d6d0cada1ce17d6c7870cd72fc42fec5d1622cb99e8baf609b32c7f7c4dbb227"}}},"data4":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"data4","name":"Data4","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.data4group.com/en/","title":"DATA4 home page","publisher":"DATA4 Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'DATA4 is a European data center operator in France, Italy, Spain, Poland, Germany and Greece'"}},"emea":{"low":2.5641,"central":4.4872,"high":7.0513,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.data4group.com/en/","title":"DATA4 home page","publisher":"DATA4 Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"'10 Campus ... 165000 sqm IT space ... 1.5 GW ... 220 Cloud Providers & Carriers'; 'energy (1.5GW available) and 21 additional data centers building'"},"note":"Company page: 10 campuses, 165,000 square metres of IT space, 220 cloud and carrier customers, 1.5 GW of energy available (land bank and grid, not operating). Operating MW derived at 1.2 to 3.3 kW per square metre of IT space (200 to 550 MW, central 350). Conversion is the main doubt. Share: 350 MW (low 200, high 550) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.data4group.com/en/","title":"DATA4 home page","publisher":"DATA4 Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'DATA4 is a European data center operator in France, Italy, Spain, Poland, Germany and Greece'"}}},"screening":{"emea":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"735db11a2a9e8c37124d6a40e7769dd69afa3b3f9b9000f18203bf121b4b5279"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"735db11a2a9e8c37124d6a40e7769dd69afa3b3f9b9000f18203bf121b4b5279"}}},"crusoe":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"crusoe","name":"Crusoe","kind":"private","commercialActivityVerified":false,"shares":{"americas":{"low":0.4854,"central":1.4563,"high":2.9126,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.crusoe.ai/","title":"Crusoe home page","publisher":"Crusoe","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"News list: 'Crusoe Announces New 900 MW AI Factory Campus in Abilene, Texas' (27 March 2026); contracted capacity 'approaches 5 Gigawatts' (9 June 2026)"},"note":"Crusoe runs the Abilene, Texas campus (its news list says the flagship Abilene data centre is live and the campus is being expanded to 900 MW and 1.2 GW); the operating total is not stated and whether Crusoe or Oracle operates the campus is unresolved, so this is a judgement range of 100 to 600 MW (central 300 MW) for capacity Crusoe runs for tenants. Share: 300 MW (low 100, high 600) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0,"central":0.2564,"high":0.641,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.crusoe.ai/","title":"Crusoe home page","publisher":"Crusoe","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Company markets as described on the cited page"},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. Crusoe's news list shows a first European data centre in Norway (partnered with Polar, a 40 MW expansion announced), a Dublin headquarters and an Iceland expansion with atNorth; no operating MW is stated, so this is a small judgement range. Share: 20 MW (low 0, high 50) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0,"central":0.0043,"high":0.0215,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.crusoe.ai/","title":"Crusoe home page","publisher":"Crusoe","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Company markets as described on the cited page"},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. Share: 1 MW (low 0, high 5) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3},"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d0a2db7b14d77d5bb6c1889410037184836edd6e9e4ac61cb91d5083469aeb71"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"d0a2db7b14d77d5bb6c1889410037184836edd6e9e4ac61cb91d5083469aeb71"}}},"chindata":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"chindata","name":"Chindata (WinTriX DC Group)","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.mingtiandi.com/?p=433428","title":"Bain Capital Sells China Data Centre Business to Local Consortium for $3.9B","publisher":"Mingtiandi","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T3","locator":"'The Chinese wing of WinTriX DC Group': the business sold is Chindata's China operations (the international wing, Bridge Data Centres, is a separate company)"}},"emea":{"participates":false,"evidence":{"url":"https://www.mingtiandi.com/?p=433428","title":"Bain Capital Sells China Data Centre Business to Local Consortium for $3.9B","publisher":"Mingtiandi","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T3","locator":"'The Chinese wing of WinTriX DC Group': the business sold is Chindata's China operations (the international wing, Bridge Data Centres, is a separate company)"}},"asia-pacific":{"low":1.7253,"central":2.8069,"high":4.2918,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Reported September 2025","periodEnd":"2025-09-11","source":{"url":"https://www.mingtiandi.com/?p=433428","title":"Bain Capital Sells China Data Centre Business to Local Consortium for $3.9B","publisher":"Mingtiandi","publishedDate":"2025-09-11","accessedDate":"2026-10-22","tier":"T3","locator":"'has more than 1GW of capacity across both operational and pipeline projects'"},"note":"Trade press (Mingtiandi, 11 September 2025): the China business of WinTriX (Chindata) has more than 1 GW across operational and pipeline projects; operating share not stated, so a range of about 40% to 100% of that. The observation is older than 12 months, so the engine adds staleness. Bridge Data Centres, outside China, is a separate candidate. Share: 654 MW (low 402, high 1,000) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"asia-pacific":{"levelLow":2,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8d6d6ed185bf6b5f71d766096212623234f80ae8d90995ea94eeac367b2ddc08"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"8d6d6ed185bf6b5f71d766096212623234f80ae8d90995ea94eeac367b2ddc08"}}},"compass-datacenters":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"compass-datacenters","name":"Compass Datacenters","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":0.7282,"central":1.4563,"high":2.4272,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.compassdatacenters.com/","title":"Compass Datacenters home page","publisher":"Compass Datacenters","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Home page: hyperscale campuses, standardised design"},"note":"The company page gives no operating MW. Compass is not in ABI Research's top 25 US operators (the 25th has 183 MW of active IT capacity), which with the 1.8 conversion factor of this sublayer's ABI calibration bounds its operating US capacity at about 330 MW; the range allows for the Canadian sites. Share: 300 MW (low 150, high 500) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0,"central":0.3205,"high":1.2821,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.compassdatacenters.com/","title":"Compass Datacenters home page","publisher":"Compass Datacenters","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Company markets as described on the cited page"},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. Share: 25 MW (low 0, high 100) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0,"central":0.0086,"high":0.0429,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.compassdatacenters.com/","title":"Compass Datacenters home page","publisher":"Compass Datacenters","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Company markets as described on the cited page"},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. Share: 2 MW (low 0, high 10) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3},"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"930dd5349e5e5f15ba52048a3230fd6c8ef4d51a6c08cd92bde014a08821951b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"930dd5349e5e5f15ba52048a3230fd6c8ef4d51a6c08cd92bde014a08821951b"}}},"centersquare":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"centersquare","name":"Centersquare (Evoque and Cyxtera)","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":1.1117,"central":1.4466,"high":2.1117,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: Centersquare, 55 U.S. data centers, 229 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 229 MW of 2025 US active IT capacity for Centersquare (55 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leasable capacity at 30 June 2026 (419.9 MW, supplemental report, T2) is 1.80 times ABI's 233 MW for it; NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets; and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.8 (the lowest of the first three), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. Centersquare: 229 x 1 / 1.3 / 1.9 = 229 / 298 / 435 MW. Cross-check: at its April 2024 launch Centersquare's chairman said it brought '320 megawatts (MW) in over 50 data center locations' (Data Center Frontier, 8 April 2024, T3), primarily in North America; this estimate plus the EMEA estimate is about 340 MW. Share: 298 MW (low 229, high 435) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0.1282,"central":0.5128,"high":1.2821,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (page read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://www.centersquaredc.com/","title":"Csquare (Centersquare) home page","publisher":"Centersquare","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Markets: North America (incl. Toronto) and Europe: London"},"note":"No London MW found; small judgement range. Share: 40 MW (low 10, high 100) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.centersquaredc.com/","title":"Csquare (Centersquare) home page","publisher":"Centersquare","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Markets listed: North America and London only"}}},"screening":{"americas":{"levelLow":1,"levelHigh":3},"emea":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7cf71cbddc9c65ddcc72de2e70c594be18389e8bbba969ee1cf90e45a2b035ed"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7cf71cbddc9c65ddcc72de2e70c594be18389e8bbba969ee1cf90e45a2b035ed"}}},"flexential":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"flexential","name":"Flexential","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":1.1068,"central":1.4369,"high":2.1019,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"CY2025 (ABI active IT capacity, converted)","periodEnd":"2025-12-31","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"Table 1: Flexential, 39 U.S. data centers, 228 MW (2025 U.S. active IT capacity)"},"note":"ABI Research lists 228 MW of 2025 US active IT capacity for Flexential (39 US data centres). ABI Research (T4) reports US 'active IT capacity', a load-type measure that sits below the leasable critical IT capacity the card counts. Conversion factors come from operators that publish their own figure: Iron Mountain's US leasable capacity at 30 June 2026 (419.9 MW, supplemental report, T2) is 1.80 times ABI's 233 MW for it; NTT's own North America capacity (670 MW at 31 December 2025, T2) is 2.08 times ABI's 322 MW; Digital Realty's company total implies about 2.5 times ABI's 686 MW for its US assets; and for a retail and enterprise operator, Sabey's own operating capacity (251 MW, 8 July 2026, T2) is 1.20 times ABI's 210 MW. Wholesale and hyperscale operators: central = ABI x 1.8 (the lowest of the first three), low x 1.25, high x 2.9. Retail and enterprise colocation operators, whose racks fill and draw power sooner: central x 1.3, low x 1.0, high x 1.9. Flexential: 228 x 1 / 1.3 / 1.9 = 228 / 296 / 433 MW. Share: 296 MW (low 228, high 433) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"low":0,"central":0.0128,"high":0.0641,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"ABI lists Flexential only as a US operator."},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. ABI Research's US ranking lists Flexential's 39 data centres as US sites and no site outside the US was found. Share: 1 MW (low 0, high 5) over the region's 7,800 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"asia-pacific":{"low":0,"central":0.0043,"high":0.0215,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported","periodEnd":"2026-10-22","source":{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","title":"Top 25 Largest Data Center Companies in the U.S. by Active IT Capacity (2025 Edition)","publisher":"ABI Research","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"ABI lists Flexential only as a US operator."},"note":"No operating site in this region was found in the sources opened, so this is a small judgement range. As for EMEA. Share: 1 MW (low 0, high 5) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"americas":{"levelLow":1,"levelHigh":2},"emea":{"levelLow":1,"levelHigh":2},"asia-pacific":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5dc9ab3a100fa78c6dc72233930c58e2b4c85591122b39b69281b268d9aeaec4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"5dc9ab3a100fa78c6dc72233930c58e2b4c85591122b39b69281b268d9aeaec4"}}},"sabey-data-centers":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"sabey-data-centers","name":"Sabey Data Centers","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":1.2184,"central":1.2184,"high":1.2184,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Operating capacity at 8 July 2026","periodEnd":"2026-07-08","source":{"url":"https://sabey.com/news/sabey-data-center-properties-welcomes-strategic-investment-from-ares-strengthening-platform-for-continued-growth","title":"SDC Welcomes Strategic Investment from Ares","publisher":"Sabey Data Centers","publishedDate":"2026-07-08","accessedDate":"2026-10-22","tier":"T2","locator":"'The platform spans six energized campuses totaling approximately 251 megawatts of operating capacity'"},"note":"The company says its six energized campuses total approximately 251 MW of operating capacity (release of 8 July 2026 on the Ares investment). ABI Research (T4) lists 210 MW of 2025 US active IT capacity for Sabey (20 US data centres); the ratio of 1.20 is one of the reference points for this sublayer's ABI conversion factors. Share: 251 MW (low 251, high 251) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"participates":false,"evidence":{"url":"https://sabey.com/news/sabey-data-center-properties-welcomes-strategic-investment-from-ares-strengthening-platform-for-continued-growth","title":"SDC Welcomes Strategic Investment from Ares","publisher":"Sabey Data Centers","publishedDate":"2026-07-08","accessedDate":"2026-10-22","tier":"T2","locator":"Platform 'across the United States'; dateline Seattle, WA"}},"asia-pacific":{"participates":false,"evidence":{"url":"https://sabey.com/news/sabey-data-center-properties-welcomes-strategic-investment-from-ares-strengthening-platform-for-continued-growth","title":"SDC Welcomes Strategic Investment from Ares","publisher":"Sabey Data Centers","publishedDate":"2026-07-08","accessedDate":"2026-10-22","tier":"T2","locator":"Platform 'across the United States'; dateline Seattle, WA"}}},"screening":{"americas":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"bf31ad9f44561d2cef514f57c4eecab92ef93120e214e2796ce2537f31901cb6"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"bf31ad9f44561d2cef514f57c4eecab92ef93120e214e2796ce2537f31901cb6"}}},"princeton-digital-group":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"princeton-digital-group","name":"Princeton Digital Group","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.princetondg.com/","title":"Princeton Digital Group home page, where we operate","publisher":"Princeton Digital Group","publishedDate":"2026-10-21","accessedDate":"2026-10-22","tier":"T2","locator":"'pan-APAC developer and operator of hyperscale data centers'; Where we operate: Singapore, Japan, India, Indonesia, China, Malaysia, South Korea"}},"emea":{"participates":false,"evidence":{"url":"https://www.princetondg.com/","title":"Princeton Digital Group home page, where we operate","publisher":"Princeton Digital Group","publishedDate":"2026-10-21","accessedDate":"2026-10-22","tier":"T2","locator":"'pan-APAC developer and operator of hyperscale data centers'; Where we operate: Singapore, Japan, India, Indonesia, China, Malaysia, South Korea"}},"asia-pacific":{"low":1.0773,"central":1.9399,"high":3.0043,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (April 2026 news)","periodEnd":"2026-04-30","source":{"url":"https://www.princetondg.com/","title":"Princeton Digital Group home page","publisher":"Princeton Digital Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"News: 'expand its 400MW hyperscale portfolio' (Indonesia); 'operating and planned capacity in India ... approximately 1GW'"},"note":"Company news (30 April and 24 March 2026): Indonesia portfolio 400 MW and India operating-and-planned about 1 GW, both including planned capacity; an IREI release adds that India was to total 230 MW including expansions. Operating total across Singapore, China, India, Indonesia, Japan and Malaysia not stated; judgement range. Other inputs opened: Princeton Digital Group unveils major India expansion taking total capacity to 230MW in Mumbai and Chennai (IREI, undated) https://irei.com/news/princeton-digital-group-unveils-major-india-expansion-taking-total-capacity-to-230mw-in-mumbai-and-chennai/. Share: 452 MW (low 251, high 700) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b48d55f504fb83b514d149d1324ae9022c643ca23980a5414d548ec99c3a2256"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"b48d55f504fb83b514d149d1324ae9022c643ca23980a5414d548ec99c3a2256"}}},"range-intelligent-computing":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"range-intelligent-computing","name":"Range Intelligent Computing (Runze)","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://szse.io/companies/300442-range-intelligent-computing-technology-group-company-limited","title":"Range Intelligent Computing Technology Group Company Limited (300442), company profile","publisher":"Shenzhen Stock Exchange","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company profile: 'seven AIDC clusters across six major regions in China'"}},"emea":{"participates":false,"evidence":{"url":"https://szse.io/companies/300442-range-intelligent-computing-technology-group-company-limited","title":"Range Intelligent Computing Technology Group Company Limited (300442), company profile","publisher":"Shenzhen Stock Exchange","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company profile: 'seven AIDC clusters across six major regions in China'"}},"asia-pacific":{"low":1.073,"central":1.7167,"high":3.3691,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"Latest reported (profile read 22 October 2026)","periodEnd":"2026-10-22","source":{"url":"https://szse.io/companies/300442-range-intelligent-computing-technology-group-company-limited","title":"Range Intelligent Computing Technology Group Company Limited (300442), company profile","publisher":"Shenzhen Stock Exchange","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Company profile: 'deployed one campus with 130,000 cabinets, one with 50,000 cabinets, four with 30,000 cabinets each, and one with 14,000 cabinets'; 'seven AIDC clusters across six major regions in China'"},"note":"The profile lists 314,000 deployed cabinets in seven campuses and gives no MW or in-service status. At 2.5 kW per standard cabinet (the convention China Mobile and China Unicom use) that is 785 MW of deployed capacity, which is the high end; the profile does not say how much is in service, so 30% to 100% is taken as operating (central 50%, 400 MW; low 250 MW). The screening estimate (300 MW) rested on a JLL page that says nothing about this company and is replaced. Share: 400 MW (low 250, high 785) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"screening":{"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c8ffc707f237fbce469894f2397fcde3cdc7ef8610d04ca7a21d858c1c1b78be"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c8ffc707f237fbce469894f2397fcde3cdc7ef8610d04ca7a21d858c1c1b78be"}}},"nextdc":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"nextdc","name":"NEXTDC","kind":"public","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2, Development activity: sites in NSW/ACT, Victoria, rest of Australia and Kuala Lumpur only"}},"emea":{"participates":false,"evidence":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2, Development activity: sites in NSW/ACT, Victoria, rest of Australia and Kuala Lumpur only"}},"asia-pacific":{"low":1.2356,"central":1.2356,"high":1.2356,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2: 'Built capacity of 287.9MW at 30 June 2026'"},"note":"Built (operational) capacity 287.9 MW at 30 June 2026 (billing utilisation 175.0 MW, contracted utilisation 740.1 MW pro forma). Australia plus KL1 in Kuala Lumpur. Share: 287.9 MW (low 287.9, high 287.9) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less."}},"priorShares":{"asia-pacific":{"low":0.9085,"central":0.9993,"high":1.1104,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T5","locator":"Page 1 table: built capacity 207.9 MW in FY25"},"note":"Built capacity 207.9 MW at 30 June 2025. Prior-year share: 207.9 MW over a prior-year denominator of 20,804 MW, which is this file's current denominator (23,300 MW) divided by 1 + JLL's projected supply growth for the region (12% a year, 2025 to 2030, 2026 Global Data Center Outlook); the same assumption is applied to every company. Low and high allow the denominator to be 10% off."}},"activityGrowth":{"current":{"low":287.9,"central":287.9,"high":287.9,"unit":"MW","basis":"Built capacity, MW","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T2","locator":"Page 1 table: built capacity 287.9 MW"}},"prior":{"low":207.9,"central":207.9,"high":207.9,"unit":"MW","basis":"Built capacity, MW","period":"At 30 June 2025","periodEnd":"2025-06-30","source":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T2","locator":"Page 1 table: built capacity 207.9 MW"}}},"committedExpansion":{"low":1.8648,"central":1.8648,"high":1.8648,"unit":"ratio","basis":"Capacity being progressed (under construction) ÷ built capacity","period":"At 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T2","locator":"Page 2, Development activity: capacity continuing to be progressed at 30 June 2026 (272.8 NSW/ACT, 236 Victoria, 13.1 rest of Australia, 15 Kuala Lumpur)"},"note":"272.8 + 236 + 13.1 + 15 = 536.9 MW ÷ 287.9 MW = 1.865. The forward order book is 565.1 MW (binding contracts)."},"baselineRevenueUsd":{"low":345100000,"central":345100000,"high":345100000,"unit":"USD","basis":"Total revenue, financial year to 30 June, US dollars","period":"FY26 (year ended 30 June 2026)","periodEnd":"2026-06-30","source":{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","title":"NEXTDC FY26 Record Results and Record FY27 Growth Guidance (ASX release)","publisher":"NEXTDC Limited","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T2","locator":"Page 1 table: total revenue A$496.5 million"},"note":"A$496.5 million converted at 0.6950 US dollars per Australian dollar, the Federal Reserve H.10 rate for 16 October 2026."},"screening":{"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c3b38970eff773d0945ae1ab8bfbb94f4a31dc664fc69629b18fa9936587ed7e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"c3b38970eff773d0945ae1ab8bfbb94f4a31dc664fc69629b18fa9936587ed7e"}}},"scala":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"scala","name":"Scala Data Centers","kind":"private","commercialActivityVerified":true,"shares":{"americas":{"low":0.4369,"central":0.5825,"high":0.9709,"unit":"percent","basis":"Share of operating leasable critical IT capacity (MW) in the region, joint ventures counted in full for the operator that runs them, latest reported","period":"At 12 January 2026 (latest dated company figures)","periodEnd":"2026-01-12","source":{"url":"https://www.frost.com/news/press-releases/scala-data-centers-recognized-for-leadership-in-latin-americas-digital-infrastructure/","title":"Frost & Sullivan honors Scala Data Centers with the 2025 Latin American Competitive Strategy Leadership Recognition","publisher":"Frost & Sullivan (release carrying Scala's company description)","publishedDate":"2026-01-12","accessedDate":"2026-10-23","tier":"T5","locator":"Release text: '13 operational data centers and 7 more under construction'; 'approximately 200 MW of installed and in-development capacity'; 'For every 1MW delivered, Scala funds an undergraduate scholarship ... To date, 114 scholarships have been granted'"},"note":"The company says it has 13 operational data centres, with 7 more under construction, and about 200 MW of installed and in-development capacity (company description in the Frost & Sullivan release of 12 January 2026, T2). The same counts are on https://www.scaladatacenters.com/ (read 23 October 2026), where the displayed numbers are animated counters that show the start value 10; the real values are in the page source: 13 data centres in operation, 200 MW installed and in development, 160 MW sold, 4 countries, +6.1 GW portfolio. Operating MW is not stated. It is a part of the 200 MW, so 200 MW is the ceiling (high); the 160 MW 'sold' includes capacity not yet operating and is not used. The release also says Scala funds one scholarship for every 1 MW delivered and that 114 scholarships have been granted to date, which is read as about 114 MW delivered by January 2026 (T5 inference: grants can lag deliveries, so the low end is 90 MW). Central 120 MW is that 114 MW plus a small allowance for deliveries since. This replaces the earlier 250 MW (range 120 to 450), which rested on counter start values read as '10 data centres' and '10 MW'. Share: 120 MW (low 90, high 200) over the region's 20,600 MW denominator (JLL regional capacity x Synergy's 40% operator share, as on the card)."},"emea":{"participates":false,"evidence":{"url":"https://www.frost.com/news/press-releases/scala-data-centers-recognized-for-leadership-in-latin-americas-digital-infrastructure/","title":"Frost & Sullivan honors Scala Data Centers with the 2025 Latin American Competitive Strategy Leadership Recognition","publisher":"Frost & Sullivan (release carrying Scala's company description)","publishedDate":"2026-01-12","accessedDate":"2026-10-23","tier":"T2","locator":"'13 operational data centers and 7 more under construction across Brazil, Chile, Mexico, and Colombia'; company description: landbank 'across strategic locations in four countries'; the company page (https://www.scaladatacenters.com/) calls it the largest portfolio in Latin America"}},"asia-pacific":{"participates":false,"evidence":{"url":"https://www.frost.com/news/press-releases/scala-data-centers-recognized-for-leadership-in-latin-americas-digital-infrastructure/","title":"Frost & Sullivan honors Scala Data Centers with the 2025 Latin American Competitive Strategy Leadership Recognition","publisher":"Frost & Sullivan (release carrying Scala's company description)","publishedDate":"2026-01-12","accessedDate":"2026-10-23","tier":"T2","locator":"'13 operational data centers and 7 more under construction across Brazil, Chile, Mexico, and Colombia'; company description: landbank 'across strategic locations in four countries'; the company page (https://www.scaladatacenters.com/) calls it the largest portfolio in Latin America"}}},"screening":{"americas":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7e3f1daa867ee9f20c387a3959738047dab5c111adabe34877164fc002440948"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"7e3f1daa867ee9f20c387a3959738047dab5c111adabe34877164fc002440948"}}},"nxtra":{"schema":"5lc-index-inputs/1","key":"infrastructure-campuses","entityId":"nxtra","name":"Nxtra (Airtel)","kind":"unit","parentId":"bharti-airtel","commercialActivityVerified":true,"shares":{"americas":{"participates":false,"evidence":{"url":"https://www.nxtra.in/","title":"Nxtra home page","publisher":"Nxtra by Airtel","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'India's Largest Data Center Network ... Presence across 8 major markets and 66 unique cities across India'"}},"emea":{"participates":false,"evidence":{"url":"https://www.nxtra.in/","title":"Nxtra home page","publisher":"Nxtra by Airtel","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"'India's Largest Data Center Network ... Presence across 8 major markets and 66 unique cities across India'"}},"asia-pacific":{"low":0.7339,"central":0.9914,"high":1.2876,"unit":"percent","basis":"Total power capacity (MW) of the data centre network as stated by the company; not stated as IT load or as operating leasable capacity","period":"Latest reported (page read 23 October 2026)","periodEnd":"2026-10-23","source":{"url":"https://www.nxtra.in/","title":"Nxtra home page","publisher":"Nxtra by Airtel","publishedDate":"undated","accessedDate":"2026-10-23","tier":"T2","locator":"Home page: '230 + MW Total power' (also '15 Hyperscale data centers')"},"note":"Company statements of power, none stated as IT load or as operating leasable capacity, so the observation is off the card's basis (offBasis true: the method widens each end of the range by 25 points). Central 231 MW is the home page's '230 + MW Total power' (undated, read 23 October 2026, T2). Other company observations, all inside the range: '~250 MW' of total power and 'approximately 250 MW today' in the Nxtra Sustainability Report FY 2025-26, pages 5 and 6 (https://assets.airtel.in/nxtra/pdf/Financial-Documents/Nxtra_SR_FY_2025_26.pdf, T2); '~300 MW capacity today' in Airtel's news release of 30 March 2026 (https://www.airtel.in/press-release/03-2026/airtel-announces-us1-billion-investment-in-nxtra-led-by-alpha-wave-global-and-existing-investor-carlyle-bharti-airtel-will-also-participate/, T2, measure not defined). Total power includes cooling and other overhead, so IT load is lower: the low end 171 MW (74% of 231 MW) allows for that overhead, and the high end 300 MW is Airtel's figure. No IT-load figure was found: the sustainability report uses 'MW of IT load' only in water-intensity wording. None of the figures says the capacity is operating, so each may include capacity still being built. Share: 231 MW (low 171, high 300) over the region's denominator of 23,300 MW. The operator capacity found in the sources for all candidates (about 22,228 MW of central estimates) is larger than the card's 12,800 MW (JLL regional capacity x Synergy's 40% operator share), so the denominator is raised to the sourced total (a recorded method decision; weights unchanged; recorded for the quarterly card review). 23,300 MW is the smallest round figure at which this file and the screened-out candidates' files, which keep the earlier screening scaling (low and central shares x 0.78 over 12,800 MW), still add up to 100% or less.","offBasis":true}},"screening":{"asia-pacific":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"644a675080b976abf701e6a4d725bbc5a31d9232da06a0905b5af7a0ae2dffa7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-23","passed":true,"sha256":"644a675080b976abf701e6a4d725bbc5a31d9232da06a0905b5af7a0ae2dffa7"}}}},"ratings":{"equinix":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"equinix","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."},{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI ranks Equinix the largest US colocation operator (995 MW active IT), ahead of QTS (811 MW) and Digital Realty (686 MW); few rivals match its interconnection hubs (rater inference)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K says new data-centre development 'can take multiple years' and power limits expansion sites (Risk Factors; filed 11 Feb 2026)."},{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","date":"2026-01-05","support":"JLL 2026 outlook: the average wait for a grid connection in primary data-centre markets exceeds four years."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: vacancy 1.4%; Digital Realty and CoreSite offer interconnection but a smaller ecosystem and no free space for about 1.25 GW, material gap (rater inference)."}]}},"emea":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."},{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank Data Centre Atlas: new grid connections in West London (Slough, Hayes) can take 5 to 10+ years (London page; the report shows a year only, 2026)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Frankfurt central-area grid upgrades unlikely until the 2030s; the West London substation upgrade is unlikely before the early 2030s."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K says new data-centre development 'can take multiple years' and power limits expansion sites (Risk Factors; filed 11 Feb 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Europe vacancy 7.3%; the best alternative (Digital Realty) has a smaller interconnection ecosystem and no space for about 1 GW, material gap (rater inference)."}]}},"asia-pacific":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Singapore allocates new capacity to few operators (Equinix, GDS, Microsoft, AirTrunk-ByteDance in DC-CFA); few rivals match its APAC hubs (rater inference; year-only date, 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 vacancy Singapore 2%, Sydney 4.5%, Tokyo 6%, Hong Kong 18%; Sydney transformer and switchgear bottlenecks extend completion timelines."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: APAC colocation vacancy 10.3%, execution power-constrained; about 720 MW of interconnected space would take 1-2 years to re-house (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: APAC markets show extreme demand but constrained delivery; Tokyo, Seoul and Singapore face power and policy limits (year-only date, 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"equinix","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Equinix at 995 MW of 2025 US active IT capacity; 5 other listed operators have at least half that (QTS, Digital Realty, CyrusOne, Aligned, DataBank), which is several like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"The company says its interconnected ecosystem creates a network effect that improves performance and lowers customers' costs (Item 1, Competitive Landscape); a company claim, not independently verified."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving Equinix has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"The company says its interconnected ecosystem creates a network effect that improves performance and lowers customers' costs (Item 1, Competitive Landscape); a company claim, not independently verified."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"Equinix is the largest operator in ABI Research's 2025 US ranking (25 Feb 2026) at 995 MW; the best alternative, QTS at 811 MW, is about 82% of its size, a small shortfall in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"The company says its interconnected ecosystem creates a network effect that improves performance and lowers customers' costs (Item 1, Competitive Landscape); a company claim, not independently verified."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): FLAP-D vacancy is a record-low 6.3% and 83% of the pipeline is pre-let, so a tenant leaving Equinix has limited destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning (its figures for smaller moves are shorter)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"The company says its interconnected ecosystem creates a network effect that improves performance and lowers customers' costs (Item 1, Competitive Landscape); a company claim, not independently verified."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix among its competitors (competition section); the two are comparable in scale, but no free source gives European MW, so the shortfall is judged small and the evidence is thin."}]}},"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://english.news.cn/20260821/32884a001d314e8a825b94368e8f0ef2/c.html","date":"2026-08-21","support":"Xinhua (21 Aug 2026): Singapore provisionally allocated 200 MW to four operators (Digital Realty, Equinix, Keppel Data Centres, ST Telemedia GDC) after more than 20 proposals."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"The company says its interconnected ecosystem creates a network effect that improves performance and lowers customers' costs (Item 1, Competitive Landscape); a company claim, not independently verified."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026): APAC colocation vacancy is 10.3% but 'the challenge increasingly lies in securing the power infrastructure'; about 1.4 GW came online in the half against 4.8 GW under construction."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Tokyo vacancy 6% with power constraints, Singapore 2% with power the principal bottleneck, Sydney 4.5% with power procurement timelines constraining development."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) its income-generating billings passed 1 GW, mostly in Johor; a regional rival of larger size than this company's Asia-Pacific capacity, so the best alternative does not fall short."},{"url":"https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/","date":"2026-09-02","support":"STT GDC says (2 Sep 2026) its operational capacity reached 780 MW across India, Singapore, Indonesia and other Asian markets, also at or above this company's scale."}]}}}}},"digital-realty":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"digital-realty","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS (811 MW), Equinix, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."},{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","date":"2026-01-05","support":"JLL 2026 outlook: the average wait for a grid connection in primary data-centre markets exceeds four years."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: most tenants signing now contract for 2028 deliveries; replacing about 1.8 GW of leased capacity needs new builds, so 2-4 years (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: vacancy 1.4% and over 80% of construction preleased; rivals match the capability but none has free capacity near 1.8 GW (rater inference)."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix, its closest rival in interconnection-rich space, says it has more than 500,000 interconnections; with NTT and Vantage that is several (4-5) at comparable scale (rater inference)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank Data Centre Atlas: new grid connections in West London (Slough, Hayes) can take 5 to 10+ years (London page; the report shows a year only, 2026)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Frankfurt central-area grid upgrades unlikely until the 2030s; the West London substation upgrade is unlikely before the early 2030s."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Europe vacancy 7.3%, Frankfurt 5%; about 870 MW of leased space cannot be re-housed without new power, 2-4 years (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 European vacancy 7.3%; London 8.6%, Amsterdam 9.4%, Paris 6.7%, Frankfurt 5% (Vacancy, Europe section)."},{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton: Digital Realty ranks among the largest Western European operators; the next ones could not free about 870 MW near term, material gap (rater inference; month-only date)."}]}},"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield H1 2026: APAC colocation vacancy 10.3%; execution is 'power-constrained'; Johor 1,110 MW operational, Sydney 917 MW, Mumbai 890 MW."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: APAC markets show extreme demand but constrained delivery; Tokyo, Seoul and Singapore face power and policy limits (year-only date, 2026)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 vacancy Singapore 2%, Sydney 4.5%, Tokyo 6%, Hong Kong 18%; Sydney transformer and switchgear bottlenecks extend completion timelines."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: APAC colocation vacancy 10.3% in H1 2026; about 270 MW across Tokyo, Osaka, Singapore and Hong Kong could largely move within a year (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Tokyo vacancy 6% and Hong Kong 18% in Q1 2026; comparable operators have space for most of about 270 MW, small gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"digital-realty","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Digital Realty at 686 MW of 2025 US active IT capacity; 7 other listed operators have at least half that (Equinix, QTS, CyrusOne, Aligned, DataBank, Switch and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving Digital Realty has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."},{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K says its portfolio was 84.7% leased at 31 Dec 2025 and 64% of 769 MW underway was preleased (Item 1, p. 3), so spare space is scarce."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 2 operators are larger than Digital Realty (686 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): FLAP-D vacancy is a record-low 6.3% and 83% of the pipeline is pre-let, so a tenant leaving Digital Realty has limited destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix among its competitors (competition section); the two are comparable in scale, but no free source gives European MW, so the shortfall is judged small and the evidence is thin."}]}},"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://english.news.cn/20260821/32884a001d314e8a825b94368e8f0ef2/c.html","date":"2026-08-21","support":"Xinhua (21 Aug 2026): Singapore provisionally allocated 200 MW to four operators (Digital Realty, Equinix, Keppel Data Centres, ST Telemedia GDC) after more than 20 proposals."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026): APAC colocation vacancy is 10.3% but 'the challenge increasingly lies in securing the power infrastructure'; about 1.4 GW came online in the half against 4.8 GW under construction."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Tokyo vacancy 6% with power constraints, Singapore 2% with power the principal bottleneck, Sydney 4.5% with power procurement timelines constraining development."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) its income-generating billings passed 1 GW, mostly in Johor; a regional rival of larger size than this company's Asia-Pacific capacity, so the best alternative does not fall short."},{"url":"https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/","date":"2026-09-02","support":"STT GDC says (2 Sep 2026) its operational capacity reached 780 MW across India, Singapore, Indonesia and other Asian markets, also at or above this company's scale."}]}}}}},"china-mobile":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"china-mobile","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001526125/000110465926051006/gds-20251231x20f.htm","date":"undated","support":"GDS's FY2025 20-F names China Telecom, China Unicom, China Mobile and carrier-neutral providers as competitors; at national scale that is several: two carriers, GDS, VNET (rater inference; no filing date on cover, undated)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET Q2 2026: 1,007 MW wholesale in service with 744 MW used (73.9%); retail cabinet utilisation 64.5% at 30 June 2026."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: utilisation above 74%; idle capacity at peers covers only part of about 3.75 GW, the rest needs 1-2 years of building (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET: 263 MW of wholesale capacity unused at 30 June 2026; the best alternative could absorb well under half of about 3.75 GW, material gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"china-mobile","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F names China Telecom, China Unicom and China Mobile and carrier-neutral SINNET, GDS and Chindata as competitors (p. 25); each carrier has two other carriers and several carrier-neutral operators as alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F says it competes with the state-owned carriers and that some customers contract only with providers controlled by Chinese nationals or entities (p. 20), which narrows the pool to domestic providers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom says (18 Aug 2026) its utilisation of over 1.15 million standard cabinets exceeded 74%, so about a quarter of its cabinets are unused, which suggests spare space for tenants to move into."},{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F cites a sustained downward trend in service pricing driven by new capacity and customer bargaining power, consistent with ample supply."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","date":"2026-03-24","support":"China Telecom says rack power capacity exceeded 3.2 GW (24 Mar 2026), roughly 85% of China Mobile's more than 1.5 million external-service racks (about 3.75 GW at the company's 2.5 kW per rack, 26 Mar 2026); the bases differ, so the nearest alternative is judged slightly smaller."}]}}}}},"china-telecom":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"china-telecom","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001526125/000110465926051006/gds-20251231x20f.htm","date":"undated","support":"GDS's FY2025 20-F names China Telecom, China Unicom, China Mobile and carrier-neutral providers as competitors; at national scale that is several: two carriers, GDS, VNET (rater inference; no filing date on cover, undated)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET Q2 2026: 1,007 MW wholesale in service with 744 MW used (73.9%); retail cabinet utilisation 64.5% at 30 June 2026."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: utilisation above 74%; idle capacity at peers covers only part of about 3.2 GW, the rest needs 1-2 years of building (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET: 263 MW of wholesale capacity unused at 30 June 2026; the best alternative could absorb well under half of about 3.2 GW, material gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"china-telecom","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F names China Telecom, China Unicom and China Mobile and carrier-neutral SINNET, GDS and Chindata as competitors (p. 25); each carrier has two other carriers and several carrier-neutral operators as alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F says it competes with the state-owned carriers and that some customers contract only with providers controlled by Chinese nationals or entities (p. 20), which narrows the pool to domestic providers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom says (18 Aug 2026) its utilisation of over 1.15 million standard cabinets exceeded 74%, so about a quarter of its cabinets are unused, which suggests spare space for tenants to move into."},{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F cites a sustained downward trend in service pricing driven by new capacity and customer bargaining power, consistent with ample supply."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032600468.pdf","date":"2026-03-26","support":"China Mobile says it serves external customers through more than 1.5 million standard racks (26 Mar 2026), about 3.75 GW at its 2.5 kW per rack, larger than this carrier's own reported capacity, so the best alternative does not fall short."}]}}}}},"china-unicom":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"china-unicom","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001526125/000110465926051006/gds-20251231x20f.htm","date":"undated","support":"GDS's FY2025 20-F names China Telecom, China Unicom, China Mobile and carrier-neutral providers as competitors; at national scale that is several: two carriers, GDS, VNET (rater inference; no filing date on cover, undated)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET Q2 2026: 1,007 MW wholesale in service with 744 MW used (73.9%); retail cabinet utilisation 64.5% at 30 June 2026."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: utilisation above 74%; idle capacity at peers covers only part of about 2.9 GW, the rest needs 1-2 years of building (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET: 263 MW of wholesale capacity unused at 30 June 2026; the best alternative could absorb well under half of about 2.9 GW, material gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"china-unicom","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F names China Telecom, China Unicom and China Mobile and carrier-neutral SINNET, GDS and Chindata as competitors (p. 25); each carrier has two other carriers and several carrier-neutral operators as alternatives."},{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F says it competes with the state-owned carriers and that some customers contract only with providers controlled by Chinese nationals or entities (p. 20), which narrows the pool to domestic providers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom says (18 Aug 2026) its utilisation of over 1.15 million standard cabinets exceeded 74%, so about a quarter of its cabinets are unused, which suggests spare space for tenants to move into."},{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F cites a sustained downward trend in service pricing driven by new capacity and customer bargaining power, consistent with ample supply."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032600468.pdf","date":"2026-03-26","support":"China Mobile says it serves external customers through more than 1.5 million standard racks (26 Mar 2026), about 3.75 GW at its 2.5 kW per rack, larger than this carrier's own reported capacity, so the best alternative does not fall short."}]}}}}},"qts":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"qts","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including Equinix (995 MW), Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."},{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","date":"2026-01-05","support":"JLL 2026 outlook: the average wait for a grid connection in primary data-centre markets exceeds four years."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: most tenants signing now contract for 2028 deliveries; replacing about 1.5 GW of leased capacity needs new builds, so 2-4 years (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: vacancy 1.4% and over 80% of construction preleased; rivals match the capability but none has free capacity near 1.5 GW (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"qts","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts QTS at 811 MW of 2025 US active IT capacity; 7 other listed operators have at least half that (Equinix, Digital Realty, CyrusOne, Aligned, DataBank, Switch and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing QTS's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) one operator is larger than QTS (811 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"ntt-global-data-centers":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"ntt-global-data-centers","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 670 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 670 MW, small (rater inference)."}]}},"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Frankfurt central-area grid upgrades unlikely until the 2030s; the West London substation upgrade is unlikely before the early 2030s."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: colocation vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%, Amsterdam 5.0%, Frankfurt 1.6% (Europe market tables; year-only date, 2026)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3%, Frankfurt 5%; about 430 MW exceeds space free in the company's metros, so 1-2 years with new builds (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); several operators of comparable capability could take most of about 430 MW, gap small (rater inference)."}]}},"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield H1 2026: APAC colocation vacancy 10.3%; execution is 'power-constrained'; Johor 1,110 MW operational, Sydney 917 MW, Mumbai 890 MW."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Mumbai live colocation vacancy 5.0%, Jakarta about 21%, Bangkok 23.3% (APAC pages; year-only date, 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Mumbai live colocation vacancy 5.0%, Jakarta about 21%, Bangkok 23.3% (APAC pages; year-only date, 2026)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: APAC markets show extreme demand but constrained delivery; Tokyo, Seoul and Singapore face power and policy limits (year-only date, 2026)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Tokyo power and gas-turbine lead times delay new supply; about 710 MW (mostly India and Japan) needs 1-2 years to re-house (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: Mumbai has 890 MW operational and a 1.7 GW pipeline; comparable operators exist, so the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"ntt-global-data-centers","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts NTT Global Data Centers at 322 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving NTT Global Data Centers has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 9 operators are larger than NTT Global Data Centers (322 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): FLAP-D vacancy is a record-low 6.3% and 83% of the pipeline is pre-let, so a tenant leaving NTT Global Data Centers has limited destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of NTT Global Data Centers."}]}},"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://english.news.cn/20260821/32884a001d314e8a825b94368e8f0ef2/c.html","date":"2026-08-21","support":"Xinhua (21 Aug 2026): Singapore provisionally allocated 200 MW to four operators (Digital Realty, Equinix, Keppel Data Centres, ST Telemedia GDC) after more than 20 proposals."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026): APAC colocation vacancy is 10.3% but 'the challenge increasingly lies in securing the power infrastructure'; about 1.4 GW came online in the half against 4.8 GW under construction."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Tokyo vacancy 6% with power constraints, Singapore 2% with power the principal bottleneck, Sydney 4.5% with power procurement timelines constraining development."},{"url":"https://www.cushmanwakefield.com/en/india/insights/india-data-centre-update","date":"2026-09-08","support":"Cushman & Wakefield (8 Sep 2026): India has nearly 1.8 GW operational and about 3.9 GW under construction or planned, with Mumbai the largest hub; new supply is being built rather than sitting vacant."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) its income-generating billings passed 1 GW, mostly in Johor; a regional rival of larger size than this company's Asia-Pacific capacity, so the best alternative does not fall short."},{"url":"https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/","date":"2026-09-02","support":"STT GDC says (2 Sep 2026) its operational capacity reached 780 MW across India, Singapore, Indonesia and other Asian markets, also at or above this company's scale."}]}}}}},"cyrusone":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"cyrusone","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, Aligned, STACK, Switch and Vantage."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."},{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","date":"2026-01-05","support":"JLL 2026 outlook: the average wait for a grid connection in primary data-centre markets exceeds four years."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: most tenants signing now contract for 2028 deliveries; replacing about 0.9 GW of leased capacity needs new builds, so 2-4 years (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: vacancy 1.4% and over 80% of construction preleased; rivals match the capability but none has free capacity near 0.9 GW (rater inference)."}]}},"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 European vacancy 7.3%; London 8.6%, Amsterdam 9.4%, Paris 6.7%, Frankfurt 5% (Vacancy, Europe section)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%; existing space could absorb about 250 MW within a year (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); comparable operators have space close to about 250 MW, so the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"cyrusone","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts CyrusOne at 674 MW of 2025 US active IT capacity; 7 other listed operators have at least half that (Equinix, QTS, Digital Realty, Aligned, DataBank, Switch and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing CyrusOne's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 3 operators are larger than CyrusOne (674 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): 83% of the FLAP-D pipeline is pre-let, contiguous 10 MW+ space is increasingly hard to secure and grid connection lead times reach up to a decade in some hubs; replacing CyrusOne's volume means new build."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"CBRE (as reported 17 Jul 2026): central Frankfurt grid upgrades are unlikely until the 2030s, a key West London substation upgrade not before the early 2030s and Amsterdam has a moratorium on projects over 70 MW."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of CyrusOne."}]}}}}},"aligned-data-centers":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"aligned-data-centers","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, STACK, Switch and Vantage."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."},{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","date":"2026-01-05","support":"JLL 2026 outlook: the average wait for a grid connection in primary data-centre markets exceeds four years."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: most tenants signing now contract for 2028 deliveries; replacing about 1.1 GW of leased capacity needs new builds, so 2-4 years (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: vacancy 1.4% and over 80% of construction preleased; rivals match the capability but none has free capacity near 1.1 GW (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"aligned-data-centers","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Aligned at 548 MW of 2025 US active IT capacity; 10 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, DataBank, Switch and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing Aligned's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 4 operators are larger than Aligned (548 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"khazna":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"khazna","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":3,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Khazna is the dominant local operator; Khazna and Gulf Data Hub hold 75% of UAE built IT capacity, few alternatives (UAE page; year-only date, 2026)."},{"url":"https://thenationalnews.com/future/technology/2024/10/15/abu-dhabis-khazna-unveils-uaes-largest-data-centre-as-it-expects-850mw-capacity-by-2029/","date":"2024-10-15","support":"The National: Khazna's CEO says the company holds about 74% of the UAE market (the company says; dated 2024)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: UAE has over 400 MW built, 333 MW under construction, 2.2% vacancy and a speedy permitting process: re-housing takes 1-2 years (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: users 'seek diversity away from Khazna and Gulf Data Hub'; the next operator is far smaller, material gap (rater inference; year-only date, 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"khazna","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":3,"evidence":[{"url":"https://restofworld.org/2025/khazna-data-center-uae/","date":"2025-09-19","support":"Rest of World (Sept 2025): Khazna controls over 70% of the UAE's operational data center capacity; the article names no competitors."},{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review): the Middle East has about 1 GW of existing capacity across nine metros and Abu Dhabi and Dubai together hold 602 MW; no free source lists alternative UAE operators' capacity, so the count is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.middleeastainews.com/p/microsoft-and-g42-announce-200mw","date":"2025-11-05","support":"Middle East AI News (5 Nov 2025): Khazna will build a 200 MW Microsoft/G42 expansion that starts coming online before the end of 2026, about a year for the incumbent with land and power."},{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review): the Middle East has about 2.2 GW under construction and 12 GW planned against roughly 1 GW existing, so replacement capacity is mostly still to be built."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.thenationalnews.com/future/technology/2024/10/15/abu-dhabis-khazna-unveils-uaes-largest-data-centre-as-it-expects-850mw-capacity-by-2029/","date":"2024-10-15","support":"Khazna's CEO told The National (15 Oct 2024) that it holds about 74% of the UAE market with 360 MW and 24 live data centres; a company claim."},{"url":"https://restofworld.org/2025/khazna-data-center-uae/","date":"2025-09-19","support":"Rest of World (19 Sep 2025) reports over 70% of UAE operational capacity, leaving all other operators together below a third."}]}}}}},"stack-infrastructure":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"stack-infrastructure","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, Switch and Vantage."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 740 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 740 MW, small (rater inference)."}]}},"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 European vacancy 7.3%; London 8.6%, Amsterdam 9.4%, Paris 6.7%, Frankfurt 5% (Vacancy, Europe section)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%; existing space could absorb about 200 MW within a year (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); comparable operators have space close to about 200 MW, so the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"stack-infrastructure","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts STACK at 410 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing STACK's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 7 operators are larger than STACK (410 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): 83% of the FLAP-D pipeline is pre-let, contiguous 10 MW+ space is increasingly hard to secure and grid connection lead times reach up to a decade in some hubs; replacing STACK's volume means new build."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"CBRE (as reported 17 Jul 2026): central Frankfurt grid upgrades are unlikely until the 2030s, a key West London substation upgrade not before the early 2030s and Amsterdam has a moratorium on projects over 70 MW."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of STACK."}]}}}}},"switch":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"switch","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."},{"url":"https://www.jll.com/en-au/insights/data-center-outlook.html","date":"2026-01-05","support":"JLL 2026 outlook: the average wait for a grid connection in primary data-centre markets exceeds four years."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: most tenants signing now contract for 2028 deliveries; replacing about 0.8 GW of leased capacity needs new builds, so 2-4 years (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: vacancy 1.4% and over 80% of construction preleased; rivals match the capability but none has free capacity near 0.8 GW (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"switch","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Switch at 445 MW of 2025 US active IT capacity; 14 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving Switch has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 6 operators are larger than Switch (445 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"vantage-data-centers":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"vantage-data-centers","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Switch."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 565 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 565 MW, small (rater inference)."}]}},"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 European vacancy 7.3%; London 8.6%, Amsterdam 9.4%, Paris 6.7%, Frankfurt 5% (Vacancy, Europe section)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%; existing space could absorb about 250 MW within a year (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); comparable operators have space close to about 250 MW, so the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"vantage-data-centers","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Vantage at 314 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing Vantage's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 10 operators are larger than Vantage (314 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): 83% of the FLAP-D pipeline is pre-let, contiguous 10 MW+ space is increasingly hard to secure and grid connection lead times reach up to a decade in some hubs; replacing Vantage's volume means new build."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"CBRE (as reported 17 Jul 2026): central Frankfurt grid upgrades are unlikely until the 2030s, a key West London substation upgrade not before the early 2030s and Amsterdam has a moratorium on projects over 70 MW."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of Vantage."}]}}}}},"dayone":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"dayone","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Johor colocation vacancy 0.7% (Singapore 4.9%); a fully institutionalised market drawing regional and global operators (Johor page; year-only date, 2026)."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield H1 2026: APAC colocation vacancy 10.3%; execution is 'power-constrained'; Johor 1,110 MW operational, Sydney 917 MW, Mumbai 890 MW."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Johor colocation vacancy 0.7% (Singapore 4.9%); a fully institutionalised market drawing regional and global operators (Johor page; year-only date, 2026)."},{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says billings passed 1 GW (from 121 MW at end-2024) and bookings reached 2.3 GW; re-housing 1 GW at 0.7% Johor vacancy needs 2-4 years (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: Johor 1,110 MW operational and 602 MW under construction; no single rival can free about 1 GW soon, material gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"dayone","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) three hyperscale customers each have about 200 MW or more across markets and 15 customers have booked 2.3 GW; hyperscalers can also use AirTrunk, STT GDC and others, so alternatives are several."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) 2.3 GW is booked against 1 GW billing, so most contracted capacity is still being delivered."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026): APAC colocation vacancy is 10.3% but 'the challenge increasingly lies in securing the power infrastructure'; about 1.4 GW came online in the half against 4.8 GW under construction."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://airtrunk.com/airtrunk-doubles-down-in-malaysia-with-two-new-hyperscale-campuses-in-johor-bahru/","date":"2026-04-30","support":"AirTrunk says (30 Apr 2026) its Malaysia platform delivers more than 700 MW across four campuses against DayOne's roughly 1 GW of billings mostly in Johor: the nearest rival is smaller, a small shortfall."}]}}}}},"edgeconnex":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"edgeconnex","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 300 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 300 MW, small (rater inference)."}]}},"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Frankfurt central-area grid upgrades unlikely until the 2030s; the West London substation upgrade is unlikely before the early 2030s."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: colocation vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%, Amsterdam 5.0%, Frankfurt 1.6% (Europe market tables; year-only date, 2026)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3%, Frankfurt 5%; about 300 MW exceeds space free in the company's metros, so 1-2 years with new builds (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); several operators of comparable capability could take most of about 300 MW, gap small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"edgeconnex","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's US ranking (25 Feb 2026) does not list EdgeConneX, so its operating US capacity is below the 183 MW of the 25th-ranked operator, while 18 colocation and wholesale operators are listed at 183 to 995 MW; many operators match or exceed its scale."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing EdgeConneX's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"EdgeConneX is not among ABI Research's listed US operators (25 Feb 2026, 183 MW or more); listed operators such as Equinix (995 MW) and QTS (811 MW) are larger, so the best alternative does not fall short in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): 83% of the FLAP-D pipeline is pre-let, contiguous 10 MW+ space is increasingly hard to secure and grid connection lead times reach up to a decade in some hubs; replacing EdgeConneX's volume means new build."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"CBRE (as reported 17 Jul 2026): central Frankfurt grid upgrades are unlikely until the 2030s, a key West London substation upgrade not before the early 2030s and Amsterdam has a moratorium on projects over 70 MW."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of EdgeConneX."}]}}}}},"databank":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"databank","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including Equinix, Digital Realty, CoreSite, Centersquare, Flexential and TierPoint."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 700 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 700 MW, small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"databank","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts DataBank at 544 MW of 2025 US active IT capacity; 10 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, Switch and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving DataBank has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 5 operators are larger than DataBank (544 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"vnet":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"vnet","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001526125/000110465926051006/gds-20251231x20f.htm","date":"undated","support":"GDS's FY2025 Form 20-F names China Telecom, China Unicom, China Mobile and other carrier-neutral providers as competitors (risk factors; the cover shows no filing date, so undated)."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET: utilisation 73.9% wholesale and 64.5% retail; idle capacity in China could take part of about 1.15 GW, the rest needs 1-2 years (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: over 1.15 million cabinets, utilisation above 74%; carriers and neutral peers of comparable capability have room for most of about 1.15 GW, small gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"vnet","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F names China Telecom, China Unicom and China Mobile and carrier-neutral SINNET, GDS and Chindata as principal competitors (p. 25); customers can choose among about five other large providers."},{"url":"https://www.reedsmith.com/en/perspectives/data-centers-bytes-and-rights/2025/06/china-eases-restrictions-on-foreign-ownership-data-centers-free-trade-zones","date":"2025-06-24","support":"Reed Smith (24 Jun 2025): foreign equity in Chinese data center services was generally capped at 50%, with a pilot opening four free trade zones, so foreign alternatives remain few."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F (29 Apr 2026) says delays in delivering new data centers are a risk and two customers generated 29.0% and 12.0% of 2025 revenue, so large wholesale tenants' capacity is built to order."},{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F cites a lack of suitable properties combining high power capacity and fibre connectivity (p. 16)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","date":"2026-03-24","support":"China Telecom says rack power capacity exceeded 3.2 GW at end-2025 (24 Mar 2026) and China Mobile reports over 1.5 million external-service standard racks (26 Mar 2026), far above the 1 GW-plus (including pipeline) that Mingtiandi reported for Chindata on 11 Sep 2025, so the best alternative does not fall short in scale."}]}}}}},"airtrunk":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"airtrunk","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield H1 2026: APAC colocation vacancy 10.3%; execution is 'power-constrained'; Johor 1,110 MW operational, Sydney 917 MW, Mumbai 890 MW."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Johor colocation vacancy 0.7% (Singapore 4.9%); a fully institutionalised market drawing regional and global operators (Johor page; year-only date, 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 vacancy Singapore 2%, Sydney 4.5%, Tokyo 6%, Hong Kong 18%; Sydney transformer and switchgear bottlenecks extend completion timelines."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Johor colocation vacancy 0.7% (Singapore 4.9%); a fully institutionalised market drawing regional and global operators (Johor page; year-only date, 2026)."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: APAC execution 'power-constrained'; about 900 MW across Sydney, Melbourne, Johor and Tokyo needs 2-4 years to re-house (rater inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Sydney vacancy 4.5% and Singapore 2% in Q1 2026; comparable hyperscale rivals have little free space for about 900 MW, material gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"airtrunk","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://airtrunk.com/airtrunk-doubles-down-in-malaysia-with-two-new-hyperscale-campuses-in-johor-bahru/","date":"2026-04-30","support":"AirTrunk says (30 Apr 2026) it will have more than 3.3 GW operating and planned across 22 campuses in Australia, Singapore, Japan, Malaysia, Hong Kong and India; a company claim, with other hyperscale operators active in each market."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://airtrunk.com/airtrunk-doubles-down-in-malaysia-with-two-new-hyperscale-campuses-in-johor-bahru/","date":"2026-04-30","support":"AirTrunk says its Johor campuses JHB1 and JHB2 (over 420 MW) are almost 100% contracted and the new JHB3 and JHB4 (over 280 MW) are still to be built (company statement, 30 Apr 2026)."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026): APAC colocation vacancy is 10.3% but 'the challenge increasingly lies in securing the power infrastructure'; about 1.4 GW came online in the half against 4.8 GW under construction."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Tokyo vacancy 6% with power constraints, Singapore 2% with power the principal bottleneck, Sydney 4.5% with power procurement timelines constraining development."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) its billings passed 1 GW, mostly Johor, with 2.3 GW booked; the best regional hyperscale alternative is of comparable size, so no clear shortfall."}]}}}}},"gds":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"gds","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001526125/000110465926051006/gds-20251231x20f.htm","date":"undated","support":"GDS's FY2025 Form 20-F names China Telecom, China Unicom, China Mobile and other carrier-neutral providers as competitors (risk factors; the cover shows no filing date, so undated)."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."},{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET: utilisation 73.9% wholesale and 64.5% retail; idle capacity in China could take part of about 1.1 GW, the rest needs 1-2 years (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: over 1.15 million cabinets, utilisation above 74%; carriers and neutral peers of comparable capability have room for most of about 1.1 GW, small gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"gds","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F names China Telecom, China Unicom and China Mobile and carrier-neutral SINNET, GDS and Chindata as principal competitors (p. 25); customers can choose among about five other large providers."},{"url":"https://www.reedsmith.com/en/perspectives/data-centers-bytes-and-rights/2025/06/china-eases-restrictions-on-foreign-ownership-data-centers-free-trade-zones","date":"2025-06-24","support":"Reed Smith (24 Jun 2025): foreign equity in Chinese data center services was generally capped at 50%, with a pilot opening four free trade zones, so foreign alternatives remain few."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F (29 Apr 2026) says delays in delivering new data centers are a risk and two customers generated 29.0% and 12.0% of 2025 revenue, so large wholesale tenants' capacity is built to order."},{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F cites a lack of suitable properties combining high power capacity and fibre connectivity (p. 16)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","date":"2026-03-24","support":"China Telecom says rack power capacity exceeded 3.2 GW at end-2025 (24 Mar 2026) and China Mobile reports over 1.5 million external-service standard racks (26 Mar 2026), far above the 1 GW-plus (including pipeline) that Mingtiandi reported for Chindata on 11 Sep 2025, so the best alternative does not fall short in scale."}]}}}}},"applied-digital":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"applied-digital","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI notes former miners such as Hut 8 and Cipher Mining moving into AI infrastructure; it ranks them with 20+ larger US colocation operators (2025 ranking)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-flagship-abilene-data-center-is-live","date":"2025-09-30","support":"Crusoe says Abilene construction began in June 2024 and the first two buildings were energized within a year: about one year where power is secured."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1% and most new leases are for 2028 delivery; replacing about 460 MW of live AI hosting takes 1-2 years (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-new-900-mw-ai-factory-campus-in-abilene-texas-to-support-microsoft-ai-infrastructure","date":"2026-03-27","support":"Crusoe says the first building of its new 900 MW Abilene campus (announced March 2026) should be energized in mid-2027."},{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI: hyperscalers and colocation operators are at near parity in US capacity; several build comparable high-density campuses, so the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"applied-digital","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","date":"2026-07-28","support":"Core Scientific says it has about 1.1 GW of leased customer power (more than $24 billion of potential contracted revenue) and 15-year AMD agreements of about 530 MW; one of several AI-campus operators with large tenant contracts."},{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","date":"2026-07-27","support":"Applied Digital reports 15-year take-or-pay leases of 300 MW, 300 MW and 210 MW with one investment-grade hyperscaler plus CoreWeave leases; a second AI-campus operator at large scale."},{"url":"https://www.crusoe.ai/","date":"undated","support":"Crusoe's site (undated page; items dated 2026) lists a 1.2 GW Abilene campus, a 900 MW campus for Microsoft announced 27 Mar 2026 and a 1.0 GW Childress campus; a third operator of this scale."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing Applied Digital's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.crusoe.ai/","date":"undated","support":"Crusoe (company page, undated) lists AI campuses of 1.2 GW (Abilene) and 1.0 GW (Childress), comparable to or larger than Applied Digital's individual campuses, so the best alternative does not fall short in scale."},{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","date":"2026-07-28","support":"Core Scientific reports about 1.1 GW of leased customer power (28 Jul 2026), comparable to Applied Digital's leases of 300 MW, 300 MW and 210 MW with one hyperscaler plus CoreWeave leases."}]}}}}},"sttgdc":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"sttgdc","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 European vacancy 7.3%; London 8.6%, Amsterdam 9.4%, Paris 6.7%, Frankfurt 5% (Vacancy, Europe section)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%; existing space could absorb about 160 MW within a year (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); comparable operators have space close to about 160 MW, so the gap is small (rater inference)."}]}},"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield H1 2026: APAC colocation vacancy 10.3%; execution is 'power-constrained'; Johor 1,110 MW operational, Sydney 917 MW, Mumbai 890 MW."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Mumbai live colocation vacancy 5.0%, Jakarta about 21%, Bangkok 23.3% (APAC pages; year-only date, 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Mumbai live colocation vacancy 5.0%, Jakarta about 21%, Bangkok 23.3% (APAC pages; year-only date, 2026)."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: Mumbai 890 MW operational, APAC execution power-constrained; about 620 MW, mostly India and Singapore, needs 1-2 years (rater inference)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 vacancy Singapore 2%, Sydney 4.5%, Tokyo 6%, Hong Kong 18%; Sydney transformer and switchgear bottlenecks extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: Mumbai 890 MW operational with a 1,726 MW pipeline and Johor 3,088 MW; several comparable operators, gap small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"sttgdc","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): 83% of the FLAP-D pipeline is pre-let, contiguous 10 MW+ space is increasingly hard to secure and grid connection lead times reach up to a decade in some hubs; replacing STT GDC's volume means new build."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"CBRE (as reported 17 Jul 2026): central Frankfurt grid upgrades are unlikely until the 2030s, a key West London substation upgrade not before the early 2030s and Amsterdam has a moratorium on projects over 70 MW."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of STT GDC."}]}},"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://english.news.cn/20260821/32884a001d314e8a825b94368e8f0ef2/c.html","date":"2026-08-21","support":"Xinhua (21 Aug 2026): Singapore provisionally allocated 200 MW to four operators (Digital Realty, Equinix, Keppel Data Centres, ST Telemedia GDC) after more than 20 proposals."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026): APAC colocation vacancy is 10.3% but 'the challenge increasingly lies in securing the power infrastructure'; about 1.4 GW came online in the half against 4.8 GW under construction."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Tokyo vacancy 6% with power constraints, Singapore 2% with power the principal bottleneck, Sydney 4.5% with power procurement timelines constraining development."},{"url":"https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/","date":"2026-09-02","support":"STT GDC says (2 Sep 2026) operational capacity reached 780 MW, contracted capacity rose 50% and close to 2 GW of powered land is secured, so its customers' capacity is committed ahead of delivery."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) its income-generating billings passed 1 GW, mostly in Johor; a regional rival of larger size than this company's Asia-Pacific capacity, so the best alternative does not fall short."}]}}}}},"core-scientific":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"core-scientific","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI notes former miners such as Hut 8 and Cipher Mining moving into AI infrastructure; it ranks them with 20+ larger US colocation operators (2025 ranking)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-flagship-abilene-data-center-is-live","date":"2025-09-30","support":"Crusoe says Abilene construction began in June 2024 and the first two buildings were energized within a year: about one year where power is secured."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1% and most new leases are for 2028 delivery; replacing about 440 MW of live AI hosting takes 1-2 years (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-new-900-mw-ai-factory-campus-in-abilene-texas-to-support-microsoft-ai-infrastructure","date":"2026-03-27","support":"Crusoe says the first building of its new 900 MW Abilene campus (announced March 2026) should be energized in mid-2027."},{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI: hyperscalers and colocation operators are at near parity in US capacity; several build comparable high-density campuses, so the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"core-scientific","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","date":"2026-07-28","support":"Core Scientific says it has about 1.1 GW of leased customer power (more than $24 billion of potential contracted revenue) and 15-year AMD agreements of about 530 MW; one of several AI-campus operators with large tenant contracts."},{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","date":"2026-07-27","support":"Applied Digital reports 15-year take-or-pay leases of 300 MW, 300 MW and 210 MW with one investment-grade hyperscaler plus CoreWeave leases; a second AI-campus operator at large scale."},{"url":"https://www.crusoe.ai/","date":"undated","support":"Crusoe's site (undated page; items dated 2026) lists a 1.2 GW Abilene campus, a 900 MW campus for Microsoft announced 27 Mar 2026 and a 1.0 GW Childress campus; a third operator of this scale."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing Core Scientific's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.crusoe.ai/","date":"undated","support":"Crusoe (company page, undated) lists AI campuses of 1.2 GW (Abilene) and 1.0 GW (Childress), at or above Core Scientific's roughly 1.1 GW of leased power, so the best alternative does not fall short in scale."},{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","date":"2026-07-27","support":"Applied Digital reports hyperscaler leases of 300 MW, 300 MW and 210 MW plus CoreWeave leases (27 Jul 2026), comparable to Core Scientific's leased power."}]}}}}},"iron-mountain-data-centers":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"iron-mountain-data-centers","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 420 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 420 MW, small (rater inference)."}]}},"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 European vacancy 7.3%; London 8.6%, Amsterdam 9.4%, Paris 6.7%, Frankfurt 5% (Vacancy, Europe section)."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%; existing space could absorb about 90 MW within a year (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); comparable operators have space close to about 90 MW, so the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"iron-mountain-data-centers","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Iron Mountain at 233 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving Iron Mountain has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."},{"url":"https://s204.q4cdn.com/148941814/files/doc_financials/2026/q2/Q2-2026-SRP-Final.pdf","date":"2026-08-05","support":"Iron Mountain's Q2 2026 supplemental shows its Northern Virginia and Phoenix buildings 100% leased and 71.2% of 160.2 MW under construction preleased (5 Aug 2026)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 12 operators are larger than Iron Mountain (233 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}},"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): FLAP-D vacancy is a record-low 6.3% and 83% of the pipeline is pre-let, so a tenant leaving Iron Mountain has limited destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of Iron Mountain."}]}}}}},"global-switch":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"global-switch","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Frankfurt central-area grid upgrades unlikely until the 2030s; the West London substation upgrade is unlikely before the early 2030s."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: colocation vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%, Amsterdam 5.0%, Frankfurt 1.6% (Europe market tables; year-only date, 2026)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3%, Frankfurt 5%; about 420 MW exceeds space free in the company's metros, so 1-2 years with new builds (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); several operators of comparable capability could take most of about 420 MW, gap small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"global-switch","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): FLAP-D vacancy is a record-low 6.3% and 83% of the pipeline is pre-let, so a tenant leaving Global Switch has limited destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of Global Switch."}]}}}}},"cloudhq":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"cloudhq","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 470 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 470 MW, small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"cloudhq","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts CloudHQ at 260 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing CloudHQ's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 11 operators are larger than CloudHQ (260 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"coresite":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"coresite","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including Equinix (995 MW), Digital Realty (686 MW), DataBank, Centersquare and Flexential, which also run network-dense retail sites."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL Midyear 2026: North American vacancy at 1% for a third year; most tenants signing now are contracting for 2028 deliveries."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix says it has more than 500,000 interconnections, 'a leading share of cloud on-ramps' and the industry's largest partner ecosystem (10-K Item 1; filed 11 Feb 2026 per the EDGAR index)."},{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI: Equinix (995 MW) and Digital Realty (686 MW) exceed CoreSite (331 MW) in US capacity; the best alternative is comparable or stronger, gap small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"coresite","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts CoreSite at 331 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving CoreSite has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 8 operators are larger than CoreSite (331 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"cdc-data-centres":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"cdc-data-centres","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":3,"evidence":[{"url":"https://itwire.com/government-tech-policy/dta-certifies-three-australian-firms,-one-us-outfit-for-cloud-hosting.html","date":"2021-10-07","support":"iTWire (2021, older evidence): only Australian Data Centres, Canberra Data Centres and Macquarie Telecom were Certified Strategic facilities; Equinix and NEXTDC certified as enclaves."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 vacancy Singapore 2%, Sydney 4.5%, Tokyo 6%, Hong Kong 18%; Sydney transformer and switchgear bottlenecks extend completion timelines."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Melbourne vacancy 3.5% with power availability tightening, Sydney more grid-limited; about 550 MW needs 1-2 years to re-house (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: Sydney 917 MW operational with a 2,134 MW pipeline from several operators; for hyperscale space the gap is small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"cdc-data-centres","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","date":"2026-08-27","support":"NEXTDC reports 287.9 MW built, 740.1 MW contracted on a pro forma basis and 565.1 MW forward orders (27 Aug 2026), a second large Australian operator; AirTrunk also lists Australia among its six regions (30 Apr 2026)."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.infratil.com/news-and-insights/cdc-independent-valuation-30-june-2026/cdc-independent-valuation-30-june-2026/","date":"2026-07-05","support":"CDC reports contracted capacity above 1 GW (including a 555 MW contract announced in May) against 550 MW operating and 810 MW under construction (update as at 30 Jun 2026; date given is the PDF's creation date, 5 Jul 2026), so its customers' capacity is committed ahead of delivery."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Sydney vacancy is 4.5% and power procurement timelines and approvals constrain development."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","date":"2026-08-27","support":"NEXTDC's 287.9 MW built capacity (27 Aug 2026) is about half of CDC's 550 MW leasable operating capacity, so the nearest verified Australian alternative falls short by a small to moderate margin; AirTrunk's Australian operating capacity is not stated, so evidence is thin."}]}}}}},"data4":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"data4","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":1,"evidence":[{"url":"https://www.researchandmarkets.com/reports/5983087/western-europe-existing-and-upcoming-data-center","date":"2026-06","support":"Arizton report summary: 1,061 existing Western European data centres; Digital Realty, Equinix, NTT DATA, Vantage and EdgeConneX 'rank among the leading' operators by capacity (month-only date, June 2026)."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"W.Media, on CBRE data: FLAP-D vacancy 7.3% in Q1 2026, with grid constraints and moratoriums in Frankfurt, London and Amsterdam."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Frankfurt central-area grid upgrades unlikely until the 2030s; the West London substation upgrade is unlikely before the early 2030s."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: colocation vacancy London 7.1%, Dublin 10.0%, Madrid 9.9%, Milan 8.4%, Amsterdam 5.0%, Frankfurt 1.6% (Europe market tables; year-only date, 2026)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3%, Frankfurt 5%; about 350 MW exceeds space free in the company's metros, so 1-2 years with new builds (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: European vacancy 7.3% (Q1 2026); several operators of comparable capability could take most of about 350 MW, gap small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"data4","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"emea":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Europe as competitors (competition section); the filing is by a rival and no free source ranks European operators by MW, so the count is thin."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://datacentrereview.com/2026/04/emea-data-centre-vacancy-hits-record-low-as-ai-demand-outpaces-supply/","date":"2026-04-10","support":"JLL (via Data Centre Review, 10 Apr 2026): 83% of the FLAP-D pipeline is pre-let, contiguous 10 MW+ space is increasingly hard to secure and grid connection lead times reach up to a decade in some hubs; replacing Data4's volume means new build."},{"url":"https://w.media/special-feature-flap-d-markets-plagued-by-grid-constraints-and-moratoriums-cbre/","date":"2026-07-17","support":"CBRE (as reported 17 Jul 2026): central Frankfurt grid upgrades are unlikely until the 2030s, a key West London substation upgrade not before the early 2030s and Amsterdam has a moratorium on projects over 70 MW."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix and NTT, both operating at larger or comparable scale in Europe, as competitors; no free source gives European MW, so the best alternative is not shown to fall short of Data4."}]}}}}},"crusoe":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"crusoe","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI notes former miners such as Hut 8 and Cipher Mining moving into AI infrastructure; it ranks them with 20+ larger US colocation operators (2025 ranking)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-flagship-abilene-data-center-is-live","date":"2025-09-30","support":"Crusoe says Abilene construction began in June 2024 and the first two buildings were energized within a year: about one year where power is secured."},{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1% and most new leases are for 2028 delivery; replacing about 300 MW of live AI hosting takes 1-2 years (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-new-900-mw-ai-factory-campus-in-abilene-texas-to-support-microsoft-ai-infrastructure","date":"2026-03-27","support":"Crusoe says the first building of its new 900 MW Abilene campus (announced March 2026) should be energized in mid-2027."},{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI: the US market is consolidating around power, financing and AI readiness among many operators; Oracle-type tenants can contract other builders, small gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"crusoe","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","date":"2026-07-28","support":"Core Scientific says it has about 1.1 GW of leased customer power (more than $24 billion of potential contracted revenue) and 15-year AMD agreements of about 530 MW; one of several AI-campus operators with large tenant contracts."},{"url":"https://ir.applieddigital.com/_assets/_304b68447a593477100d9f303faa80fa/appliedblockchaininc/news/2026-07-27_Applied_Digital_Reports_Fiscal_Fourth_Quarter_and__159.pdf","date":"2026-07-27","support":"Applied Digital reports 15-year take-or-pay leases of 300 MW, 300 MW and 210 MW with one investment-grade hyperscaler plus CoreWeave leases; a second AI-campus operator at large scale."},{"url":"https://www.crusoe.ai/","date":"undated","support":"Crusoe's site (undated page; items dated 2026) lists a 1.2 GW Abilene campus, a 900 MW campus for Microsoft announced 27 Mar 2026 and a 1.0 GW Childress campus; a third operator of this scale."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.crusoe.ai/","date":"undated","support":"The company's page (undated; item of 3 Jun 2026) lists a roughly 750 MW US power agreement with Bergen Engines, i.e. securing power for AI campuses needs dedicated supply deals."},{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing Crusoe's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001839341/000183934126000013/q22026corescientificinc-ea.htm","date":"2026-07-28","support":"Core Scientific, the nearest operator of similar type, reports about 1.1 GW of leased customer power with 395 MW billing at 30 Jun 2026, against campuses of 1.2 GW, 900 MW and 1.0 GW on Crusoe's page (Crusoe page undated)."},{"url":"https://www.crusoe.ai/","date":"undated","support":"The company says (page item of 9 Jun 2026) its contracted AI infrastructure capacity approaches 5 GW across data centers and cloud; a company statement that mixes cloud and campus capacity."}]}}}}},"chindata":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"chindata","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001526125/000110465926051006/gds-20251231x20f.htm","date":"undated","support":"GDS's FY2025 Form 20-F names China Telecom, China Unicom, China Mobile and other carrier-neutral providers as competitors (risk factors; the cover shows no filing date, so undated)."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET Q2 2026: 1,007 MW wholesale in service with 744 MW used (73.9%); retail cabinet utilisation 64.5% at 30 June 2026."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: utilisation above 74%, about a quarter idle; about 650 MW could move into existing capacity within a year (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: over 1.15 million cabinets, utilisation above 74%; carriers and neutral peers of comparable capability have room for most of about 650 MW, small gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"chindata","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F names China Telecom, China Unicom and China Mobile and carrier-neutral SINNET, GDS and Chindata as principal competitors (p. 25); customers can choose among about five other large providers."},{"url":"https://www.reedsmith.com/en/perspectives/data-centers-bytes-and-rights/2025/06/china-eases-restrictions-on-foreign-ownership-data-centers-free-trade-zones","date":"2025-06-24","support":"Reed Smith (24 Jun 2025): foreign equity in Chinese data center services was generally capped at 50%, with a pilot opening four free trade zones, so foreign alternatives remain few."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F (29 Apr 2026) says delays in delivering new data centers are a risk and two customers generated 29.0% and 12.0% of 2025 revenue, so large wholesale tenants' capacity is built to order."},{"url":"https://www.mingtiandi.com/?p=433428","date":"2025-09-11","support":"Mingtiandi (11 Sep 2025): Chindata's China business has more than 1 GW across operational and pipeline projects and ByteDance remains a client; new capacity is built for large tenants."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","date":"2026-03-24","support":"China Telecom says rack power capacity exceeded 3.2 GW at end-2025 (24 Mar 2026) and China Mobile reports over 1.5 million external-service standard racks (26 Mar 2026), each far above Chindata's reported 1 GW-plus including pipeline, so the best alternative does not fall short in scale."}]}}}}},"compass-datacenters":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"compass-datacenters","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 300 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 300 MW, small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"compass-datacenters","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's US ranking (25 Feb 2026) does not list Compass, so its operating US capacity is below the 183 MW of the 25th-ranked operator, while 18 colocation and wholesale operators are listed at 183 to 995 MW; many operators match or exceed its scale."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.datacenterfrontier.com/site-selection/news/55401462/cbre-record-data-center-construction-fails-to-ease-capacity-constraints","date":"2026-08-28","support":"Per CBRE's H1 2026 report as summarised: large blocks are preleased about a year (turnkey) to 2.5 years (build-to-suit) before completion in Atlanta, and Chicago's next large blocks are late 2027 at the earliest; a tenant replacing Compass's volume would wait for new build."},{"url":"https://www.kitco.com/news/off-the-wire/2026-07-09/us-power-companies-scramble-secure-equipment-surging-data-center","date":"2026-07-09","support":"Reuters, citing Wood Mackenzie: generator step-up transformer lead times passed 160 weeks in Q1 2026 and high-voltage breakers reached 125 weeks, so new capacity needs multi-year equipment orders."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%), over 80% of capacity under construction is preleased and under 1,500 MW remains, about six months of demand."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"Compass is not among ABI Research's listed US operators (25 Feb 2026, 183 MW or more); listed operators such as Equinix (995 MW) and QTS (811 MW) are larger, so the best alternative does not fall short in scale."}]}}}}},"centersquare":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"centersquare","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including Equinix, Digital Realty, CoreSite, DataBank, Flexential and TierPoint."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 300 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 300 MW, small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"centersquare","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Centersquare at 229 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving Centersquare has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 13 operators are larger than Centersquare (229 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"flexential":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"flexential","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including Equinix, Digital Realty, CoreSite, DataBank, Centersquare and TierPoint."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 300 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 300 MW, small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"flexential","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Flexential at 228 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving Flexential has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 14 operators are larger than Flexential (228 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"sabey-data-centers":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"sabey-data-centers","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research's 2025 US ranking lists 25 operators above 183 MW of active IT capacity, including QTS, Digital Realty, CyrusOne, Aligned, STACK and Vantage."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers.html","date":"2026-08-11","support":"JLL: vacancy 1%; most tenants signing now contract for 2028 deliveries; about 250 MW would come from the uncommitted pipeline within 1-2 years (rater inference)."},{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: H1 2026 vacancy in primary North American markets 1.4%; over 80% of 7,481 MW under construction preleased; power constraints extend completion timelines."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI lists several US operators larger than this one with comparable capability; the gap is timing of free capacity for about 250 MW, small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"sabey-data-centers","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"ABI Research (T4) puts Sabey at 210 MW of 2025 US active IT capacity; 15 other listed operators have at least half that (Equinix, QTS, Digital Realty, CyrusOne, Aligned, DataBank and others), which is many like-sized operators (ranking table, 25 Feb 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/press-releases/north-american-data-center-demand-continues-to-outpace-supply-despite-record-construction","date":"2026-09-08","support":"CBRE: primary-market vacancy is 1.4% (Northern Virginia 0.2%) and under 1,500 MW of pipeline remains uncommitted, so a tenant leaving Sabey has few ready destinations."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise relocations need 9 to 18 months of planning and that record-low vacancy narrows destinations (its figures for smaller moves are shorter)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.abiresearch.com/blog/top-25-largest-data-center-companies-united-states","date":"2026-02-25","support":"In ABI Research's 2025 US ranking (25 Feb 2026) 15 operators are larger than Sabey (210 MW), led by Equinix at 995 MW, so the best alternative does not fall short in scale."}]}}}}},"princeton-digital-group":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"princeton-digital-group","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield H1 2026: APAC colocation vacancy 10.3%; execution is 'power-constrained'; Johor 1,110 MW operational, Sydney 917 MW, Mumbai 890 MW."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Mumbai live colocation vacancy 5.0%, Jakarta about 21%, Bangkok 23.3% (APAC pages; year-only date, 2026)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Mumbai live colocation vacancy 5.0%, Jakarta about 21%, Bangkok 23.3% (APAC pages; year-only date, 2026)."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: APAC colocation vacancy 10.3%; with Jakarta about 21% vacant, most of about 450 MW could move within a year (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Jakarta has 344 MW live, 329 MW under construction and about 21% vacancy; comparable operators exist, small gap (rater inference; year-only date, 2026)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"princeton-digital-group","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://english.news.cn/20260821/32884a001d314e8a825b94368e8f0ef2/c.html","date":"2026-08-21","support":"Xinhua (21 Aug 2026): Singapore provisionally allocated 200 MW to four operators (Digital Realty, Equinix, Keppel Data Centres, ST Telemedia GDC) after more than 20 proposals."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026): APAC colocation vacancy is 10.3% but 'the challenge increasingly lies in securing the power infrastructure'; about 1.4 GW came online in the half against 4.8 GW under construction."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Tokyo vacancy 6% with power constraints, Singapore 2% with power the principal bottleneck, Sydney 4.5% with power procurement timelines constraining development."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.prnewswire.com/apac/news-releases/dayone-upsizes-malaysia-financing-to-us7-2-billion-total-billings-surpass-1gw-and-bookings-reach-2-3gw-302908375.html","date":"2026-10-14","support":"DayOne says (14 Oct 2026) its income-generating billings passed 1 GW, mostly in Johor; a regional rival of larger size than this company's Asia-Pacific capacity, so the best alternative does not fall short."},{"url":"https://www.intelligentcio.com/apac/2026/09/02/kkr-singtel-consortium-completes-acquisition-of-sttgdc-as-company-refreshes-global-brand/","date":"2026-09-02","support":"STT GDC says (2 Sep 2026) its operational capacity reached 780 MW across India, Singapore, Indonesia and other Asian markets, also at or above this company's scale."}]}}}}},"range-intelligent-computing":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"range-intelligent-computing","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001526125/000110465926051006/gds-20251231x20f.htm","date":"undated","support":"GDS's FY2025 Form 20-F names China Telecom, China Unicom, China Mobile and other carrier-neutral providers as competitors (risk factors; the cover shows no filing date, so undated)."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom 2026 interim results (Chairman's statement): over 1.15 million standard cabinets deployed, utilisation above 74%, so about a quarter is idle."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.prnewswire.com/news-releases/vnet-reports-unaudited-second-quarter-2026-financial-results-302853949.html","date":"2026-08-18","support":"VNET Q2 2026: 1,007 MW wholesale in service with 744 MW used (73.9%); retail cabinet utilisation 64.5% at 30 June 2026."},{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: utilisation above 74%, about a quarter idle; about 400 MW could move into existing capacity within a year (rater inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0818/2026081800335.pdf","date":"2026-08-18","support":"China Unicom: over 1.15 million cabinets, utilisation above 74%; carriers and neutral peers of comparable capability have room for most of about 400 MW, small gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"range-intelligent-computing","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F names China Telecom, China Unicom and China Mobile and carrier-neutral SINNET, GDS and Chindata as principal competitors (p. 25); customers can choose among about five other large providers."},{"url":"https://szse.io/companies/300442-range-intelligent-computing-technology-group-company-limited","date":"undated","support":"Range's SZSE profile (undated) lists about 314,000 cabinets across seven campuses and telecom operators and government bodies among its customers; thin evidence for its own alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1526125/000110465926051006/gds-20251231x20f.htm","date":"2026-04-29","support":"GDS's 20-F (29 Apr 2026) says delays in delivering new data centers are a risk and two customers generated 29.0% and 12.0% of 2025 revenue, so large wholesale tenants' capacity is built to order."},{"url":"https://www.sec.gov/Archives/edgar/data/1508475/000110465926044361/vnet-20251231x20f.htm","date":"2026-04-16","support":"VNET's 20-F cites a lack of suitable properties combining high power capacity and fibre connectivity (p. 16)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0324/2026032400416.pdf","date":"2026-03-24","support":"China Telecom says rack power capacity exceeded 3.2 GW at end-2025 (24 Mar 2026) and China Mobile reports over 1.5 million external-service standard racks (26 Mar 2026), far above the 1 GW-plus (including pipeline) that Mingtiandi reported for Chindata on 11 Sep 2025, so the best alternative does not fall short in scale."}]}}}}},"nextdc":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"nextdc","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":1,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield H1 2026: APAC colocation vacancy 10.3%; execution is 'power-constrained'; Johor 1,110 MW operational, Sydney 917 MW, Mumbai 890 MW."},{"url":"https://itwire.com/government-tech-policy/dta-certifies-three-australian-firms,-one-us-outfit-for-cloud-hosting.html","date":"2021-10-07","support":"iTWire (2021): Australian Data Centres, Canberra Data Centres, Macquarie, Equinix and NEXTDC were all certified for government hosting; many Australian alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Q1 2026 vacancy Singapore 2%, Sydney 4.5%, Tokyo 6%, Hong Kong 18%; Sydney transformer and switchgear bottlenecks extend completion timelines."},{"url":"https://www.knightfrank.co.uk/site-assets/research/report-pdfs/data-centres/data-centre-atlas-2026.pdf","date":"2026","support":"Knight Frank: Melbourne vacancy 3.5%; about 290 MW exceeds free space in Sydney and Melbourne, so 1-2 years (rater inference; year-only date, 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield: Sydney 917 MW operational with a 2,134 MW pipeline; several comparable operators, small gap (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"nextdc","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"asia-pacific":{"alternatives":{"level":2,"evidence":[{"url":"https://www.infratil.com/news-and-insights/cdc-independent-valuation-30-june-2026/cdc-independent-valuation-30-june-2026/","date":"2026-07-05","support":"CDC reports 550 MW of leasable operating capacity and more than 1 GW contracted (valuation update as at 30 Jun 2026; the date given is the PDF's creation date, 5 Jul 2026), one of several Australian rivals; AirTrunk also lists Australia among its six regions (30 Apr 2026)."},{"url":"https://www.cushmanwakefield.com/en/singapore/news/2026/08/apac-dc-h1-2026","date":"2026-08-05","support":"Cushman & Wakefield (5 Aug 2026) shows large pipelines in several APAC markets (Mumbai 1,726 MW, Johor 3,088 MW, Sydney 2,134 MW) but names no operators; no free source counts qualified alternatives by market, so evidence is thin."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://announcements.asx.com.au/asxpdf/20260827/pdf/073c04gt4ts40y.pdf","date":"2026-08-27","support":"NEXTDC's release (27 Aug 2026) shows 565.1 MW of binding forward orders against 175.0 MW billing and 287.9 MW built, with conversion running through FY27-FY28, so customers' capacity is committed years ahead."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): Sydney vacancy is 4.5% and power procurement timelines and approvals constrain development."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.infratil.com/news-and-insights/cdc-independent-valuation-30-june-2026/cdc-independent-valuation-30-june-2026/","date":"2026-07-05","support":"CDC's 550 MW of leasable operating capacity (valuation update as at 30 Jun 2026) exceeds NEXTDC's 287.9 MW built, so the best alternative does not fall short in scale (date given is the PDF's creation date, 5 Jul 2026)."}]}}}}},"scala":{"a":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"scala","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":3,"evidence":[{"url":"https://startups.com.br/negocios/inteligencia-artificial/data-center/brasil-pode-dobrar-capacidade-de-data-centers-ate-2030-aponta-jll/","date":"2026-09-29","support":"Startups, citing JLL: Ascenty, Odata and Scala hold 70% of Brazil's operating capacity ('concentram 70%'); two comparable alternatives."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.cushmanwakefield.com/en/brazil/news/2026/09/latam-data-center-market","date":"2026-09-22","support":"Cushman & Wakefield: São Paulo-Campinas had 661 MW operating, 250 MW under construction and 4.1% vacancy at H1 2026; about 250 MW needs new builds, 1-2 years (rater inference)."},{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE: Latin American availability is expected to keep tightening through 2026; São Paulo vacancy 9.6% in Q1 2026."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://startups.com.br/negocios/inteligencia-artificial/data-center/brasil-pode-dobrar-capacidade-de-data-centers-ate-2030-aponta-jll/","date":"2026-09-29","support":"Startups, citing JLL: Ascenty and Odata are of comparable scale to Scala in Brazil; the gap is free capacity, not capability, so small (rater inference)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"infrastructure-campuses","entityId":"scala","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-23","functions":{"americas":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty's 10-K names Equinix, NTT, Global Switch and various regional operators in Latin America (and elsewhere) as competitors; thin evidence for Latin America, where no free operator ranking was found."},{"url":"https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm","date":"2026-02-11","support":"Equinix's 10-K calls the global multi-tenant data center market highly fragmented (risk factors, p. 20); the company's own view, not independent."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.cbre.com/insights/reports/global-data-center-trends-2026","date":"2026-06-17","support":"CBRE (Q1 2026 data): vacancy is 9.6% in Sao Paulo, 10.6% in Queretaro and 18.7% in Bogota (3.3% in Santiago), so a tenant can find space in most Latin American hubs far faster than in the United States."},{"url":"https://encoradvisors.com/data-center-relocation-services/","date":"2026-05-03","support":"A tenant-advisory page says enterprise moves need 9 to 18 months of planning; with vacancy near 10% in the main Latin American hubs the lower end applies."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm","date":"2026-02-13","support":"Digital Realty and Equinix (named in Digital Realty's 10-K competition section) operate in Latin America at larger group scale; no free source gives Scala's capacity, so the evidence is thin and the best alternative is not shown to fall short."}]}}}}},"nxtra":{}},"validation":[]}