Equinix reported record annualized gross bookings of $394 million in Q3 2025, up 25% year over year and 14% from the prior quarter, driven by rising demand for AI and interconnection services. Revenue grew 5% year over year to $2.316 billion, while adjusted EBITDA rose 10% to $1.148 billion, maintaining a 50% margin. The company’s AFFO increased 11% year over year to $965 million, or $9.83 per diluted share.
Equinix continues to advance its Build Bolder strategy, adding 58 major projects worldwide, including 12 xScale builds. Land acquisitions in Amsterdam, Chicago, Johannesburg, London, and Toronto will support more than 900 MW of new capacity, expanding its developable footprint to 3 GW—nearly double its level a year ago. The company’s interconnection ecosystem also reached 499,400 total links, growing by 7,100 in Q3. Equinix entered its 77th market with a new $69 million facility in Chennai, India, and added new cloud on-ramps in Barcelona and Dubai.
Equinix also introduced its Distributed AI infrastructure solution, featuring an AI-ready backbone and the Equinix Fabric Intelligence platform. This enables training and inference workloads to operate securely across 273 data centers worldwide. Interconnection revenue rose 10% to $422 million, boosted by a 57% increase in Fabric bookings. The company continues to emphasize sustainability, allocating $2.3 billion in green bonds across 151 projects that generate 1.9 million MWh of renewable energy annually.
• Annualized gross bookings: $394M (+25% YoY)
• Revenue: $2.316B (+5% YoY)
• Adjusted EBITDA: $1.148B (+10% YoY, 50% margin)
• AFFO: $965M (+11% YoY, $9.83/share)
• Developable capacity: ~3 GW (+50% QoQ)
• 58 active data center builds, including 12 xScale projects
• Interconnections: 499K (+7.1K QoQ; Fabric bookings +57% YoY)
• Green bonds: $2.3B allocated across 31 countries
“Our strong Q3 performance is a clear signal of accelerating momentum for Q4 and into 2026,” said Adaire Fox-Martin, CEO and President of Equinix. “We continue to serve the significant and sustained demand for our differentiated infrastructure and interconnection capabilities in support of our customers’ AI and non-AI workloads.”
🌐 Analysis: Equinix’s record bookings and strong AFFO growth underscore its position as the leading interconnection and AI-ready colocation platform. With 3 GW of developable capacity and 58 builds in motion, the company is scaling aggressively to meet hyperscaler and enterprise AI demand. Competitors such as Digital Realty and CyrusOne are also accelerating AI-optimized builds, but Equinix’s edge lies in its metro-proximate, fabric-integrated network that bridges AI clusters with distributed data.
