> **来源：[研报客](https://pc.yanbaoke.cn)** # US Communications Infrastructure Summary ## Core Content This document provides an in-depth analysis of the U.S. data center market, focusing on three primary market archetypes: **Major Metro markets**, **Minor Metro markets**, and **Rural markets**. It also evaluates the market strategies and financial performance of two leading public data center companies, **Digital Realty (DLR)** and **Equinix (EQIX)**, and highlights their respective footprints and investment implications. --- ## Key Market Archetypes The U.S. data center market is categorized into three types based on **latency sensitivity**, **power availability**, **cost**, and **development risk**: ### 1. **Major Metro Markets** - **Characteristics**: - **Use Cases**: Latency-sensitive (e.g., inferencing), enterprise colocation - **Pricing**: High (hyperscale: \$120–150/kW; colo: \$160–230/kW) - **Build Costs**: High (\$12–15B per GW) - **Cap Rates**: Tight (4.5–6.5%) - **Power Delays**: Long (4–7 years) - **Development Risk**: Medium (zoning, local pushback) - **Examples**: Northern Virginia (NoVA), Chicago, Phoenix, Atlanta - **Growth**: Expected to continue, but with increasing NIMBYism and supply constraints ### 2. **Minor Metro Markets** - **Characteristics**: - **Use Cases**: Latency-sensitive and price-sensitive workloads - **Pricing**: Slightly lower than Major Metros (\$90–130/kW) - **Build Costs**: Moderate (\$9–12B per GW) - **Cap Rates**: Higher than Major Metros (5.5–7.25%) - **Power Delays**: Moderate (3–5 years) - **Development Risk**: Medium - **Examples**: Atlanta, Dallas, and other secondary hubs - **Growth**: Expected to continue due to lower costs and moderate demand ### 3. **Rural Markets** - **Characteristics**: - **Use Cases**: Latency-insensitive (e.g., AI training), very price-sensitive workloads - **Pricing**: Low (hyperscale: \$70–120/kW) - **Build Costs**: Low (\$7–9B per GW) - **Cap Rates**: High (6.5–9%+) - **Power Delays**: Short (1–3 years) - **Development Risk**: Low - **Growth**: Increasing as demand shifts from constrained urban areas to lower-cost, power-rich regions --- ## Top U.S. Markets Overview - **Northern Virginia (NoVA)**: - **Supply**: ~8GW - **Under Construction**: ~5GW - **Power Queues**: 7-year range - **Pricing**: ~\$217/KW/mo - **Vacancy**: <1% - **Growth**: Dominant global hub with strong demand, but facing long power timelines - **Atlanta**: - **Supply**: ~2GW - **Under Construction**: ~3GW - **Pricing**: ~\$175/KW/mo - **Vacancy**: ~2% - **Growth**: Rapidly scaling secondary hub with improving power access and economics - **Phoenix**: - **Characteristics**: Power-advantaged growth market - **Pricing**: Competitive with lower costs - **Growth**: Steady and stable since 2023 --- ## DLR and EQIX Market Footprints | Company | Focus | Key Markets | Facility Size | Strategic Position | |--------|------|------------|--------------|-------------------| | **DLR (Digital Realty)** | Broad footprint, hybrid and hyperscale focus | Major and Minor Metros, Rural | 20–100+ MW per facility | Growth in large-scale, cost-optimized deployments | | **EQIX (Equinix)** | Concentrated in Tier 1, highly interconnected urban hubs | Major Metros (primary focus), some Minor Metros | 5–25 MW per facility | Premium position in core metro areas | - **DLR**: - **Market Exposure**: 95% of North America capacity in Major Metros - **Strategic Advantage**: Larger facilities, better suited for hyperscale and wholesale deployments - **EQIX**: - **Market Exposure**: More international exposure, especially in EMEA - **Strategic Advantage**: Dense interconnection, enterprise colocation focus --- ## Investment Implications - **DLR**: - **Valuation**: Based on 27x 2027E AFFO of \$8.52 - **Price Target**: \$232 - **Risks**: Lower growth in <1MW segment, enterprise demand slowdown, pricing pressures - **EQIX**: - **Valuation**: Based on 25x 2027E AFFO of \$48.63 - **Price Target**: \$1,222 - **Risks**: Enterprise demand slowdown, increased competition in interconnection, pricing pressures --- ## Financial Highlights ### DLR (Digital Realty) - **Revenue Growth**: - 2025: ~\$4.08B - 2026: ~\$4.59B - 2027: ~\$5.16B - **Adjusted EPS**: - 2025: ~\$2.96 - 2026: ~\$2.74 - 2027: ~\$2.37 - **Adjusted P/E (x)**: - 2025: ~49.8 - 2026: ~70.5 - 2027: ~81.2 ### EQIX (Equinix) - **Revenue Growth**: - 2025: ~\$8.74B - 2026: ~\$9.75B - 2027: ~\$10.73B - **Adjusted EPS**: - 2025: ~\$3.81 - 2026: ~\$3.92 - 2027: ~\$3.56 - **Adjusted P/E (x)**: - 2025: ~72.2 - 2026: ~60.4 - 2027: ~50.5 --- ## Key Takeaways - Major Metros are the most important for **latency-sensitive** and **enterprise colocation** workloads, with high pricing and limited supply. - **Rural markets** are becoming increasingly attractive for **latency-insensitive** and **price-sensitive** workloads due to lower costs and faster power availability. - **DLR** and **EQIX** have distinct strategies, with DLR focusing on broader market coverage and EQIX on core, high-density urban hubs. - Both companies are well-positioned to deliver on build projections due to their exposure to Major Metro markets. - **Atlanta** and **Phoenix** are emerging as strong growth markets with favorable conditions and increasing demand. - **NoVA** remains the largest and most developed market, but with the highest barriers to entry and cost. --- ## Conclusion The U.S. data center market is evolving, with growth shifting from constrained urban hubs to more cost-effective rural regions. DLR and EQIX are positioned to benefit from this trend, with DLR focusing on scale and cost efficiency, while EQIX maintains a premium position in core markets. Both are expected to perform well, driven by strong demand and strategic buildouts.