Equinix

Evidence of pricing leverage appears in renewal step-ups and rising MRR per cabinet. On the latest update, MRR per cabinet was approximately 2,524 dollars, up about 7 percent year over year, with interconnection revenue up 9 percent year over year and churn near 1.7 percent, indicating room to nudge price without accelerating attrition.

Scarcity of power and record-low vacancy in primary markets further enhances landlord leverage. Equinix’s mix shift toward higher-value interconnection and software-defined networking (Fabric, Internet Exchange, and Fabric Intelligence) supports structural margin resilience and latent pricing power as customers expand ports and bandwidth.

Risks: very large AI training clusters may concentrate with hyperscalers or single-tenant campuses where price discovery differs from retail interconnection; power pass-through dynamics can mask underlying price; and older facilities may require capex to sustain density-related pricing.