EQUINIX, INC.

Red flags

• Total future purchase commitments were $8.411 billion at December 31, 2025, including $4.912 billion due in 2026; some multi-year power commitments have variable pricing or no fixed/minimum volume.
• The company expects AI-driven chip shortages relative to prior years, potentially delaying customer deployments and raising the cost of chips used in its own network rooms and products.
• Although no customer represented 10% or more of revenue, the 50 largest customers accounted for approximately 36% of recurring revenue in 2025, and the largest customer represented approximately 3%.
• Power costs are rising and the company reports difficulties securing contracted or expansion-related energy supply in certain markets; outages could lead to service-level claims, customer churn, and reputational damage.
• Mortgage and loans payable totaled $703 million at year-end 2025, while the filing also shows a broad senior-notes program and new 2025 debt issuances, increasing the importance of cash-flow and refinancing analysis.