> ## Content Index > Fetch the complete content index at: https://www.sotkn.com/llms.txt > Use this file to discover other available public pages before exploring further. # $533 Million Booked in One Quarter: Who Gets Paid While Equinix Installs 13,000 Cabinets - URL: https://www.sotkn.com/markets/us/us-equinix-q3-cabinets-install-october-2026/ - Published: 2026-11-01T13:27:23.000Z - Updated: 2026-11-01T13:27:23.000Z - Description: Equinix booked a record $533 million of annualized gross bookings in Q3 2026 and plans more than 13,000 cabinets in Q4, its biggest delivery quarter on record. Price is rising and churn is low. The utility and the builders are paid first; the stuck step is the install. - Author: Sean - Tags: #market-us, Markets *Equinix sold more new data centre capacity in the third quarter of 2026 than in any quarter before, and the hard part now is putting it in. The company booked a record $533 million of annualized gross bookings, up 35%, raised its 2026 guidance for the third time, and plans to deliver more than 13,000 cabinets in the fourth quarter, its biggest delivery quarter on record. Its backlog of capacity sold but not yet installed is also at a record. While that backlog waits, the utility and the builders get paid first. The stuck step is the install.* **US · AI DATA CENTERS** · Q3 2026 results and call, 28 Oct 2026 · Next update: Q4 2026 results and 2027 guidance, February 2027 **Affects:** [AI Data Centers](https://www.sotkn.com/stack/ai-data-centers/) · [Hyperscalers](https://www.sotkn.com/stack/hyperscalers/) · [Neoclouds](https://www.sotkn.com/stack/neoclouds/) — Markets: [US](https://www.sotkn.com/markets/us/) · [Singapore](https://www.sotkn.com/markets/singapore/) · [Australia](https://www.sotkn.com/markets/australia/) · [Malaysia](https://www.sotkn.com/markets/malaysia/) **In short:** Equinix's Q3 2026 revenue was $2.571 billion, up 12% on a normalized and constant currency basis, with adjusted EBITDA of $1.321 billion and AFFO of $1.156 billion. Annualized gross bookings hit a record $533 million, up 35%, new-deal pricing rose 12% and churn was 1.7%. Net billed cabinets rose 5,700 in the quarter, while more than 13,000 cabinets are due in Q4, over 20% presold. Capex was about $1.6 billion, 90% of it for new capacity. In Georgia, Equinix is paying for its own substation and lines on a 20-year take-or-pay. Stuck step: the install. Map of who gets paid — not a buy list. Education only, not advice to buy or sell any security. Figures are as published by Equinix or said by its management on the earnings call, unless labelled as our arithmetic. ### The numbers that matter this week Annualized gross bookings, Q3 $533m Record · up 35% y/y · first quarter above $0.5bn Reported Cabinets due in Q4 2026 13,000+ Biggest delivery quarter on record · over 20% presold Guided Net cabinets billed, Q3 5,700 Sold-not-installed backlog at a record Reported New-deal pricing +12% Year on year · churn 1.7% Reported Capex, Q3 \~$1.6bn About 90% for capacity expansion Reported The install The bind Booked revenue waits for the cabinet to switch on Stuck step Figures from Equinix's Q3 2026 press release and its 28 October earnings call. Status chips are Second Order’s read. **On this page:** [Why it matters](#why-it-matters) · [What changed](#what-changed) · [The quarter](#the-quarter) · [The cabinets](#the-cabinets) · [The price](#the-price) · [The power](#the-power) · [Elsewhere](#elsewhere) · [Our math](#our-math) · [Who gets paid](#money-goes) · [What is stuck?](#still-stuck) · [Dates next](#dates) · [What would change this](#change-view) · [FAQ](#faq) ## Why do Equinix's Q3 results matter for AI data centres? Because Equinix sits on the other side of the AI data centre boom from the giant campuses. It rents space, power and connections by the cabinet to more than 3,200 customers in a quarter, and no single customer is more than 2.5% of its revenue, management said on the call. When it reports record bookings, rising prices and its biggest delivery quarter ever, that is a read on demand from ordinary enterprises, banks, clouds and AI start-ups, not one hyperscaler's build plan. Management's own framing was that colocation is short of supply because most of the industry's capital is going into the wholesale campuses built for a few very large tenants. CEO Adaire Fox-Martin said there is not enough capacity to satisfy the demand Equinix sees, and that the company is at a very early stage of durable pricing strength. A market with more buyers than cabinets tends to pay whoever can switch a cabinet on soonest. That is the question this piece follows. The orders are there. The capital is there: Equinix spent about $1.6 billion on capex in Q3, 90% of it on new capacity, and says it can double its portfolio with only a modest rise in leverage. What decides how fast the booked revenue arrives is how fast new cabinets are built, powered, installed and switched on. This piece is distinct from our recent US coverage. Our [30 October Pulse](https://www.sotkn.com/markets/us/us-digital-realty-q3-signed-not-billed-october-2026/) followed Digital Realty's signed-but-not-billed backlog and its long gap from signing to rent. Our [29 October Pulse](https://www.sotkn.com/markets/us/us-microsoft-q1-gpu-handover-october-2026/) followed Microsoft's rented GPUs that arrive late. This one is about the retail cabinet: what Equinix sold, what it must install, and who is paid while it does. For the business model itself, see [what Equinix does](https://www.sotkn.com/stack/ai-data-centers/what-does-equinix-do/), and for what makes an AI hall different, [what an AI data center is](https://www.sotkn.com/explained/what-is-an-ai-data-center/). 1 · The utility **Who:** Paid for substations and lines, then on contract **Paid:** Hampton, Georgia: substation and two lines paid up front · 20-year take-or-pay Paid first 2 · Builders and power gear **Who:** Contractors, switchgear, cooling, generators **Paid:** About $1.6bn of capex in Q3 · 48 projects in 32 markets Paid as built 3 · The running halls **Who:** Equinix's 193 stabilized sites **Paid:** 83% used · 27% cash-on-cash return · new-deal pricing up 12% Paid now 4 · The install **Who:** New cabinets built, powered and handed to the customer **Paid:** 5,700 net billed in Q3 · 13,000+ due in Q4 Stuck step ## What changed on 28 October? Equinix reported its third quarter, the three months to 30 September 2026, after the US market close on 28 October and held its call the same afternoon. Four things changed in the picture. - **Sales crossed a line.** Annualized gross bookings reached $533 million, the first quarter above half a billion dollars and up 35% from a year earlier. Total sales activity, which adds presales of capacity still being built, grew 38%, the third straight quarter above 30%. Management said 60% of its Q4 bookings target was already closed. - **Guidance went up again.** Full-year 2026 revenue guidance rose to $10.325 billion to $10.365 billion, from $10.205 billion to $10.285 billion, about 12% growth. Adjusted EBITDA guidance rose to $5.290 billion to $5.330 billion, and AFFO per share to $43.71 to $44.11\. It was the third raise in a row. - **Deliveries were pulled forward.** Management said it now expects to beat its full-year retail capacity plan by nearly 40%, with more than 13,000 cabinets in Q4, its biggest delivery quarter on record, and more than 20% of that Q4 capacity presold. 15% of retail capacity coming online in 2027 is already presold. - **The backlog grew.** Net billed cabinets rose by 5,700 in the quarter, while the backlog of capacity sold but not yet installed reached a record, said CFO Olivier Leonetti. The press release also listed two power items from the quarter: support for Texas state standards on grid costs, water and transparency alongside more than $1.6 billion of long-term investment in the state, and the Georgia partnership in which Equinix funds all grid infrastructure costs for its Hampton project through a 20-year commitment. ## What did the quarter look like in numbers? ![Chart of Equinix Q3 2026: revenue $2.571 billion, adjusted EBITDA $1.321 billion, AFFO $1.156 billion, capex about $1.6 billion and annualized gross bookings of $533 million](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/11/us-equinix-q3-cabinets-install-october-2026-print.png) The quarter in five numbers. · Education only. Revenue was $2.571 billion, up 11% as reported and 12% on a normalized and constant currency basis. Operating income was $600 million, up 27%. Net income to common shareholders was $489 million, up 31%, helped by a one-off fee from the atNorth joint venture. Adjusted EBITDA was $1.321 billion, a 51.4% margin, up 180 basis points from a year earlier. AFFO, the cash measure real estate investment trusts use, was $1.156 billion, or $11.64 a share. Monthly recurring revenue grew 11% on a normalized basis, the fourth straight quarter of double-digit growth. Interconnection revenue, the fees for cross-connects and Equinix's Fabric network service between customers, grew 10%, with Fabric up 24%. Interconnection is about 19% of revenue, management said. For the fourth quarter, Equinix guided revenue of $2.684 billion to $2.724 billion, up 12% to 13% on a normalized basis, with an adjusted EBITDA margin of 49% to 50%, below Q3's 51.4%. A large delivery quarter brings new halls online whose costs start before their cabinets fill. Capex was about $1.6 billion in the quarter, with roughly 90% going to capacity expansion. Full-year capex is still guided at $5 billion to $6 billion, excluding real estate purchases and xScale, the joint ventures that build large halls for hyperscale tenants. Since the previous call, Equinix opened six new projects in six metros, including Dubai, Frankfurt, Miami, Paris and Sydney. ## How many cabinets are sold but not yet switched on? ![Chart of Equinix cabinets: 5,700 net cabinets billed in Q3 2026 against more than 13,000 cabinets to be delivered in Q4, of which more than 20% presold](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/11/us-equinix-q3-cabinets-install-october-2026-shift.png) Billed in Q3 versus due in Q4\. · Education only. Equinix does not give the size of its sold-not-installed backlog in cabinets or dollars. What it gave on the call is the shape. In Q3, net billed cabinets rose by 5,700\. Over the same period the backlog of capacity sold but not yet installed reached a record. In Q4 the company expects to deliver more than 13,000 cabinets, more than twice the Q3 net billing gain, and over 20% of that Q4 capacity is already presold. Those two numbers are not the same thing. A delivered cabinet is capacity made ready in a hall. A billed cabinet is one a customer is paying for. Between them sits the install: the customer's own gear has to arrive, be racked, cabled, cooled and switched on. Annualized gross bookings, management explained, count deals expected to turn into revenue within about 90 days. Presales of halls still being built sit outside that measure and convert later. The cabinets themselves are changing. Customers leaving Equinix in Q3 had used about 5 kW per cabinet on average. Customers arriving used about 7 kW, which management put down to AI workloads. Liquid cooling bookings rose more than tenfold year on year, and Equinix opened a network of centres where customers can test liquid-cooled AI gear before they deploy it. A denser cabinet earns more, but it also needs more power and cooling delivered to the same spot, which makes each install heavier work. Equinix's builds are small by AI standards. Management said new retail builds are generally 60 MW or less, 40 MW to 60 MW on average, often the sixth building on an existing campus in an industrial zone, rather than new greenfield sites. For how big the AI campuses run in comparison, see [how much power an AI data center uses](https://www.sotkn.com/explained/how-much-power-does-an-ai-data-center-use/), and for how long a hall takes from permit to power, [how long it takes to build an AI data center](https://www.sotkn.com/explained/how-long-does-it-take-to-build-an-ai-data-center/). ## Why is the price per cabinet rising? ![Chart of what moved at Equinix in Q3 2026: gross bookings up 35%, total sales activity up 38%, new-deal pricing up 12%, revenue up 12%, interconnection revenue up 10%, churn 1.7%](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/11/us-equinix-q3-cabinets-install-october-2026-ladder.png) Price and volume both moved. · Education only. Because cabinets ready now are scarce. Pricing on new deals was up 12% year on year in Q3, which management called a leading indicator. It said renewals are now a focus, with healthy increases in negotiated prices, and that its retail contracts are usually shorter than wholesale leases, so the gap between old prices and today's going rate can be closed sooner. Churn, the share of recurring revenue lost to departing customers, was 1.7% in the quarter, below the 2% to 2.5% range the company still uses for its full-year view. Management gave two reasons: earlier work with customers before contracts come up, and a tight market in which customers have fewer places to move to. It also said it may choose to let some low-price, low-interconnection customers leave so that it can re-let the space at the current rate. The running estate shows where the money already comes from. Equinix's 193 stabilized data centres were 83% used in aggregate and earned a 27% cash-on-cash return in the quarter. Colocation revenue in that pool grew 7%, and interconnection revenue there grew 10%. Management said it expects mid-20% returns on new capacity too. Price is also where the AI cloud firms show up. Management called neoclouds an evolving part of the ecosystem moving from training toward inference for enterprises, and said it added 31 network nodes for them in the quarter, 150 in all. Its new Inference Exchange, with NVIDIA providing compute and [Together AI](https://www.sotkn.com/stack/neoclouds/what-does-together-ai-do/) as the first inference platform, enters beta this quarter. For how rent on a hall is set and when it starts, see our [data center lease explainer](https://www.sotkn.com/explained/data-center-lease-explained/). ## Where does power come into it? Management was open that power availability, legislation and community sentiment are creating headwinds for the industry, all three at once. Its answer was that smaller builds are easier for a utility to serve. Asked about delays, Fox-Martin said Equinix does see some delays tied to power, but because it asks utilities for a much smaller footprint than the giant campuses, it has more certainty on delivery. It said it announces projects only after permits are cleared and the land is energized, and that with 48 projects in 32 markets it can move one forward when another slows. It did delay a project in Dubai for regional reasons. The Georgia deal shows the price of power certainty for a larger campus. On 6 August Equinix and Central Georgia Electric Membership Corporation, a not-for-profit co-operative utility, announced that Equinix will pay up front for the initial grid upgrades for its Hampton project: a new high-voltage substation, two new high-voltage transmission lines, and early site assessments, modelling and engineering. It will also cover any cost the co-op takes on for grid upgrades and new generation supply for the project, including unforeseen or shifting costs. To lock that in, the two signed a 20-year take-or-pay style contract under which Equinix pays 100% of the co-op's costs of serving the campus's contracted demand. Equinix's campus page describes Hampton as four data centres on Site Parkway, with a second site of two colocation buildings planned. It cites more than 600 tradespeople at peak construction and up to $20 million a year in property tax. On the call, Fox-Martin said the agreement gives the utility certainty, and that such arrangements are not unique. This is the same direction regulators are taking elsewhere in the US: big new loads pay for their own wires and carry the risk if they do not show up. Our [Texas Pulse](https://www.sotkn.com/markets/us/us-texas-large-load-rule-october-2026/) covered a large-load rule with that aim, and our [PJM Catalyst](https://www.sotkn.com/catalyst/pjm-6831-mw-power-backstop-data-center-growth/) followed a 6,831 MW reliability backstop whose costs fall by zone on large-load growth. For how the largest buyers secure power, see [how hyperscalers buy power](https://www.sotkn.com/stack/hyperscalers/how-do-hyperscalers-buy-power/), and for the meaning of a contracted megawatt, [contracted power, explained](https://www.sotkn.com/explained/contracted-power-explained/). ## How does this compare with Digital Realty and Asia? Digital Realty, the other big US data centre REIT, reported the day after. As our [30 October Pulse](https://www.sotkn.com/markets/us/us-digital-realty-q3-signed-not-billed-october-2026/) set out, its backlog of signed leases is mostly large wholesale halls that take well over a year to start paying rent. Equinix's model is the retail end: smaller deals, shorter contracts, bookings meant to turn into revenue within about 90 days. Both say the same thing about demand. They differ in how long cash waits. For the two business models side by side, see [what Equinix does](https://www.sotkn.com/stack/ai-data-centers/what-does-equinix-do/) and [what Digital Realty does](https://www.sotkn.com/stack/ai-data-centers/what-does-digital-realty-do/). In Asia the binding step sits further upstream. Our [Malaysia Pulse](https://www.sotkn.com/markets/malaysia/malaysia-data-centre-water-check-approvals-october-2026/) today followed 24 data centre applications on hold until water is checked, and our [Australia Pulse](https://www.sotkn.com/markets/australia/australia-data-centre-pipeline-sydney-melbourne-permit-october-2026/) followed a pipeline waiting on permits. In [Korea](https://www.sotkn.com/markets/korea/korea-ai-data-centre-grid-queue-october-2026/), the queue is for the line into Seoul. Equinix has Sydney among its six newly opened projects, but its Q3 story is a later step: the permit, the power and the shell are mostly done, and the cabinet is the work left. ## Our math: what do the numbers say? The quarter, as reported Revenue$2.571bn (+12% normalized) Adjusted EBITDA / margin$1.321bn / 51.4% AFFO / per share$1.156bn / $11.64 Annualized gross bookings$533m (+35%) Capex (about 90% expansion)about $1.6bn Net cabinets billed5,700 The outlook, as reported 2026 revenue guidance$10.325bn–$10.365bn Prior 2026 revenue guidance$10.205bn–$10.285bn Q4 revenue guidance$2.684bn–$2.724bn Q4 adjusted EBITDA margin49%–50% Cabinets due in Q4 / presold13,000+ / over 20% 2027 retail capacity presold15% - Year-ago bookings: $533 million up 35% implies about $395 million in Q3 2025 (our arithmetic). - $533 million of annualized bookings is about 5.2% of Q3 revenue run at a yearly rate, $10.28 billion (our arithmetic). - Q4 revenue guidance is $113 million to $153 million above Q3, about 4.4% to 6.0% in one quarter (our arithmetic). - The midpoint of 2026 revenue guidance rose $100 million, from $10.245 billion to $10.345 billion (our arithmetic). - About 90% of about $1.6 billion is about $1.44 billion of Q3 capex on expansion; total Q3 capex was about 62% of Q3 revenue (our arithmetic). - Full-year capex of $5 billion to $6 billion is about 48% to 58% of guided 2026 revenue at the midpoint (our arithmetic). - 13,000 cabinets due in Q4 is about 2.3 times the 5,700 net cabinets billed in Q3 (our arithmetic). - Over 20% of 13,000 is more than 2,600 Q4 cabinets already presold (our arithmetic). - Illustration only: 13,000 cabinets at the 7 kW incoming average would be about 91 MW of customer load; at the 5 kW leaving average, about 65 MW (our arithmetic; actual density varies by hall). - Moving from 5 kW to 7 kW per cabinet is 40% more power in the same footprint (our arithmetic). - 83% used across 193 stabilized sites leaves about 17% of that capacity to sell (our arithmetic). - 3 GW of developable capacity in builds of 40 MW to 60 MW would be roughly 50 to 75 builds (our arithmetic). - Interconnection at about 19% of revenue is roughly $0.49 billion of Q3's $2.571 billion (our arithmetic). - Hampton's up to $20 million a year in property tax would be up to $400 million over the 20-year contract if held flat (our arithmetic; the company gives only the annual figure). ## Who gets paid first? ![Infographic: who gets paid while Equinix installs its new cabinets, from the utility and the builders to Equinix's running halls, and why the install is the stuck step](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/11/us-equinix-q3-cabinets-install-october-2026-infographic.png) Who gets paid / stuck step at Equinix. · Education only. First, the utility. Under the Hampton contract, Central Georgia EMC is paid up front for the substation and two lines, then paid 100% of its costs of serving the campus's contracted demand for 20 years, whether or not the halls fill on schedule. That is a take-or-pay: the utility's cash does not wait for a customer's server. Second, the builders and the power gear makers. Equinix spent about $1.6 billion in Q3, 90% of it on new capacity, across 48 projects in 32 markets, and plans $5 billion to $6 billion for the year. Contractors, switchgear, transformer, generator and cooling suppliers are paid as halls go up, months before the cabinets bill. For who makes that kit, see [who makes data center power equipment](https://www.sotkn.com/explained/who-makes-data-center-power-equipment/), and for why big transformers bind, our [transformer Analysis](https://www.sotkn.com/analysis/if-big-transformers-stay-sold-out-2029-where-cash-sticks/). Third, Equinix's running halls. The 193 stabilized sites are 83% used and earned a 27% cash-on-cash return in Q3\. New-deal pricing is up 12%, churn is low and renewals are being repriced. That is money earned now, on cabinets already switched on, and it funds much of the build. Fourth, the customers and their new cabinets — last. A business that booked a cabinet in Q3 earns from it only once its gear is installed and live. The same order holds for the AI clouds and model firms that rent through Equinix's ecosystem. For what a hall costs before it earns, see [how much it costs to build an AI data center](https://www.sotkn.com/explained/how-much-does-it-cost-to-build-an-ai-data-center/), and for who does the building, [who builds AI data centers](https://www.sotkn.com/explained/who-builds-ai-data-centers/). One-line rule: at Equinix, the utility and the builders are paid before the new cabinet bills. The stuck step is the install that turns a booking into revenue. ## So what is the stuck step? The install: getting a sold cabinet built, powered, cooled, racked and switched on. Not demand: bookings are at a record and 60% of the Q4 target was closed by late October. Not money: Equinix has $9.1 billion of available liquidity, 4.1 times net leverage and a 3.2% blended borrowing rate, management said. Not land or permits for the near term: management said about 80% of its 3 GW pipeline is in its top 25 metros, with land, power and permits largely secured. Three things keep the install tight: - **Volume.** More than 13,000 cabinets in one quarter is a record for the company, against a Q3 net billing gain of 5,700\. Each one needs people, parts and a customer ready to move in. - **Density.** New customers come in at about 7 kW per cabinet against 5 kW for those leaving, and liquid-cooled bookings rose more than tenfold. Heavier cabinets need more power and cooling at each spot. - **Power on new campuses.** For a larger site like Hampton, the substation and two new lines must be built first, at Equinix's cost. Management said some delays tied to power do happen, even with smaller builds. So-what: at Equinix, the scarce thing is not a buyer. It is a cabinet that is live today. Prices on new deals rise while that holds, the utility and the builders are paid before the cabinet bills, and the pace of installs decides how fast a record quarter of bookings becomes revenue. ## Which dates test this read next? ![Calendar of dates that test the Equinix read: Q4 2026 cabinet deliveries, the Q4 results and 2027 guidance in February, 2027 capacity that is 15% presold, and the Hampton grid build](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/11/us-equinix-q3-cabinets-install-october-2026-calendar.png) Dates that test the read. · Education only. - Q4 2026 — more than 13,000 cabinets due, over 20% presold. The test: whether net billed cabinets jump in Q4 or the sold-not-installed backlog grows again. - Q4 2026 — Fabric One and the Inference Exchange enter beta. The test: whether AI inference customers book cabinets near them. - February 2027 — Q4 results and 2027 guidance, when management says it will refresh its churn view. The test: the 2027 capex range and how much new capacity it buys. - 2027 — retail capacity coming online, 15% already presold. The test: whether the presold share rises before the halls open. - Next five years — the atNorth joint venture's 800 MW pipeline in the Nordics comes online, outside Equinix's consolidated numbers. The test: whether it adds fees without adding to the install queue. - 20 years — the Hampton take-or-pay with Central Georgia EMC. The test: whether more US utilities ask other data centre owners for the same terms. ## What would change this view? - Net billed cabinets catch up quickly with deliveries in Q4 and Q1 — the install would bind less. - New-deal pricing growth slows or churn rises back above 2% — scarcity, not install speed, would be the question. - Power delays spread across the 48 projects, not just one site — the stuck step would move upstream to the grid. - Neocloud or AI customers cancel booked cabinets — demand quality, not delivery, would become the issue. ## Practical takeaways - Equinix Q3 2026: revenue $2.571bn (+12% normalized), adjusted EBITDA $1.321bn, AFFO $1.156bn - Record $533m of annualized gross bookings, up 35%; total sales activity up 38% - 2026 revenue guidance raised to $10.325bn–$10.365bn, the third raise in a row - More than 13,000 cabinets due in Q4, over 20% presold, against 5,700 net billed in Q3 - New-deal pricing up 12%, churn 1.7%, incoming cabinets at about 7 kW versus 5 kW leaving - Georgia: Equinix pays for its own substation and two lines, then 100% of costs on a 20-year take-or-pay - The utility and the builders are paid first; the new cabinet last. Stuck step: the install ## FAQ **What did Equinix report for Q3 2026?** On 28 October 2026 Equinix reported Q3 revenue of $2.571 billion, up 11% as reported and 12% on a normalized and constant currency basis. Adjusted EBITDA was $1.321 billion and AFFO $1.156 billion, or $11.64 a share. It booked a record $533 million of annualized gross bookings, up 35% from a year earlier, and raised its 2026 guidance for the third quarter in a row, to revenue of $10.325 billion to $10.365 billion. **What are annualized gross bookings?** Equinix's measure of new business signed in the quarter that it expects to turn into revenue within about 90 days, stated at a yearly rate. It does not include presales of capacity that is still being built, which is why the company also quoted total sales activity, including presales, up 38%. **How many cabinets is Equinix delivering?** More than 13,000 cabinets in Q4 2026, which management called its highest delivery quarter on record, with more than 20% of that capacity presold. It expects to beat its full-year retail capacity plan by nearly 40%. In Q3, net billed cabinets rose by 5,700, while the backlog of capacity sold but not yet installed reached a record. **What did Equinix agree in Georgia?** On 6 August 2026 Equinix and Central Georgia Electric Membership Corporation announced that Equinix will pay up front for a new high-voltage substation and two high-voltage transmission lines for its Hampton campus, and will pay 100% of the co-op's costs of serving the campus's contracted demand under a 20-year take-or-pay style contract, including unforeseen costs. **Who gets paid first while the cabinets are installed?** On our map: the utility, which is paid for the substation and lines up front and then on a take-or-pay basis; the builders and power gear makers, paid out of about $1.6 billion of Q3 capex, 90% of it for new capacity; and Equinix itself on the cabinets already running, where new-deal prices rose 12%. The customer's new cabinet earns last, once it is installed and switched on. **Is this investment advice?** No. Education only. It maps who gets paid and which step is stuck. It is not a recommendation to buy or sell any security, and we leave out share prices, valuations, broker ratings and price targets on purpose. ## Keep reading on the map - [US Markets hub](https://www.sotkn.com/markets/us/) — country page - [Digital Realty Q3 Pulse](https://www.sotkn.com/markets/us/us-digital-realty-q3-signed-not-billed-october-2026/) · [Microsoft GPU handover Pulse](https://www.sotkn.com/markets/us/us-microsoft-q1-gpu-handover-october-2026/) · [Texas large-load rule Pulse](https://www.sotkn.com/markets/us/us-texas-large-load-rule-october-2026/) - [PJM power backstop Catalyst](https://www.sotkn.com/catalyst/pjm-6831-mw-power-backstop-data-center-growth/) · [Alphabet data center backstops Wire](https://www.sotkn.com/wire/alphabet-48b-data-center-backstops-wire/) - [AI Data Centers on the stack](https://www.sotkn.com/stack/ai-data-centers/) · [What Equinix does](https://www.sotkn.com/stack/ai-data-centers/what-does-equinix-do/) · [What Digital Realty does](https://www.sotkn.com/stack/ai-data-centers/what-does-digital-realty-do/) - [Data center leases, explained](https://www.sotkn.com/explained/data-center-lease-explained/) · [Contracted power, explained](https://www.sotkn.com/explained/contracted-power-explained/) · [Who makes data center power equipment](https://www.sotkn.com/explained/who-makes-data-center-power-equipment/) - [Where AI data centers are located](https://www.sotkn.com/explained/where-are-ai-data-centers-located/) · [How long it takes to build an AI data center](https://www.sotkn.com/explained/how-long-does-it-take-to-build-an-ai-data-center/) · [How hyperscalers buy power](https://www.sotkn.com/stack/hyperscalers/how-do-hyperscalers-buy-power/) - [All Markets doors](https://www.sotkn.com/markets/) — Taiwan, Korea, US, China, Singapore, Australia, Malaysia **Get the Wire.** Second Order’s free daily brief on what moved in the AI chip map. [Read the Wire →](https://www.sotkn.com/the-wire/) · [Subscribe free →](https://www.sotkn.com/#/portal/signup) **Members’ Analysis (teaser):** When the stuck step moves, where does cash stick? The free line: whoever clears the bind is paid before whoever waits on it. [Read the Analysis →](https://www.sotkn.com/analysis/where-does-the-stuck-step-move/) **How we check this.** Revenue, EBITDA, AFFO, bookings, guidance and the capex range come from Equinix's Q3 2026 press release of 28 October 2026\. Cabinet deliveries, presales, net cabinets billed, the sold-not-installed backlog, pricing, churn, density, the 3 GW pipeline, the 48 projects and the Q3 capex figure come from management's remarks on the 28 October earnings call, read from a published transcript. The Georgia terms come from the 6 August 2026 release by Equinix and Central Georgia Electric Membership Corporation and Equinix's Hampton campus page. Anything we worked out ourselves is labelled “our arithmetic”. Share prices, valuations, broker ratings and price targets are left out on purpose. The references we used are listed at the end. [Our editorial standards →](https://www.sotkn.com/editorial-standards/) Not investment advice. Do your own research. --- ### References 1. Equinix, Equinix Reports Third-Quarter Results and Raises 2026 Guidance (press release), 28 Oct 2026\. [investor.equinix.com](https://investor.equinix.com/news-events/press-releases/detail/1128/equinix-reports-third-quarter-results-and-raises-2026?ref=sotkn.com) — Q3 revenue $2.571bn, adjusted EBITDA $1.321bn, AFFO $1.156bn, record $533m annualized gross bookings, raised 2026 guidance, Q4 guidance, capex $5bn to $6bn, Hampton 20-year commitment. 2. Equinix Q3 2026 earnings call transcript (The Motley Fool), 28 Oct 2026\. [fool.com](https://www.fool.com/earnings/call-transcripts/2026/10/29/equinix-eqix-q3-2026-earnings-call-transcript/?ref=sotkn.com) — 13,000-plus cabinets in Q4 with over 20% presold, 15% of 2027 retail capacity presold, 5,700 net cabinets billed, record sold-not-installed backlog, 12% new-deal pricing, 1.7% churn, 5 kW out and 7 kW in, 3 GW developable, 48 projects in 32 markets, Q3 capex about $1.6bn. 3. Equinix and Central Georgia EMC, Equinix Partners with Central Georgia Electric Membership Corporation to Protect Ratepayers (press release), 6 Aug 2026\. [investor.equinix.com](https://investor.equinix.com/news-events/press-releases/detail/1118/equinix-partners-with-central-georgia-electric-membership?ref=sotkn.com) — Equinix funds a new high-voltage substation and two high-voltage lines, 20-year take-or-pay contract covering 100% of the co-op's costs for the Hampton contracted demand. 4. Equinix, Hampton, GA campus page, accessed 1 Nov 2026\. [equinixtogether.com](https://equinixtogether.com/hampton/?ref=sotkn.com) — four data centres on Site Parkway plus a second two-building site, 600-plus construction trades at peak, up to $20m a year in property tax.