# Digital Realty The second-largest data center REIT globally, behind only Equinix. Founded in 2004 and headquartered in Austin, Texas. Trades on NYSE as DLR. CEO is Andrew P. Power. As of Q1 2026, the portfolio includes 309 data centers (including 89 held through unconsolidated joint ventures) across 50+ metros in 25+ countries. Trailing twelve-month revenue sits at approximately $6.3B, with the company guiding for over 10% revenue growth and 8% Core FFO growth in 2026. ## Northern Virginia — Data Center Alley Digital Realty's largest concentration of capacity is in Northern Virginia, the region known as Data Center Alley — the single largest cluster of data centers on Earth. The company operates more than 400 MW of capacity across existing campuses in Ashburn and Sterling. In June 2026, Digital Realty purchased [[Blackstone]]'s interest in three fully leased Northern Virginia data centers (two in Manassas, one on the Digital Dulles campus in Sterling) containing 288 MW of total IT capacity at a gross valuation of $7.8B — all 100% leased to investment-grade hyperscale customers. Digital Realty has amassed 672 acres of land in the region, enough to support another gigawatt of capacity. The Digital Dulles campus alone could eventually include 13 data centers with investment north of $10B over the next decade. ## Joint Ventures and Partnerships Digital Realty pursues hyperscale development through multiple JV structures. Key partnerships include a $7B hyperscale development JV with [[Blackstone]] (announced 2024) and a JV with [[Brookfield Asset Management]] Infrastructure for data center development in India. In Q2 2026, the company closed the DC Partners NA Fund, a Delaware limited partnership with institutional investors taking majority stakes in five core properties. ## KB Relevance Digital Realty is the second pillar (alongside Equinix) of the physical infrastructure layer that AI depends on. Its massive Northern Virginia footprint makes it a direct proxy for tracking the buildout pressure documented in [[The Quest for 90 Gigawatts]]. The $7.8B Blackstone transaction signals how aggressively capital is flowing into the data center layer as [[Artificial Intelligence]] workloads scale. ## See Also - [[The Quest for 90 Gigawatts]] - [[Artificial Intelligence]] - [[Brookfield Asset Management]] - [[Blackstone]]