Colocation and interconnection giant Equinix posted revenues of $2.571 billion for the latest quarter, up 11 percent on the same time last year.

The company said that it delivered record annualized gross bookings of $533 million, up 35 percent. Equinix raised full-year 2026 guidance for the third consecutive quarter.

The company posted an operating income of $600 million, up 27 percent. Adjusted EBITDA was $1.321bn, up 15 percent.

"Our Q3 results and raised full-year guidance reflect the differentiated position and growing importance of Equinix," said Adaire Fox-Martin, CEO and president, Equinix.

"We delivered double-digit growth across the key metrics that drive long-term value creation, including interconnection and monthly recurring revenue, and we accelerated capacity to meet broad-based demand. We also unveiled Equinix Fabric One and Equinix Inference Exchange to enable enterprise customers to run, connect, and orchestrate their most critical workloads."

In an earnings call, Fox-Martin said that the company has "significantly increased" the number of cabinets it plans to deliver in the second half of this year, and expects to exceed its retail capacity plan for the full year by nearly 40 percent.

The company expects more than 13,000 cabinets in Q4, its highest quarter of delivery on record, with more than 20 percent of that Q4 capacity presold. 15 percent of retail capacity coming online in 2027 is presold.

"We have 3GW of developable capacity, which includes our projects currently in progress," she said.

"About 80 percent of that is in our top 25 metros, and the land, power and permitting is largely secured. On top of that 3GW, the atNorth transaction we completed this quarter with CPP Investments brings an active development pipeline of 800MW coming online over the next five years as well as an additional 1GW of opportunity for future expansion."

Without mentioning names, Fox-Martin appeared to differentiate Equinix's approach to that of large-scale neoclouds, which aim to develop giant facilities for large customer orders.

"Capacity isn't simply a numbers game," she said. "A megawatt in a major interconnection hub is worth more than one elsewhere."

She added: "We serve core critical workloads that run the everyday economy. Our new retail builds are sized for these use cases, generally 60MW or less, and they are substantially smaller than the large scale campuses drawing the most regulatory attention. We also don't depend on any single build to meet our growth objectives."

Similarly, no single client exceeds 2.5 percent of Equinix's total revenue. "The breadth of our customer base means that our results don't rely on any single customer, industry, geography or technology trend," she said.

CFO Olivier Leonetti said that customer churn was at 1.7 percent. "Customers churned out at an average density of 5kW per cabinet and in at an average density of 7kW per cabinet, reflecting rising densities from AI workloads."

Pricing on new deals was increased 12 percent year-over-year. "We expect this pricing strength will be durable," he said.

With this in mind, Fox-Martin admitted that "it is possible that we may choose to do selective churns where we may choose to churn out with intention a customer that's operating at a particular price point and perhaps low interconnection or network density and churn in a customer that has some of the opposite parameters."

Quarterly capex hit $1.6 billion, with roughly 90 percent directed towards capacity expansion.