Digital Realty Trust
DLRQ2 2025(DLR Q1 FY2025)Estimated8% AI
AI Revenue %
8%
AI Fair Value
$2.9B
AI Revenue (Q)
$112.6M
Total Revenue (Q)
$1.4B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
DLR reports total operating revenues of $1,407,637K for Q1 FY2025 (three months ended March 31, 2025). Revenue grew 5.7% Y/Y. Total assets at $45.1B with cash of $2.3B. DLR's massive development pipeline (8.9M sq ft under construction as of year-end 2024) is increasingly AI-oriented. Fee income grew to $20.8M from $13.9M Y/Y, potentially reflecting development management fees from AI-related JV projects. No AI-specific revenue disclosure in the 10-Q. As AI training clusters require significantly more power density (30-100+ kW/rack vs. 5-10 kW traditional), AI-purposed leases command premium pricing and represent a growing share of revenue even if they occupy a smaller share of total square footage. Incrementing to 8%. Math: $1,407,637K x 8.0% = ~$112,611K estimated AI-attributable revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Total operating revenues $1,407,637 (three months ended March 31, 2025)
10-Q for period ending March 31, 2025, Condensed Consolidated Income Statements
Fee income and other $20,776 (Q1 2025) vs $13,872 (Q1 2024)
10-Q for period ending March 31, 2025, Condensed Consolidated Income Statements
AI Products Identified (Ring 1)
High-density data center leases for AI/ML training clustersHyperscaler colocation for GPU deploymentsHigh-power-density infrastructure for AI workloadsAI-ready development pipelineDevelopment management fees (AI-related JVs)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Enterprise colocation and interconnectionTraditional cloud hosting leasesContent delivery and network hub facilitiesPlatformDIGITAL and PDx solutions
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix