Digital Realty Trust
DLRQ1 2024(DLR Q4 FY2023)Estimated4.5% AI
AI Revenue %
4.5%
AI Fair Value
$1.5B
AI Revenue (Q)
$63.1M
Total Revenue (Q)
$1.4B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
DLR's 10-K for FY2023 (ending December 31, 2023) shows 309 data centers globally. The filing mentions AI in the same generic Industry Background context as prior years -- alongside IoT, 5G, autonomous vehicles. Critically, DLR adopted ASU 2023-07 (Segment Reporting improvements) but this had not yet taken effect. No AI-specific segment, no customer workload breakdown, no AI leasing metrics. The segment note discusses only the Teraco acquisition and accounting standards. DLR's business description emphasizes 'Data Gravity' and PlatformDIGITAL but does not quantify AI exposure. By late 2023, AI-driven leasing was a significant portion of new bookings industry-wide, but DLR's total revenue base (dominated by long-term leases from pre-AI era) changed slowly. Incrementing to 4.5%. Math: Estimated Q4 2023 revenue ~$1,400,000K x 4.5% = ~$63,000K.
Analyzed by claude-opus-4-6
Quoted Figures
As of December 31, 2023, our portfolio consisted of 309 data centers (including 67 data centers held as investments in unconsolidated entities), of which 124 are located in the United States, 112 are located in Europe, 36 are located in Latin America, 14 are located in Africa, 14 are located in Asia, six are located in Australia and three are located in Canada.
10-K for fiscal year ending December 31, 2023, Item 1 Business
Segment Reporting. In November 2023, the FASB issued ASU 2023-07, Segment Reporting ('Topic 280'): Improvements to Reportable Segment Disclosure.
10-K for fiscal year ending December 31, 2023, Note to Financial 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 workloads
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 facilities
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix