Digital Realty Trust
DLRQ1 2025(DLR Q4 FY2024)Estimated7% AI
AI Revenue %
7%
AI Fair Value
$2.6B
AI Revenue (Q)
$100.5M
Total Revenue (Q)
$1.4B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
DLR's 10-K for FY2024 (ending December 31, 2024) shows 308 data centers globally with ~54.9M rentable square feet, including 8.9M sq ft under active development and 4.7M sq ft held for development. Critically, DLR states it can accommodate 'over 3,500 megawatts of additional data center capacity, including more than 1,000 additional megawatts developable in Northern Virginia' -- a primary AI training hub. The 10-K mentions AI only generically in the Industry Background section. Still no AI-specific revenue segment or customer workload breakdown. DLR now references PlatformDIGITAL and 'Pervasive Data Center Architecture (PDx)' but without AI-specific revenue metrics. The Teraco put/call agreement shows continued portfolio optimization. By Q4 2024, AI-purposed leasing was a substantial driver of new bookings industry-wide, and a meaningful fraction of DLR's 2023-2024 new leases (now commenced) are AI-driven. Incrementing to 7%. Math: Estimated Q4 2024 revenue ~$1,450,000K x 7.0% = ~$101,500K.
Analyzed by claude-opus-4-6
Quoted Figures
As of December 31, 2024, our portfolio consisted of 308 data centers (including 78 data centers held as investments in unconsolidated entities), of which 121 are located in the United States, 112 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 16 are located in Asia, six are located in Australia and three are located in Canada.
10-K for fiscal year ending December 31, 2024, Item 1 Business
As of December 31, 2024, the portfolio contained approximately 54.9 million rentable square feet, including approximately 8.9 million square feet of space under active development and 4.7 million square feet of space held for development.
10-K for fiscal year ending December 31, 2024, Item 1 Business
We estimate that our land and other space held for, or actively under, construction could accommodate over 3,500 megawatts of additional data center capacity, including more than 1,000 additional megawatts developable in Northern Virginia.
10-K for fiscal year ending December 31, 2024, Item 1 Business
AI Products Identified (Ring 1)
High-density data center leases for AI/ML training clustersHyperscaler colocation for GPU deploymentsHigh-power-density infrastructure for AI workloadsNorthern Virginia AI campus developmentAI-ready development pipeline (3,500+ MW capacity)
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