Equinix

Equinix was incorporated in Delaware in June 1998. Early network access points (NAPs) were unable to scale with the growth of the internet, and carrier-owned exchange points had conflicts of interest with their participants, creating demand for neutral interconnection points. Equinix’s network- and cloud-neutral model attracted a critical mass of networks.⁠[1]

Peter F. Van Camp, CEO at the time of the IPO, joined on May 16, 2000. Under its prospectus of August 10, 2000, Equinix offered 20 million shares at $12 each on the Nasdaq National Market under the symbol EQIX; its first three operational IBX centers were in the Washington, D.C., New York and Silicon Valley areas.⁠[2]

In October 2002, ST Telemedia announced it would merge its wholly owned Internet infrastructure business, i-STT, into Equinix, while Pihana Pacific would integrate its Internet exchange business into the company. ST Telemedia expected to hold about 28 percent of Equinix before conversion of convertible debt and warrants and about 48 percent after, with Asia-Pacific headquarters in Singapore.⁠[3]

On December 31, 2002, Equinix announced it had completed the merger and financing transactions, including a $30 million strategic investment by STT Communications, giving it 15 IBX centers in six countries. CEO Peter Van Camp said Equinix was now “the largest network-neutral Internet exchange services company internationally.”⁠[4]

On March 19, 2007, Equinix named Stephen M. Smith, formerly senior vice president of HP Services, as CEO effective April 2, 2007. Peter Van Camp, CEO since 2000, moved to the role of executive chairman.⁠[5]

On May 3, 2010, Equinix completed its $683.4 million acquisition of Switch and Data Facilities Company, paid with about $134.0 million in cash and about 5.5 million Equinix shares. The combined company operated 87 IBX and partner data centers in 35 metro areas across North America, Europe and Asia-Pacific, adding 16 new North American metros.⁠[6]

On December 23, 2014, the Equinix board approved conversion to a real estate investment trust (REIT) effective for the taxable year beginning January 1, 2015. The company had not yet received its private letter ruling (PLR) from the IRS and expected it by year-end or early 2015.⁠[7]

In March 2015, S&P Dow Jones IndicesS&P Dow Jones IndicesS&P Dow Jones Indices (S&P DJI) is a global index provider that compiles and licenses benchmark indices including the S&P 500 and the Dow Jones Industrial Average. It was formed in 2012 by combining McGraw-Hill’s S&P index business with the Dow Jones Indexes business held by a joint venture of CME Group and Dow Jones, and it is now the index business division of S&P Global, which holds about 73% of the interest.Open the full entry announced that Equinix would join the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry after the close on March 20, replacing Denbury Resources.⁠[8]

On March 17, Equinix confirmed it would move from the S&P MidCap 400 to the S&P 500. CEO Steve Smith said, “Achieving S&P 500 status is an outstanding accomplishment,” adding that “with our conversion to a REIT, we are well positioned.”⁠[9]

On January 15, 2016, Equinix completed its acquisition of TelecityGroup plc in a transaction valued at about $3.8 billion (£2.6 billion). TelecityGroup’s 40-plus data centers more than doubled Equinix’s capacity in Europe and added seven markets: Bulgaria, Finland, Ireland, Italy, Poland, Sweden and Turkey.⁠[10]

As a condition of the European Commission’s clearance of the TelecityGroup deal in November 2015, Equinix agreed on May 16, 2016, to sell eight European data center assets to Digital Realty Trust for $874.4 million: five in London, two in Amsterdam and one in Frankfurt, subject to conditions including Commission approval.⁠[11]

In May 2017, Equinix completed its $3.6 billion cash acquisition of 29 VerizonVerizonVerizon (Verizon Communications Inc.) is one of the largest telecommunications carriers in the United States, formed in 2000 through the merger of Bell Atlantic, one of the “Baby Bells,” and GTE. Headquartered in New York City, it operates a nationwide wireless network, Fios fiber broadband and communications services for businesses and government, and is listed on the New York Stock Exchange and Nasdaq.Open the full entry data centers in 15 cities in North and Latin America, bringing more than 1,000 customers, over 600 of them new to the company.⁠[12]

On January 25, 2018, Equinix announced that Steve Smith, CEO for over eleven years, had resigned after “exercising poor judgment with respect to an employee matter.” Executive chairman and former CEO Peter Van Camp became interim CEO effective immediately, and the board began a formal search.⁠[13]

On September 12, 2018, Equinix named Charles Meyers president and CEO, effective immediately. Meyers had joined in 2010 as President, Americas, and had spent the prior year as President of Strategy, Services and Innovation. Peter Van Camp returned to the role of executive chairman.⁠[14]

On March 12, 2024, Equinix announced that Adaire Fox-Martin, previously President of Go-to-Market at Google Cloud, head of Google Ireland and a member of SAP’s Executive Board, would become president and CEO. Charles Meyers would become executive chairman, and Peter Van Camp would leave the board to serve as special advisor.⁠[15]

Fox-Martin took office on June 3, 2024, when Meyers stepped down as president and CEO while remaining executive chairman and a director.⁠[16]

In March 2024, Hindenburg Research published a short report alleging “major accounting manipulations” at Equinix, claiming that maintenance capital expenditure was classified as growth spending, overstating 2023 adjusted funds from operations (AFFO) by at least 22 percent, a metric tied to executive bonuses after the 2015 REIT conversion.⁠[17]

Reporting first-quarter results in May 2024, Equinix said its audit committee had concluded that its financial reporting had been accurate and that no adjustments to prior financial statements or non-GAAP measures were required, though the investigation continued. It received a subpoena from the SEC on April 30, 2024, and one from the U.S. Attorney’s Office for the Northern District of California.⁠[18]

In January 2025, U.S. District Judge Vince Chhabria denied Equinix’s motion to dismiss the AFFO manipulation claims in a securities class action while dismissing other claims. In February 2025, a shareholder filed a derivative complaint in Northern California federal court against 11 current and former executives and directors, including Adaire Fox-Martin and Charles Meyers.⁠[19]

In July 2025, Equinix settled the securities class action for $41.5 million while denying wrongdoing. In November 2025, it disclosed in an SEC filing that the agency had formally closed its investigation without recommending further action.⁠[20]

Equinix describes itself as “the world’s digital infrastructure company,” operating IBX and xScale data centers. As of December 31, 2025, it had 280 data centers in 77 markets in 36 countries and 13,716 employees.⁠[21]

On February 11, 2026, Equinix posted 2025 revenues of $9.217 billion, up 5 percent year over year, and net income attributable to common stockholders of $1.350 billion, up 66 percent. It raised its quarterly cash dividend 10 percent to $5.16 per share and forecast 2026 revenues of $10.123 billion to $10.223 billion.⁠[22]

On October 28, 2026, Equinix posted third-quarter revenues of $2.571 billion, up 11 percent, and net income attributable to common stockholders of $489 million, up 31 percent. During the quarter it completed its investment in atNorth alongside CPP Investments and raised 2026 revenue guidance to $10.325 billion to $10.365 billion.⁠[23]