datacenters, power & cooling · 产业指数 12 (排名 #94) ·
价格: 截至 2026-10-07 指数: 截至 2026-10-07 基本面: 最新申报文件 2026-05-01 按季披露（10-Q XBRL）
Digital Realty is a global data center REIT providing colocation and hyperscale wholesale capacity through its PlatformDIGITAL portfolio.
产业敞口 0.5 (Hyperscale wholesale leasing for AI workloads is a large and fast-growing share of the data center REIT's bookings.)
延迟的日终逐合约汇总数据——不是实时盘口，也不是逐笔资金流。买卖方向是根据每个合约最后一笔成交在买卖价差中的位置推断出来的，并非观测到的委托流。除非有报价的合约占当日权利金的四分之一以上，否则公司层面的方向会被隐去，因此下方个别合约有方向时这里也可能为空。看跌/看涨权利金是在我们采集的合约范围内计算的——最近的 6 个到期日、45 天以内，并非完整期权链——而下表最多列出 20 个被标记的合约，所以把这些行加总不会还原出上面的百分比。
标记原因：earnings in 23 days
| 日期 | 合约 | 异常分 | 买卖方向（推断）? | 持仓量变动? | 成交量 | 成交量/持仓量 | 标记 |
|---|---|---|---|---|---|---|---|
| 2026-10-07 | $182.5 PUT | 28 | 卖方主动 | 0 | 466 | 11.9× |
19 smaller flags (under $100000 premium) hidden.
最近交易日：为 13 日基准的 1.1 倍
看涨 27% / 看跌 73%（按权利金）
结构性 撑起了这次判断——几乎全部倾向都由它贡献，其余投票者基本相互抵消。
多数投票者倾向一致；结构性 投了反对票。方向一致度 0.67。
一个明确的看空分数；置信度 0.26 反映的是智能体之间的一致强度。置信度是信心，不是价格变动的概率。
Digital Realty rents space, power and connectivity rather than compute: at 2025 year-end its portfolio held 310 data centers and roughly 57.6 million rentable square feet across more than 55 metros in over 30 countries, about 84.7% leased, serving more than 5,000 customers. Two different businesses sit inside that footprint. The greater-than-1 MW wholesale side is a capital-and-power race — 769 MW of projects underway with 64% pre-leased, and land that "could accommodate over 3,500 megawatts of additional data center capacity" — where the 10-K names Equinix, NTT, Global Switch and "various private operators" as rivals and warns that added supply can push rents down. The colocation and interconnection side is the defended half: over 232,000 cross connects and the "densely connected data communities" Item 1 says competitors cannot easily replicate, reinforced by contracts the filing describes as generally running 5-10+ years on large deployments and by improvements "installed at our customers' expense." FY2025 leasing supports that read — renewals signed re-priced +27.0% on greater-than-1 MW space and +4.6% on 0-1 MW — while customer concentration is the offsetting exposure, with the largest customer at roughly 11.7% of annualized recurring revenue.
评级: 窄
The FY2025 10-K's own competitive record cuts both ways. Item 1 says a "high-quality, highly interconnected global portfolio such as ours could not be easily replicated today on a cost-competitive basis," yet Item 1A concedes that competitors have "significantly greater financial, marketing and other resources and more ready access to capital" and that as rivals keep developing space, "rental rates may be reduced or we may face delays in leasing." A durable advantage that its own filing says new supply can price against is bounded, not unassailable.
类型: 网络效应
Item 1 attributes the hard-to-replicate part of the portfolio to connectivity rather than to real estate: "the network density, interconnection infrastructure and connectivity-centric customers in certain of our data centers have led to the organic formation of densely connected data communities that are difficult for competitors to replicate." That community sits on over 232,000 cross connects in over 55 metros, so each network and cloud that lands makes the same building worth more to the next tenant.
领先地位: 并列领先者
Item 1 claims the title of "the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions," but the Competition section names Equinix and NTT as operators of properties "similar to ours in some of the same metropolitan areas," plus Global Switch and regional operators abroad — a shared top tier on the company's own telling, not a solitary one.
定价权: 强
FY2025 renewals signed re-priced upward in every bucket — +27.0% on greater-than-1 MW space ($146 to $186 per square foot), +4.6% on 0-1 MW ($268 to $280) and +43.0% on other ($49 to $71) — and MD&A expects average aggregate rental rates on 2026 renewals to be positive against the rates currently paid for the same space "on a GAAP basis and on a cash basis." On costs, the filing says utilities expense "is our largest expense category" and that "the vast majority of the expense is passed directly through to our customers," which it credits with significantly mitigating exposure to power-cost increases rather than removing it. The cap: Item 1A warns competitor development could still force rates down.
基于所引来源做出的人工整理护城河判断。 来源：sec.gov
层级: datacenters, power & cooling
Landlord to the AI stack — sells the space, power and interconnection that cloud, network and enterprise tenants run compute in (Oracle, IBM, Meta Platforms, AT&T, Comcast and Lumen are among the customers named in Item 1), with roughly 2.9 GW of total in-place IT capacity.
由这家公司已映射的供应链关系及其所属产业层级推导而来。
护城河先验在长周期（约 6 个月）上投出 +0.17 票，权重为 0.20——该周期上的群体判断是 neutral（得分 0.11，信念度 0）。
编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。 查看它究竟如何投票 →
产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。
| 产品 | 市场份额 | 技术壁垒 |
|---|---|---|
| Colocation (0-1 MW) · Retail colocation Single-cabinet to roughly 75-cabinet deployments the 10-K says deploy in days, on contracts generally 2-5 years with consistent designs and power expenses. | 前三 Same named global peer set (Equinix, NTT) plus "various private operators in the U.S." and regional operators in Europe, Asia, Latin America, Africa and Australia; the 10-K discloses no share percentage for colocation. | 中等 Contracts here run only 2-5 years and the same metros hold "various private operators"; Item 1A warns customers can be lost where rivals "offer rental rates below current market rates, or below the rental rates we are offering." |
| Cross Connect and Metro Connect interconnection · Interconnection Physical connections between two customer-defined endpoints inside a facility, and dedicated connections between Digital Realty facilities in the same metro. | 前三 Over 232,000 cross connects across the global footprint, set against Equinix — named first in the Competition section — as the other scaled cloud- and carrier-neutral interconnection platform; the 10-K discloses no share figure. | 深 The 10-K calls interconnection "an attractive line of business that would be difficult to build organically" and says the resulting "densely connected data communities" are "difficult for competitors to replicate." |
| Powered Base Building · Powered shell Provides "the physical location, requisite power and network access necessary to support a state-of-the-art data center" for customers that build and operate their own infrastructure. | 未知 The 10-K describes the product but reports it only inside the "Other" leasing bucket, which also holds storage and office space, and discloses no market position for powered shell. | 中等 Gated by the same scarce inputs of secured power and land, but Item 1 sells it to customers "who possess the ability to build and operate their own infrastructure," so the operating layer that binds a Turn-Key Flex tenant belongs to the customer here, not to Digital Realty. |
| ServiceFabric · Virtual network orchestration A global open orchestration platform for provisioning connectivity and connected services across Digital Realty's footprint and third-party locations. | 未知 Item 1 gives reach — "virtual network orchestration to 305+ cloud on-ramps and 700 data centers globally" — but makes no share or ranking claim, and the Competition section addresses data center operators rather than network-orchestration platforms. | 中等 Its pull comes from the underlying footprint rather than the software: the 10-K presents products like ServiceFabric as things that "further enhance the attractiveness of our data centers," and its reach extends into third-party locations Digital Realty does not own. |
| Turn-Key Flex scale deployments (>1 MW) · Wholesale and hyperscale data center leasing Customized multi-megawatt data center environments the 10-K says can be executed in weeks, on contracts generally 5-10+ years. | 前三 The Competition section places Equinix, NTT and Global Switch alongside Digital Realty as operators of comparable properties in the same metros; no third-party share figure is disclosed, so the placement rests on that named peer set plus the company's claim to be the largest cloud- and carrier-neutral provider. | 深 Entry demands capital, land and power at a scale few can assemble: 769 MW of projects underway with 64% pre-leased, and land that "could accommodate over 3,500 megawatts of additional data center capacity, including more than 1,000 additional megawatts developable in Northern Virginia." |
这些图表绘制的是 Digital Realty Trust 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-05-01）。每一个数字都是申报原值 XBRL——没有任何一项是预估。
在已申报的区间内，FY2025 净利润为 $1.3B。
分析师一致预期——来自 Yahoo Finance 的第三方预估，截至 2026-10-06。这不是 SEC 申报文件，也不是 TradingPilot 的预测。 来源：finance.yahoo.com
| 期间 | 每股收益（预估） | 营收（预估） | 同比 |
|---|---|---|---|
| Q/E Sep 2026 | — | USD 1.8B (USD 1.7B–USD 1.9B) · 23 | +11% |
| FY 2026 | USD 3.19 (USD 2.54–USD 3.72) · 6 | USD 7.1B (USD 7.0B–USD 7.3B) · 29 | +17% |
每个数字显示一致预期均值、可得时的（最低–最高）区间，以及 · 后面给出该预估背后的分析师人数。
下次财报约在 2026-10-29。
我们的模型在中周期上对这只股票偏向 Low-confidence · Neutral——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。
正在与同业比较…
GlobeNewswire · 2026-10-07 · 产品
Digital Realty began construction of KIX15, a new 24 MW data center at its KIX Campus in Ibaraki City, Osaka, developed by MC Digital Realty, its joint venture with Mitsubishi Corporation. KIX15 is scheduled to begin operations in the fourth quarter of 2028.
Google News: Digital Realty Trust · 2026-07-15 · 融资
Digital Realty is expanding its Osaka 1 data center in Japan to meet growing cloud demand.
Google News: Digital Realty Trust · 2026-07-14 · 合作
Digital Realty shares slipped after news of a new deal with Blackstone alongside additional share issuance.
2026-10-07 Yahoo Finance: DLR · Can Digital Realty Trust (DLR) Justify Its Valuation After The Blackfuel AI Deal?
2026-10-06 EDGAR current 8-K filings · 8-K - DIGITAL REALTY TRUST, L.P. (0001494877) (Filer)
2026-10-06 EDGAR current 8-K filings · 8-K - DIGITAL REALTY TRUST, INC. (0001297996) (Filer)
2026-10-06 EDGAR current 8-K filings · 8-K - DIGITAL REALTY TRUST, L.P. (0001494877) (Filer)
2026-10-06 EDGAR current 8-K filings · 8-K - DIGITAL REALTY TRUST, INC. (0001297996) (Filer)
2026-10-06 EDGAR current 8-K filings · 8-K - DIGITAL REALTY TRUST, L.P. (0001494877) (Filer)
2026-10-06 EDGAR current 8-K filings · 8-K - DIGITAL REALTY TRUST, INC. (0001297996) (Filer)
2026-10-05 Yahoo Finance: DLR · What You Need to Know Ahead of Digital Realty Trust’s Earnings Release
2026-10-04 Yahoo Finance: DLR · Is Blackfuel’s AI Bet On ServiceFabric Reshaping The Investment Case For Digital Realty Trust (DLR)?
2026-10-02 Yahoo Finance: EQIX · DLR Expands AI Infrastructure Opportunity With Blackfuel Collaboration
2026-09-19 Insider Monkey · Digital Realty (DLR): Can a Data Center Landlord Become the Control Panel for Enterprise AI?
2026-09-17 Insider Monkey · Digital Realty Trust (DLR) Forms Türkiye Venture. Does Secured Power Justify the Commitment?
2026-09-09 Barchart · How Is Digital Realty Trust's Stock Performance Compared to Other Real Estate Stocks
影响 = 公司显著度层级（高/中由图谱中心度与规模自动判定；低仅用于人工整理的次要事件），不是对波动幅度的预测。
| 日期 | 类型 | 事件 | 影响 |
|---|---|---|---|
| 2026-10-29 | 财报 | Digital Realty Trust earnings — Company-confirmed date. 已确认 | 中 |
| 日期 | 事件 | 影响 | 结果 |
|---|---|---|---|
| 2026-07-23 | Digital Realty Trust results release 已确认 | 中 | 结果待定 |
| 2026-07-23 | Digital Realty Trust earnings 已确认 | 高 | 每股收益不及预期 · +11.0% |
| 2026-04-23 | Digital Realty Trust results release 已确认 | 高 | 结果待定 |
