datacenters, power & cooling · 產業指數 13 (排名 #80) ·
價格: 截至 2026-10-08 指數: 截至 2026-10-08 基本面: 最新申報文件 2026-05-01 按季揭露（10-Q XBRL）
Digital Realty is a global data center REIT providing colocation and hyperscale wholesale capacity through its PlatformDIGITAL portfolio.
產業曝險 0.5 (Hyperscale wholesale leasing for AI workloads is a large and fast-growing share of the data center REIT's bookings.)
延遲的日終逐合約彙總資料——不是即時盤口，也不是逐筆資金流。買賣方向是根據每個合約最後一筆成交在買賣價差中的位置推斷出來的，並非觀測到的委託流。除非有報價的合約佔當日權利金的四分之一以上，否則公司層級的方向會被隱去，因此下方個別合約有方向時這裡也可能為空。買權/賣權權利金是在我們擷取的合約範圍內計算的——最近的 6 個到期日、45 天以內，並非完整選擇權鏈——而下表最多列出 20 個被標記的合約，所以把這些列加總不會還原出上面的百分比。
標記原因：matches: Digital Realty starts construction of 24 MW K…
| 日期 | 合約 | 異常分數 | 買賣方向（推斷）? | 未平倉變動? | 成交量 | 成交量/未平倉 | 標記 |
|---|---|---|---|---|---|---|---|
| 2026-10-07 | $182.5 PUT | 28 | 賣方主動 | 0 | 466 | 11.9× |
19 smaller flags (under $100000 premium) hidden.
最近交易日：為 13 日基準的 1.3 倍
買權 56% / 賣權 44%（按權利金）
結構性 撐起了這次判斷——幾乎全部傾向都由它貢獻，其餘投票者大致相互抵銷。
多數投票者傾向一致；結構性 投了反對票。方向一致度 0.67。
一個明確的看空分數；信心度 0.26 反映的是代理人之間的一致強度。信心度是信心，不是價格變動的機率。
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.
評級: 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.
類型: 網路效應
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.
領先地位: 並列領先者
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.
定價權: 強
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.
依所引來源做出的人工整理護城河判斷。 來源：sec.gov
層級: 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.
由這家公司已對應的供應鏈關係及其所屬產業層級推導而來。
護城河先驗在長週期（約 6 個月）投出 +0.17 票，權重為 0.20——該週期上的群體判斷是 neutral（分數 0.11，信念度 0）。
編輯先驗——主觀、未經回測。它有界（±0.6）、低信賴度，且從不對短週期與中週期投票。 檢視它究竟如何投票 →
產品與服務，附編輯判定的市佔區間與技術門檻區間——這些是與所引依據綁定的定性判斷，絕非杜撰的數字。
| 產品 | 市場佔有率 | 技術門檻 |
|---|---|---|
| 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." |
這些圖表繪製的是 Digital Realty Trust 在其 SEC 申報文件中已申報的損益表、現金流量表與資產負債表（截至 2026-05-01）。每一個數字都是申報原值 XBRL——沒有任何一項是預估。
在已申報的區間內，FY2025 淨利為 $1.3B。
分析師一致預期——來自 Yahoo Finance 的第三方預估，截至 2026-10-06。這不是 SEC 申報文件，也不是 TradingPilot 的預測。 來源：finance.yahoo.com
| 期間 | 每股盈餘（預估） | 營收（預估） | 年增率 |
|---|---|---|---|
| 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% |
每個數字顯示一致預期平均值、可得時的（最低–最高）區間，以及 · 後面給出該預估背後的分析師人數。
下次財報約在 2026-10-29。
我們的模型在中週期上對這檔股票偏向 Low-confidence · Neutral——這是對市場方向的判斷，不是對獲利的預測。檢視「訊號」分頁。
正在與同業比較…
GlobeNewswire · 2026-10-07 · 產品
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 · 融資
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
影響 = 公司顯著度層級（高/中由圖譜中心度與規模自動判定；低僅用於人工整理的次要事件），並非對波動幅度的預測。
| 日期 | 類型 | 事件 | 影響 |
|---|---|---|---|
| 2026-10-29 | 財報 | Digital Realty Trust earnings — Company-confirmed date. 已確認 | 中 |
| 日期 | 事件 | 影響 | 結果 |
|---|---|---|---|
| 2026-07-23 | Digital Realty Trust results release 已確認 | 中 | 結果待定 |
| 2026-07-23 | Digital Realty Trust earnings 已確認 | 高 | 每股盈餘不如預期 · +11.0% |
| 2026-04-23 | Digital Realty Trust results release 已確認 | 高 | 結果待定 |
