We hold various equity method investments, primarily interests in joint venture partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these joint ventures are classified as Variable Interest Entities ("VIEs").


Investee	VIE	Ownership Percentage	September 30, 2026		December 31, 2025
xScale Joint Ventures
EMEA 1 Joint Venture		20%	$	33	$	141
EMEA 2 Joint Venture	X	20%	275		253
Asia-Pacific 1 Joint Venture	X	20%	52		47
Asia-Pacific 2 Joint Venture	X	20%	39		37
Asia-Pacific 3 Joint Venture	X	20%	26		23
AMER 1 Joint Venture	X	20%	10		8
AMER 2 Joint Venture	X	20%	24		27
AMER 3 Joint Venture (1)	X	Various (1)	228		—
Total xScale Joint Ventures			687		536
atNorth Joint Venture (2)	X	34%	847		—
Other Joint Ventures	Various	Various	16		15
Total Equity Method Investments			$	1,550	$	551

(1)We have investments at various levels of the AMER 3 Joint Venture structure, including a 2% interest in the parent company and 23% interests in various asset companies consolidated by the parent. Our effective interest in the AMER 3 Joint Venture assets is 25%.

(2)We own approximately 34% of each of the voting common shares and non-voting preference shares of the atNorth Joint Venture. As of September 30, 2026, the balance includes $16 million of voting common shares accounted for under the equity method and $831 million of non-voting preference shares accounted for under the measurement alternative for equity securities without readily determinable fair values. The total balance is included in other assets on the condensed consolidated balance sheets.

The following table summarizes the impact of our share of income (losses) from equity method investments, adjusted for basis differences, which was included in other income (expense) in our condensed consolidated statements of operations (in millions):

On October 1, 2024, we entered into an agreement to form a joint venture to develop and operate xScale data centers in the Americas region (the "AMER 3 Joint Venture"), subject to regulatory approval and other closing conditions which were satisfied on October 30, 2024. We hold a 2% interest in the parent company for the AMER 3 Joint Venture and 23% interests in various asset companies consolidated by the parent.

On January 13, 2026, we sold the assets and liabilities relating to the Hampton data center campus ("Hampton Campus"), which were included within our Americas region, to the AMER 3 Joint Venture for total consideration of $459 million. The consideration received was comprised of $129 million of net cash proceeds, $184 million of receivables, and retained equity interests in the AMER 3 Joint Venture with a fair value of $146 million. We recognized a gain of $19 million on the sale of the Hampton Campus in the first quarter of 2026.

On September 2, 2026, we completed our investment in a newly formed joint venture (the “atNorth Joint Venture”), which concurrently acquired atNorth, a Nordic high-density colocation and built-to-suit data center provider. At closing, we contributed $869 million for approximately 34% of each of the voting common shares and

non-voting preference shares. The non-voting preference shares provide a cumulative 12% annual dividend and rank senior to the voting common shares. We recognize our share of the atNorth Joint Venture’s income (losses) on a three-month reporting lag.

In addition, we have committed to lease a minimum level of capacity from atNorth by December 31, 2030, subject to the finalization of locations and lease terms. The amount of this commitment is not currently determinable.

The unconsolidated VIE equity method investments are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to these joint ventures and earn fees for the performance of such services, we do not have unilateral power to direct the activities of these joint ventures that most significantly impact economic performance. These activities primarily include data center construction and operations, sales and marketing, financing, real estate purchases or sales and monetization. Decisions about these activities generally require the consent of both Equinix and our partners, or may be made unilaterally by our partners. We concluded that Equinix does not have predominant control over the unconsolidated VIEs and that Equinix is not considered to be the primary beneficiary.


Equity Investments	$	1,517
Outstanding Accounts Receivable	142
Other Receivables	39
Contract Assets	137
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	278
Maximum Future Payments under Debt Guarantees (3)	56
Total	$	2,561

(2)The joint ventures' partners are required to make additional equity contributions proportionately to fund capital necessary to complete the construction of approved developments. In addition, the partners may be required to make additional equity contributions upon certain occurrences such as shortfalls in capital to fund cost overruns or to make interest payments on outstanding debt.

(3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantee covering 20% of all payments of principal and interest due under one of the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantee relates to our AMER 1 Joint Venture. Refer to Note 9.

Our Indonesian operating entity is a VIE because it does not have sufficient funds from its operations to be self-sustaining. We provide certain management services to the entity and earn fees for the performance of such services. We have the power to direct the activities that most significantly impact the economic performance of the entity and have concluded that we are its primary beneficiary.


	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	15	$	12
Property, plant and equipment, net	79		65
Other	13		11
Total assets	$	107	$	88

Finance lease liabilities	$	21	$	24
Other	16		12
Total liabilities	$	37	$	36