Equity Method Investments and Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

The following table summarizes our equity method investments, which are included in other assets on the condensed consolidated balance sheets (in millions):


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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Equity method income (losses)	$	—	$	(5)	$	(21)	$	(9)

Schedule of The Maximum Exposure Losses of VIE Joint Ventures

The following table summarizes our maximum exposure to loss related to the unconsolidated VIEs as of September 30, 2026 (in millions):


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

(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender. Refer to Note 11.

(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.

The following table presents the assets and liabilities of the Indonesian VIE (in millions):


	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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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