Equinix eyes AI boom after $8.75bn revenue

Equinix, the digital infrastructure giant that bought Nigeria’s MainOne in 2022, made $8.75 bn in revenue in 2024—up eight per cent on a currency-adjusted basis—riding a 22-year growth streak with artificial intelligence now in its focus.

In its financial report for the year ended 31 2024 obtained on Saturday, the figures signal a firm intent on capitalising on AI’s global surge, a market PwC pegs at $15trn by 2030, as data centres morph into the backbone of a smarter economy.

US financial powerhouse Goldman Sachs warned data centre power needs could double by 2030 as AI models mushroom, a challenge MainOne’s parent company seems eager to meet head-on.

The company said its full-year performance marked the 22nd consecutive year of quarterly revenue growth, with strong momentum in gross bookings and expansion of its xScale portfolio. Revenue growth on an as-reported basis was seven per cent year over year.

“We had an outstanding close to 2024,” said Equinix’s Chief Executive Officer and President, Adaire Fox-Martin.

“Our strategic focus on our customers, solutions, and capacity has not only driven remarkable financial results but also positioned Equinix to make the very most of the growing AI opportunity.”

For the first quarter of 2025, Equinix said it expects revenue to range between $2.19 bn and $2.23 bn, representing a 1–3 per cent sequential decline on an as-reported basis or flat on a normalised basis.

The outlook reflects a $28m step-up from recurring revenues and a $38m negative foreign currency impact compared with average Q4 2024 rates.

Adjusted EBITDA for Q1 2025 is projected to range from $1.01bn to $1.05bn, including $25m in higher seasonal costs and a $20m foreign currency impact. Recurring capital expenditures are expected to be between $2m and $47m.

The company said it remains focused on expanding its digital infrastructure capabilities globally while scaling for future demand, particularly in artificial intelligence.