Equinix (EQIX) 10-K risk factor changes: FY2024 vs FY2023

[removed: Further, disagreement in the U.S. Congress on] government spending levels could increase the possibility of a government shutdown, further adversely affecting global economic conditions.

[removed: Customers and] [added: Customers,] vendors [added: and/or partners] filing for bankruptcy could also lead to costly and time-intensive actions with adverse effects, including greater difficulty or delay in accounts receivable collection.

Any power outages, shortages, capacity [removed: constraints] [added: constraints, limits on access] or significant increases in the cost of power may have an adverse effect on our business and our results of operations.

In each of our markets, we [added: contract with and] rely on third parties, third party infrastructure, governments, and global suppliers to provide a sufficient amount of power to maintain our IBX data centers and meet the needs of our current and future customers.

[removed: These] [added: Any such] limitations [removed: could] [added: may] have a negative impact on a given IBX data [removed: center(s) or] [added: center and may] limit our ability to grow our business which could negatively affect our financial performance and results of operations.

Utility companies [added: and other third-party power providers] may impose onerous operating conditions to any approval or provision of power or we may experience significant [removed: delays] [added: delays, unfavorable contractual terms,] and substantial increased costs to provide the level of electrical service required by our current or future IBX data center designs.

Our ability to find [added: reliable partners and] appropriate sites for expansion may also be limited by access to power, especially as we design our data centers to the specifications of new and evolving [removed: technologies] [added: technologies,] such as [removed: artificial intelligence] [added: AI,] which are more [removed: power-intensive.][added: power-intensive, and further prepare to serve the power demands in the future that are expected from the electrification of the economy.]

[added: Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyber-attacks, physical attacks on utility] infrastructure, war, and any failures of electrical power grids [added: or internal systems] more generally, and planned power outages by public utilities, such as Pacific Gas and Electric Company's practice of planned outages in California to minimize fire risks, could harm our customers and our business.

Our international operations are sometimes located outside of developed, reliable electricity markets, where we are exposed to some insecurity in supply associated with [removed: technical and] [added: technical,] regulatory [added: and reliability] problems, as well as transmission constraints.

We attempt to limit our exposure to system downtime by using backup generators, which are in turn supported by onsite fuel storage and through contracts with fuel suppliers, but these measures may not always prevent downtime or solve for long-term or [removed: large-scale outages.][added: large-]

Various macroeconomic factors are contributing to the instability and global power shortage including [removed: the Russia and Ukraine war,] severe weather events, governmental regulations, government relations and inflation.

Additionally, various [removed: of Russia’s] [added: Russian] actions have led to sanctions and other penalties being levied by the U.S., the European Union, the United Kingdom, and other countries, as well as other public and private actors and companies, against Russia and certain other geographic areas, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restrictions on imports of Russian oil, liquified natural gas and coal.

It is possible that such events will continue to adversely impact the level of economic activity globally and that we will face increased regulatory and legal complexities in the regions affected thus impacting our business and employees, our financial condition [added: and results of operations.]

Additionally, any sustained military action in the area of the Red Sea could contribute to supply chain [removed: challenges.][added: challenges as well as potential issues with subsea cables.]

While [removed: the incident was resolved] [added: this] and [removed: did not cause a material disruption to our systems nor result in any material costs to us,] [added: other incidents have been resolved, and their impacts have been immaterial,] we expect we will continue to face risks associated with unauthorized access to our computer systems, loss or destruction of data, computer viruses, ransomware, malware, distributed denial-of-service attacks or other malicious [removed: activities.][added: activities, and the impact of such events in the future may be material.]

In the course of our [removed: business] [added: business,] we utilize vendors and other partners who are also sources of cyber risks to us.

Recent developments in the cyber threat landscape include use of [removed: artificial intelligence] [added: AI] and machine learning, as well as an increased number of cyber extortion and ransomware attacks, with the potential for higher financial ransom demand amounts and increasing sophistication and variety of ransomware techniques and methodology.

Further, any adoption of [removed: artificial intelligence] [added: AI] by us or by third parties may pose new security challenges.

We must safeguard our customers' infrastructure and equipment located in our IBX data centers and ensure our IBX data centers and non-IBX [added: business operations remain operational at all times.]

If we discover that these buildings and their infrastructure assets are not in the condition we expected when they were acquired, we may be required to incur substantial additional costs to [removed: repair or upgrade the IBX data centers.]

We cannot guarantee that a court would enforce any contractual limitations on our liability in the event that one of our customers brings a lawsuit against us as a result of a problem at one of our IBX data centers and we [added: have in the past and] may decide [added: in the future] to reach settlements with affected customers irrespective of any such contractual limitations.

Pandemics, weather and climate related crises or any other social, political, or economic disruption in the U.S. or abroad could prevent sufficient staffing at our IBX data [removed: centers] [added: centers, or at our corporate offices,] and have a material adverse impact on our operations.

These continuing investments [removed: include: 1)] [added: include] ongoing improvements to the customer experience from initial quote to customer billing and our revenue recognition process; [removed: 2)] integration of recently acquired operations onto our various information technology systems; and [removed: 3)] implementation of new tools and technologies to either further streamline and automate processes, or to support our compliance with evolving U.S. [removed: GAAP.][added: GAAP and international accounting standards.]

If we are unable to [added: successfully] implement our [removed: evolving organizational structure,] [added: current leadership transition,] or if we are unable to recruit or retain key [removed: executives and] qualified personnel, our business could be [removed: harmed.][added: harmed.]

We must [removed: also] continue to identify, hire, train and retain key personnel who maintain relationships with our customers and who can provide the technical, strategic and marketing skills required for our company's growth.

The failure to recruit and retain necessary key [removed: executives and] personnel could cause disruption, harm our business and hamper our ability to grow our company.

Any hardware or fiber failures on this [removed: network] [added: network, either on land or subsea,] may result in significant loss of connectivity to our new IBX data center expansions.

The use of high-power density equipment may limit our ability to fully utilize [added: the space in] our older IBX data centers.

Additionally, the workloads related to new and evolving technologies such as [removed: artificial intelligence will increase] [added: AI are increasing] the demand for high density computing power.

Because many of our IBX data centers were built a number of years ago, the current demand for power may exceed the designed electrical capacity in these IBX data [removed: centers.]

As power, not space, is a limiting factor in many of our IBX data centers, our ability to fully utilize [added: the space in] those IBX data centers may be impacted.

The ability to increase the power capacity of an IBX data center, should we decide to, is dependent on several factors including, but not limited to, the local utility's ability to provide additional [added: power; the length of time required to provide such power; and/or whether it is feasible to upgrade the electrical and mechanical infrastructure of an IBX data center to deliver additional power and cooling to customers.]

Although we are currently designing and building to a higher power specification than that of many of our older IBX data centers, and are considering redevelopment of certain sites where appropriate, there is a risk that demand could continue to increase, or our redevelopment may not be successful, and [added: the space inside] our IBX data centers could become underutilized sooner than expected.

It is estimated that we are one of more than [removed: 2,200] [added: 2,400] companies that provide these offerings around the world.

Ineffective planning and execution in our cloud, [removed: artificial intelligence] [added: AI] and product development strategies may cause difficulty in sustaining our competitive advantages.

If we cannot continue adapting our [removed: products,] [added: products and strategies,] or if our competitors can adapt their products more quickly than us, our business could be harmed.

In order to adapt effectively, we sometimes must make long-term [removed: investments, develop, acquire or obtain certain intellectual property] [added: investments] and commit significant resources before knowing whether our predictions will accurately reflect customer demand for the new offerings.

[removed: These solutions] [added: New offerings] may also require additional capital, [removed: may] have lower margins and [removed: customers can more easily] [added: higher customer] churn as compared to our data center offerings, thus adversely impacting our results.

These offerings [added: may] also introduce us to different competition and faster development cycles as compared to our data center business.

While we believe these product [removed: offering] [added: offerings] and others we may implement in the future will be desirable to our customers and will complement our other offerings on Platform Equinix, we cannot guarantee the success of [removed: this] [added: any] product or any other new product offering.

In light of the recent change in administration in the U.S., there is considerable uncertainty and potential conflict regarding and among existing laws, judicial orders and bans, new presidential executive orders, regulatory frameworks, leadership changes and enforcement priorities and strategies.

Penalties for non-compliance with any of these orders or regulations may be significant.

Proposed tariffs to be imposed by the U.S. on imports from certain countries and potential counter-tariffs in response, could lead to increased costs and supply chain disruptions.

If we are not able to navigate these changes, it could have a material adverse effect on our business and results of operations, as well as on the price of our common stock.

With respect to the ongoing trade war between the U.S. and China, we have several Chinese customers who are named in restrictive executive orders ("EOs"), and while a majority of these EOs are typically only applicable to transactions and/or services provided to these Chinese customers in the U.S. today, it is uncertain if the new U.S. administration would further expand the applicability of such EOs to transactions and businesses outside of the U.S. If Equinix is required to cease business with these companies, or additional companies in the future, our revenues could be adversely affected.

Similarly, current relations between the U.S. and China have created increased supply chain risk due to successive U.S. legislation promoting decoupling from China on semiconductors and specific telecommunications equipment makers, and having to source for alternative suppliers for key components outside of China.

Further, disagreement in the U.S. Congress on

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

We also could be exposed to hyperinflation in certain economies as a result of potential expansion into developing countries.

In certain instances, we have experienced difficulties in securing the energy supply we have contracted for or that we need for our expansion plans.

Furthermore, the inability to supply customers with their contracted power for any reason could harm customer and/or joint venture relationships as well as cause reputational harm.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

scale outages.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

We have experienced cybersecurity attacks and security incidents to varying degrees, and in some cases threat actors have gained unauthorized access to our systems and data.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

repair or upgrade the IBX data centers.

- fiber failures, subsea cable damage and other network interruptions;

- software updates;

We also rely on a number of third-party software providers in order to deliver our offerings and operate our business.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

On June 3, 2024, Adaire Fox-Martin became our new Chief Executive Officer and our prior CEO, Charles Meyers, became our new Executive Chairman of the Board.

Our new CEO will be critical to executing on and achieving our evolving business strategy and our success depends, in part, on the effectiveness of this transition.

If we are unable to execute this transition successfully, our operations and financial conditions may be adversely affected.

Our future performance also depends on the contributions of our extended leadership team and other key employees to execute on our strategic plans and certain key roles remain to be hired.

Our talent strategy could continue to evolve with the future direction of the business.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

centers.

The development and use of artificial intelligence in the workplace presents risks and challenges that may adversely impact our business and operating results.

We have begun leveraging AI and machine learning capabilities for our employees to use in their day-to-day operations.

Failure to invest adequately in such capabilities may result in us lagging behind our competitors in terms of improving operational efficiency and achieving superior outcomes for our business and our customers.

As we embark on these initiatives, we may encounter challenges such as a shortage of appropriate data to train internal AI models, a lack of skilled talent to effectively execute our strategy of leveraging AI internally, or the possibility that the tools we utilize may not deliver the intended value.

Use of third-party AI tools can also bring information security, data privacy and legal risks.

Failure to successfully harness these AI tools could negatively impact our business and operating results.

For example, on May 2, 2024, a putative stockholder class action was filed against the Company and certain of our officers in the United States District Court for the Northern District of California alleging that the defendants made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024.

While we maintain insurance coverage, we cannot be certain that such coverage will continue to be available on acceptable terms or in sufficient amounts to cover potential losses.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

This kind of investment may include real estate expansion or developing, acquiring and obtaining intellectual property.

We also must remain flexible and change strategies quickly if our predictions are not accurate.

Any limitation on the delivered energy supply could limit our ability to operate our IBX data centers.

Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyber-attacks, physical attacks on utility

and results of operations.

business operations remain operational at all times.

- fiber cuts;

Our finance team is also working on a multi-year project to move the backbone of our finance systems to the cloud.

In connection with the evolving needs of our customers and our business, we continue to review our organizational architecture and have made, and will continue to make, changes as appropriate.

power; the length of time required to provide such power; and/or whether it is feasible to upgrade the electrical and mechanical infrastructure of an IBX data center to deliver additional power and cooling to customers.

We are currently making significant investments of resources in expanding our digital services portfolio.

In 2020, we acquired Packet Host, Inc. ("Packet"), a bare metal automation company to facilitate a new “as-a-service” product offering for us.

“As-a-service” solutions are a relatively new market area for us which can bring challenges and could harm our business if not executed in the time or manner that we expect.

We expect to continue to consider other new product offerings for our customers, including multi-cloud networking and cloud-adjacent storage.

Any of these factors may hinder

- restructuring charges or reversals of restructuring charges, which may be necessary due to revised sublease assumptions, changes in strategy or otherwise;

of the goodwill or other intangible assets and the implied fair value of the goodwill or other intangible assets in the period the determination is made.

difficulty finding replacement products and continued high inflation could affect our business and growth and could have a material effect on our business.

disposal of hazardous substances and wastes.

Such regulations and legislation have included or may in the future include measures ranging from direct regulation of GHG emissions to "carbon taxes," and tax incentives to promote the development and use of renewable energy and otherwise lower GHG emissions.

The course of future legislation and regulation in the U.S. and abroad remains difficult to

New or changing regulation or public opinion regarding our ESG and sustainability goals or

With respect to the current trade war between the U.S. and China, we have several customers in China named in restrictive executive orders by the previous U.S. administration that are currently covered by a freeze issued by the current U.S. administration or currently enjoined from enforcement subject to pending litigation.

If Equinix is required to cease business with these companies, or additional companies in the future, our revenues could be adversely affected.

Any such

Furthermore, the U.S. Congress and state legislatures are reviewing and considering changes to the new FCC rules making the future of network neutrality uncertain.

global revenues and profits above certain thresholds (referred to as Pillar Two).

The COVID-19 pandemic led to increased spending by many governments in the past years.

Because of this, there could be pressure to increase taxes in the future to pay back debts and generate revenues.

The nature and timing of any future changes to each jurisdiction's tax laws and the impact on our future tax liabilities cannot be predicted with any accuracy, but could materially and adversely impact our results of operations and financial position or cash flows.

The effects of a pandemic (including COVID-19) could have a negative effect on our business, results of operations and financial condition.

We continuously monitored our global operations in light of the COVID-19 pandemic.

We implemented procedures focusing on the health and safety of our employees, customers, partners and communities, the continuity of our business offerings and compliance with governmental regulations and local public health guidance and ordinances.

While our business operations continued without interruption and our IBX data centers remained fully operational to date, we cannot guarantee our business operations or our IBX data centers will not be negatively impacted in the future because of another pandemic, including one related to COVID-19.

Item 7 of this Form 10-K focuses on discussion of [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] items as well as [removed: 2023] [added: 2024] results as compared to [removed: 2022] [added: 2023] results.

For the discussion of [removed: 2021] [added: 2022] items and [removed: 2022] [added: 2023] results as compared to [removed: 2021] [added: 2022] results, please refer to Item 7 of our [removed: 2022] [added: 2023] Form 10-K as filed with the SEC on February [removed: 17, 2023.][added: 16, 2024.]

[removed: ][added: ]

They also look to Platform Equinix® for the ability to directly and securely [added: interconnect to the networks, clouds and content that enable today's information-driven global digital economy.]

[removed: Our] recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, [removed: including those opened in January 2024,] have expanded our total global footprint to [removed: 260 data centers,] [added: 268 IBXs,] including [removed: 17] [added: 20] xScale data centers and the MC1 data center that are held in unconsolidated joint ventures, across [removed: 71] [added: 74] markets around the world.

[removed: Our] [added: The Equinix] global [removed: platform] [added: platform,] and the quality of our [removed: IBX data centers, interconnection offerings and edge solutions] [added: offerings,] have enabled us to establish a critical mass of customers.

As more customers choose Platform Equinix for bandwidth cost and performance reasons, it benefits their suppliers and business partners to colocate in the same data [removed: centers.][added: centers and connect directly with each other.]

This adjacency creates a [removed: “network effect”] [added: network effect] that [removed: enables] [added: attracts new customers, continuously enhances] our [removed: customers] [added: existing customers' value and enables them] to capture [removed: the full] [added: further] economic and performance benefits [removed: of] [added: from] our offerings.

Historically, [removed: our] [added: the outsourcing] market was served by large telecommunications carriers [removed: who] [added: that] bundled their products and services with their colocation offerings.

The data center market landscape has evolved to include private and [removed: vendor-neutral] [added: carrier-neutral] multi-tenant data [removed: center ("MTDC") providers, hyperscale] [added: centers ("MTDC"), public and private] cloud providers, managed infrastructure and application hosting providers, [added: large hyperscale cloud providers] and systems integrators.

It is estimated that Equinix is one of more than [removed: 2,200] [added: 2,400] companies that provide MTDC offerings around the world.

Each of these data center [removed: solutions] [added: solution] providers can bundle various colocation, interconnection and network [removed: offerings and] [added: offerings,] outsourced IT infrastructure [removed: solutions.][added: solutions and managed services.]

We are able to offer our customers a global platform that reaches [removed: 33] [added: 35] countries with the industry’s largest and most active ecosystem of partners in our sites, proven operational reliability, improved application performance and a highly scalable set of offerings.

Our cabinet utilization rates were approximately [removed: 79%] [added: 78%] and [removed: 82%,] [added: 79%,] as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

This increased power [removed: consumption] [added: consumption, which we expect to accelerate with the adoption of AI,] has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers.

We could face power limitations in our [added: existing] IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data [removed: center.][added: center, and in our ability to expand our footprint in existing and new markets.]

[removed: This] [added: constraints] could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash [removed: flows.][added: flows and the growth opportunities presented by the adoption of new technologies, including AI.]

To serve the needs of the growing hyperscale data center market, including the world's largest cloud service [removed: providers,] [added: providers and increased demand driven in part by the adoption of AI,] we have entered into joint [removed: ventures] [added: venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions] to develop and operate xScale data centers.

As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, [added: power availability and capacity,] quality of the design, [removed: power capacity,] access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers.

[removed: ][added: ]

We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to [removed: three] [added: five] years in length, and thereafter automatically renews in one-year increments.

Our largest customer accounted for approximately 3% of our recurring revenues for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021.][added: 2022.]

Our 50 largest customers accounted for approximately [removed: 37%, 36%] [added: 36%, 37%] and [removed: 39%] [added: 36%] of our recurring revenues for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021.][added: 2022, respectively.]

Our non-recurring revenues are primarily derived from fees charged from installations related to a customer's initial deployment and professional services we [removed: perform.][added: perform for our customers, including our joint ventures.]

[removed: As a percentage of total] revenues, we expect non-recurring revenues to represent less than 10% of total revenues for the foreseeable future.

*Cost of Revenues.* The largest components of our cost of revenues are depreciation, rental payments related to our leased IBX data centers, utility [removed: costs,] [added: costs] including electricity, bandwidth access, IBX data center employees' salaries and [removed: benefits,] [added: benefits] including stock-based compensation, repairs and maintenance, supplies and equipment, and security.

[added: Our costs of electricity may also increase as a result of the physical] effects of climate change, global energy supply constraints, increased regulations driving alternative electricity generation due to environmental considerations or as a result of our election to use renewable energy sources.

*General and Administrative.* Our general and administrative expenses consist primarily of salaries and related expenses, including stock-based compensation, accounting, legal and other professional service [removed: fees;] [added: fees,] and other general corporate expenses, such as our corporate regional headquarters office leases and [removed: some] depreciation expense on back office systems.

Taxation as a [removed: REIT][added: REIT:]

As of December 31, [removed: 2023,] [added: 2024,] our REIT structure included a majority of our data center operations in the Americas and EMEA regions, as well as the data center operations in Japan, Singapore, and Malaysia.

We have also included our share of the assets in xScale joint [removed: ventures (with] [added: ventures, with] the exception of [removed: Korea)] [added: Korea,] in our REIT structure.

The income represented by such dividends is not subject to U.S. federal income taxes at the entity level but is [removed: taxed,] [added: taxed in the U.S.,] if at all, at the stockholder level.

Nevertheless, the income of our TRSs which hold our U.S. operations [removed: that may not be REIT compliant] is subject to U.S. federal and state corporate income taxes, as applicable.

Likewise, our foreign subsidiaries continue to be subject to local income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through TRSs or through qualified REIT subsidiaries [removed: ("QRSs").][added: ("QRSs") for U.S. income tax purposes.]

In addition, should we recognize any [removed: net] gain from "prohibited transactions," we will be subject to tax on this [removed: net] gain at a 100% rate.

"Prohibited transactions," for this purpose, are defined as [removed: dispositions, at a gain,] [added: dispositions] of inventory or property held primarily for sale to customers in the ordinary course of a trade or business other than dispositions of foreclosure property and other than dispositions excepted by statutory safe harbors.

On each of March [removed: 22, 2023,] [added: 20, 2024,] June [removed: 21, 2023, and] [added: 19, 2024,] September [removed: 20, 2023,] [added: 18, 2024 and December 11, 2024,] we paid a quarterly cash dividend of [removed: $3.41] [added: $4.26] per share.

We expect all of our [removed: 2023] [added: 2024] quarterly distributions and other applicable distributions to equal or exceed our REIT taxable income [removed: to be] recognized in [removed: 2023.][added: 2024.]

See Note [removed: 12] [added: 5] within the Consolidated Financial Statements.

- In [removed: March,] [added: April,] we sold the [removed: Mexico 3 ("MX3x")] [added: Silicon Valley 12 (“SV12”)] data center site in connection with the formation of a new joint venture [removed: with GIC,] to develop and operate [added: an] xScale data [removed: centers] [added: center] in the Americas [added: region] (the [removed: "AMER 1] [added: “AMER 2] Joint [removed: Venture").][added: Venture”).]

Our

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to fast-track their digital advantage.

With Equinix, they can scale with agility, accelerate the launch of digital offerings, deliver world-class experiences and multiply their value.

We enable them to differentiate by distributing infrastructure and removing the distance between clouds, users and applications in order to reduce latency and deliver a superior customer, partner and employee experience.

Industry Overview:

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe the industry is shifting away from single-tenant solutions to customers outsourcing some or all of their IT housing and interconnection requirements to third-party facilities, such as those operated by Equinix.

This shift is being accelerated by the increasing adoption of hybrid multi-cloud architectures and the adoption of artificial intelligence (“AI”).

The global MTDC market is highly fragmented.

We believe that this outsourcing trend has accelerated and is likely to continue to accelerate in the coming years, especially in light of the movement to digital business, the use of multiple cloud service providers and the adoption of AI.

Capacity Trends:

Additionally, global supply chain challenges could result in a lack of availability or delays in the delivery of data center equipment.

These challenges have driven us to invest in and commit to future purchases in advance of our standard practice to mitigate risks associated with these supply chain issues.

These

Expansion Opportunities:

As a percentage of total

Depending on a stockholder's citizenship and residency, the income could be taxed by other jurisdictions as well.

2024 Highlights:

- In May, we issued $750 million aggregate principal amount of 5.500% senior notes due June 15, 2034 (the "2034 Notes").

- In July, we entered into an agreement to acquire three data centers in the Philippines from Total Information Management ("TIM") for a stated purchase price of $180 million subject to certain adjustments.

The acquisition is expected to close in the first half of 2025, subject to customary closing conditions.

- In August and September, we sold 1,212,810 shares under the 2022 ATM Program.

569,382 shares were sold on a spot basis and 643,428 were sold through the settlement of outstanding forward sale agreements, for approximately $467 million and $509 million, respectively, net of commissions and other offering expenses.

- In September, we issued €600 million, or approximately $664 million, at the exchange rate in effect on September 3, 2024, aggregate principal amount of 3.650% senior notes due September 3, 2033 (the "2033 Euro Notes") and CHF100 million, or approximately $118 million, at the exchange rate in effect on September 4, 2024, aggregate principal amount of 1.558% senior notes due September 4, 2029 (the "2029 CHF Notes").

- In October, 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.

- In October, we established a program to succeed the 2022 ATM Program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program").

- In November, we issued €650 million, or approximately $706 million, at the exchange rate in effect on November 22, 2024, aggregate principal amount of 3.250% senior notes due March 15, 2031 (the "2031 Euro Notes") and €500 million, or approximately $543 million, at the exchange rate in effect on November 22, 2024, aggregate principal amount of 3.625% senior notes due November 22, 2034 (the "2034 Euro Notes").

See Note 10 within the Consolidated Financial Statements.

- In November and December, we sold 755,298 shares on a spot basis under the 2024 ATM Program for approximately $697 million, net of commissions and other offering expenses.

See Note 11 within the Consolidated Financial Statements.

| Recurring revenues | | | $ | 3,647 | | | | | 42% | | | | | | $ | 3,457 | | | | | 42% | | | | | | $ | 190 | | | | | 5% | | | | | | 6% | | |

| Non-recurring revenues | | | 215 | | | | | | 2% | | | | | | 160 | | | | | | 2% | | | | | | 55 | | | | | | 34% | | | | | | 35% | | |

| | | | 3,862 | | | | | | 44% | | | | | | 3,617 | | | | | | 44% | | | | | | 245 | | | | | | 7% | | | | | | 7% | | |

| Recurring revenues | | | 2,812 | | | | | | 32% | | | | | | 2,648 | | | | | | 33% | | | | | | 164 | | | | | | 6% | | | | | | 5% | | |

| Non-recurring revenues | | | 155 | | | | | | 2% | | | | | | 190 | | | | | | 2% | | | | | | (35) | | | | | | (18)% | | | | | | (19)% | | |

| | | | 2,967 | | | | | | 34% | | | | | | 2,838 | | | | | | 35% | | | | | | 129 | | | | | | 5% | | | | | | 3% | | |

| Recurring revenues | | | 1,725 | | | | | | 20% | | | | | | 1,640 | | | | | | 20% | | | | | | 85 | | | | | | 5% | | | | | | 7% | | |

| Non-recurring revenues | | | 194 | | | | | | 2% | | | | | | 93 | | | | | | 1% | | | | | | 101 | | | | | | 109% | | | | | | 112% | | |

| | | | 1,919 | | | | | | 22% | | | | | | 1,733 | | | | | | 21% | | | | | | 186 | | | | | | 11% | | | | | | 12% | | |

| Recurring revenues | | | 8,184 | | | | | | 94% | | | | | | 7,745 | | | | | | 95% | | | | | | 439 | | | | | | 6% | | | | | | 6% | | |

| Non-recurring revenues | | | 564 | | | | | | 6% | | | | | | 443 | | | | | | 5% | | | | | | 121 | | | | | | 27% | | | | | | 28% | | |

interconnect to the networks, clouds and content that enable today's information-driven global digital economy.

Our interconnected data centers around the world allow our customers to increase information and application delivery performance to users, and quickly access distributed IT infrastructures and business and digital ecosystems, while significantly reducing costs.

These partners, in turn, pull in their business partners, creating a "marketplace" for their services.

Our global platform enables scalable, reliable and cost-effective interconnection that increases data traffic exchange while lowering overall cost and increasing flexibility.

Our focused business model is built on our critical mass of enterprise and service provider customers and the resulting "marketplace" effect.

This global platform, combined with our strong financial position, has continued to drive new customer growth and bookings.

In the past two years, we have closed multiple joint ventures in the form of limited liability partnerships with GIC Private Limited, Singapore's sovereign wealth fund ("GIC") and an additional joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM").

Our costs of electricity may also increase as a result of the physical

On December 13, 2023, we paid a quarterly cash dividend of $4.26 per share.

2023 Highlights:

- In February, we settled three forward sale agreements executed under the 2020 and 2022 ATM Programs and sold 458,459 shares of our common stock for approximately $301.6 million, net of payment of commissions to sales agents and other offering expenses, at an aggregate weighted-average forward sale price per share of $657.75.

- In February and March, we issued ¥77.3 billion, or approximately $565.2 million, at the exchange rate in effect on issuance, in Japanese Yen Senior Notes due 2035 and 2043 (collectively, the "Japanese Yen Senior Notes*"*).

- In April, we issued additional shares in our Indonesian operating entity to a third party investor for $25.0 million, which resulted in the third party investor owning a 25% ownership interest in the entity.

- In September, we issued CHF300.0 million, or approximately $336.9 million, at the exchange rate in effect on issuance, in Swiss Franc Notes due 2028 (the "Swiss Franc Senior Notes").

- In November, we settled five forward sale agreements executed under the 2022 ATM Program and sold 564,126 shares of our common stock for approximately $433.3 million, net of payment of commissions to sales agents and other offering expenses, at an aggregate weighted-average forward sale price per share of $768.03.

Our results of operations for the year ended December 31, 2023 include the results of operations from a data center in Peru acquired from Entel from August 1, 2022, four data centers in Chile acquired from Entel from May 2, 2022 and the acquisition of MainOne from April 1, 2022.

| Recurring revenues | | | $ | 3,456,953 | | | | | 42% | | | | | | $ | 3,183,191 | | | | | 44% | | | | | | $ | 273,762 | | | | | 9% | | | | | | 9% | | |

| Non-recurring revenues | | | 160,539 | | | | | | 2% | | | | | | 166,026 | | | | | | 2% | | | | | | (5,487) | | | | | | (3)% | | | | | | (3)% | | |

| | | | 3,617,492 | | | | | | 44% | | | | | | 3,349,217 | | | | | | 46% | | | | | | 268,275 | | | | | | 8% | | | | | | 8% | | |

| Recurring revenues | | | 2,648,157 | | | | | | 33% | | | | | | 2,207,329 | | | | | | 30% | | | | | | 440,828 | | | | | | 20% | | | | | | 28% | | |

| Non-recurring revenues | | | 189,697 | | | | | | 2% | | | | | | 135,875 | | | | | | 2% | | | | | | 53,822 | | | | | | 40% | | | | | | 36% | | |

| | | | 2,837,854 | | | | | | 35% | | | | | | 2,343,204 | | | | | | 32% | | | | | | 494,650 | | | | | | 21% | | | | | | 28% | | |

| Recurring revenues | | | 1,639,621 | | | | | | 20% | | | | | | 1,480,767 | | | | | | 21% | | | | | | 158,854 | | | | | | 11% | | | | | | 13% | | |

| Non-recurring revenues | | | 93,169 | | | | | | 1% | | | | | | 89,917 | | | | | | 1% | | | | | | 3,252 | | | | | | 4% | | | | | | 7% | | |

| | | | 1,732,790 | | | | | | 21% | | | | | | 1,570,684 | | | | | | 22% | | | | | | 162,106 | | | | | | 10% | | | | | | 12% | | |

| Recurring revenues | | | 7,744,731 | | | | | | 95% | | | | | | 6,871,287 | | | | | | 95% | | | | | | 873,444 | | | | | | 13% | | | | | | 15% | | |

| Non-recurring revenues | | | 443,405 | | | | | | 5% | | | | | | 391,818 | | | | | | 5% | | | | | | 51,587 | | | | | | 13% | | | | | | 13% | | |

| | | | $ | 8,188,136 | | | | | 100% | | | | | | $ | 7,263,105 | | | | | 100% | | | | | | $ | 925,031 | | | | | 13% | | | | | | 15% | | |

(dollars in thousands)

- approximately $69.2 million of incremental revenues generated from our IBX data center expansions;

- $27.1 million of incremental revenues generated from the Entel Chile and Entel Peru acquisitions; and

Growth in EMEA revenues was primarily due to power price increases in various European countries in response to the increased cost of utilities, as noted below under cost of revenues.

In addition to power price increases, growth in EMEA revenues was further driven by:

- approximately $47.8 million of incremental revenues generated from our IBX data center expansions;

- $15.1 million of incremental revenues generated from the MainOne acquisition; and

In addition to organic growth, the increase in Asia-Pacific revenues was further driven by:

- approximately $7.9 million of incremental revenues generated from our IBX data center expansions; and

- power price increases in response to the increased cost of utilities.

| Americas | | | $ | 1,616,167 | | | | | 38% | | | | | | $ | 1,560,799 | | | | | 42% | | | | | | $ | 55,368 | | | | | 4% | | | | | | 4% | | |

| EMEA | | | 1,653,008 | | | | | | 39% | | | | | | 1,281,023 | | | | | | 34% | | | | | | 371,985 | | | | | | 29% | | | | | | 34% | | |

We anticipate that we will recover the entire cost basis of these securities and have determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the year ended December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2023,] [added: 2024,] our investment portfolio of cash equivalents [removed: and marketable securities] consisted of money market [removed: funds.][added: funds and time deposits.]

The amount in our investment portfolio that could be susceptible to market risk totaled [removed: $1.6] [added: $2.5] billion.

An immediate increase or decrease in current interest rates from their position as of December 31, [removed: 2023] [added: 2024] would not have a material impact on our interest expense due to the fixed coupon rate on the majority of our debt obligations.

For every 100-basis point increase or decrease in interest rates, our annual interest expense could increase by approximately [removed: $6.4] [added: $6] million or decrease by approximately [removed: $6.4] [added: $6] million based on the total balance of our term loan borrowings as of December 31, [removed: 2023.][added: 2024.]

We periodically enter into interest rate locks to hedge the interest rate exposure created by anticipated [removed: fixed rate] [added: fixed-rate] debt issuances, which are designated as cash flow hedges.

As of December 31, [removed: 2023,] [added: 2024,] the total notional amount of [removed: such] cross-currency interest rate [removed: swaps] [added: swap contracts] was [removed: $280.3 million.][added: $4.4 billion.]

The fair [removed: value] [added: values] of our long-term fixed interest rate debt [removed: is] [added: and our loan receivable are] subject to interest rate risk.

Generally, the fair value of [removed: fixed interest rate debt] [added: these instruments] will increase as interest rates fall and decrease as interest rates rise.

[removed: These interest] [added: Interest] rate changes may affect the fair value of [removed: the fixed interest rate debt] [added: these instruments] but do not impact our earnings or cash flows.

The fair value of our mortgage and loans [removed: payable,] [added: payable as well as our Japanese Yen Senior Notes,] which are not traded in the market, [removed: is] [added: are] estimated by considering our credit rating, current rates available to us for debt of the same remaining maturities and the terms of the debt.

The fair [removed: value] [added: values] of our other senior notes, which are traded in the market, [removed: was] [added: are] based on quoted market prices.

The following table represents the carrying value and estimated fair value of [removed: our mortgage and loans payable and senior notes] [added: these financial instruments] as of [added: December 31] (in [removed: thousands):][added: millions):]

To help manage the exposure to foreign currency exchange rate fluctuations, we have implemented a number of hedging programs, in particular (i) a cash flow hedging program to hedge the forecasted revenues and expenses in our EMEA region as well as our debt denominated in [removed: foreign-currencies,] [added: foreign currencies,] (ii) a balance sheet hedging program to hedge the re-measurement of monetary assets and liabilities denominated in foreign currencies, and (iii) a net investment hedging program to hedge the [removed: long term] [added: long-term] investments in our foreign subsidiaries.

As of December 31, [removed: 2023,] [added: 2024,] the total principal amount of foreign currency debt obligations was [removed: $2.8] [added: $4.5] billion, including [removed: $1.2] [added: $3.0] billion denominated in Euro and [removed: $636.9] [added: $626] million denominated in British Pound, [removed: $549.2] [added: $491] million denominated in Japanese Yen, [removed: $356.6] [added: $441] million denominated in Swiss [removed: Franc, $27.4 million denominated in Canadian Dollar] [added: Franc] and [removed: $5.8] [added: $21] million denominated in [removed: Nigerian Naira.][added: Canadian Dollar.]

If the U.S. Dollar would have been weaker or stronger by 10% in comparison to these foreign currencies as of December 31, [removed: 2023,] [added: 2024,] we estimate our obligation to cash settle the principal of these foreign currency debt obligations in U.S. Dollars would have increased or decreased by approximately [removed: $310.1] [added: $371] million and [removed: $253.7] [added: $304] million, respectively.

As of December 31, [removed: 2023,] [added: 2024,] we have designated [removed: $1.5] [added: $1.0] billion of the total principal amount of foreign currency debt obligations as net investment hedges against our net investments in foreign subsidiaries.

[removed: For a net investment hedge, changes] [added: Changes] in the fair value of [removed: the] hedging [removed: instrument] [added: instruments] designated as [removed: a] net investment [removed: hedge] [added: hedges] are recorded as a component of [added: accumulated] other comprehensive income (loss) in the consolidated balance sheets.

We have designated $3.1 billion of the total notional amount of cross-currency swaps as net investment hedges against our investment in foreign subsidiaries and [removed: $280.3] [added: $280] million as cash flow hedges against a portion of our foreign currency denominated debt.

The remaining $1.1 billion of cross-currency interest rate swaps were not designated as hedging [removed: instruments, but were used to offset remeasurement gains and losses from foreign currency monetary assets and liabilities.][added: instruments.]

We have designated [removed: $3.9] [added: $2.0] billion of the total notional amount of cross-currency swaps as net investment hedges against our investment in foreign subsidiaries and [removed: $280.3 million] [added: $1.0 billion] as cash flow hedges against a portion of our foreign currency denominated [removed: debt.][added: debt and our U.S. dollar-denominated fixed-rate debt issued by our foreign subsidiaries.]

If the U.S. Dollar weakened or strengthened by 10% in comparison to foreign currencies, we estimate our obligation to cash settle these hedges would have increased or decreased by approximately [removed: $362.3] [added: $261] million and [removed: $294.1] [added: $216] million, respectively.

The U.S. Dollar [removed: weakened] [added: strengthened] relative to certain of the currencies of the foreign countries in which we operate during the year ended December 31, [removed: 2023.][added: 2024.]

With the existing cash flow hedges in place, a hypothetical additional 10% strengthening of the U.S. Dollar during the year ended December 31, [removed: 2023] [added: 2024] would have resulted in a reduction of our revenues and a reduction of our operating expenses including depreciation and amortization expense by approximately [removed: $281.9] [added: $282] million and [removed: $256.6] [added: $261] million, respectively.

With the existing cash flow hedges in place, a hypothetical additional 10% weakening of the U.S. Dollar during the year ended December 31, [removed: 2023] [added: 2024] would have resulted in an increase of our revenues and an increase of our [added: operating expenses including depreciation and amortization expenses by approximately $344 million and $331 million, respectively.]

We have entered into various power contracts to purchase power at fixed prices in certain locations in Australia, Brazil, [added: Bulgaria,] Canada, Chile, Finland, France, Germany, [added: India,] Ireland, Italy, Japan, the Netherlands, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the U.S.

The fair value of our loan receivable is estimated by discounting the contractual cash flows of the loan using indicative pricing from third parties for similar instruments.

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| Mortgage and loans payable | | | $ | 649 | | | | | $ | 654 | | | | | $ | 672 | | | | | $ | 684 | |

| Senior notes | | | 14,685 | | | | | | 13,342 | | | | | | 13,168 | | | | | | 11,740 | | |

| Loan receivable | | | 261 | | | | | | 280 | | | | | | — | | | | | | — | | |

The remaining $1.4 billion of cross-currency interest rate swaps were not designated as hedging instruments.

All of our marketable securities are recorded on our consolidated balance sheets at fair value with changes in fair values recognized in net income.

We also use cross-currency swaps to hedge our interest rate risk in our variable rate debt obligations by changing the benchmark rate for a portion of the variable rate debt obligations from SONIA to SOFR.

| | | | December 31, 2023 | | | | | | | | | | | | December 31, 2022 | | | | | | | | |

| Mortgage and loans payable | | | $ | 671,694 | | | | | $ | 684,222 | | | | | $ | 653,617 | | | | | $ | 666,387 | |

| Senior notes | | | 13,168,952 | | | | | | 11,739,401 | | | | | | 12,226,890 | | | | | | 10,196,933 | | |

As of December 31, 2022, the total notional amount of cross-currency interest rate swap contracts was $4.2 billion.

The changes in the fair value of these designated swaps are recorded as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets.

operating expenses including depreciation and amortization expenses by approximately $345.2 million and $320.3 million, respectively.

Overview: [removed: Powering] [added: Enabling Innovation for] the [removed: World’s] Digital [removed: Leaders][added: World]

Equinix [added: (Nasdaq: EQIX)] is the world's digital infrastructure [removed: companyTM.][added: company®.]

[removed: We enable our customers] [added: Equinix enables organizations] to access all the right places, partners and possibilities they need to accelerate their advantage.

Platform [removed: Equinix®] [added: Equinix] combines a global footprint of International Business [removed: Exchange™] [added: ExchangeTM] (IBX®) and xScale® data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, [added: infrastructure and] interconnection [removed: solutions, digital] offerings, unique business and digital ecosystems and expert consulting and support.

Equinix was incorporated on June 22, [removed: 1998,] [added: 1998] as a Delaware corporation and operates as a REIT for federal income tax purposes.

The company’s name, Equinix (composed from the words [removed: "equality",] [added: "equality,"] "neutrality" and "internet exchange"), reflects that vision.

The founders [removed: also] believed they not only had the [removed: opportunity] [added: opportunity,] but also the responsibility to create a company that would be the steward of some of the most important digital infrastructure assets in the world.

Over two and a half decades later, we have expanded upon that vision to build Platform [removed: Equinix,] [added: Equinix®,] which we believe is unmatched in scale and reach.

Our [removed: interconnected] data centers around the world allow our customers to bring together and interconnect the infrastructure they need to fast-track their digital advantage.

The Equinix global platform, and the quality of our [removed: IBX and xScale data centers, interconnection offerings and edge solutions,] [added: offerings,] have enabled us to establish a critical mass of customers.

[removed: ][added: ]

In [removed: 2023,] [added: 2024,] we opened [removed: nine] [added: 16] new data centers, inclusive of new xScale sites via our joint ventures.

[removed: 2023] [added: Additional 2024] highlights include:

[removed: Private] [added: Our research estimates that private] interconnection capacity [removed: between businesses, as reported in GXI 2024, is anticipated to] [added: will] grow at a compound annual growth rate ("CAGR") of [removed: 34%] [added: 29%] by [removed: 2026,] [added: 2027,] potentially [removed: reaching 33,578] [added: nearing 40,000] terabits per second of data exchanged annually.

Worldwide Interconnection Bandwidth Capacity CAGR [removed: (2022 - 2026)] [added: (2023-2027)] in Terabits per Second (Tbps)

Equinix Business Proposition: To [removed: be the platform where] [added: Be] the [removed: world comes together, enabling] [added: Platform Where] the [removed: innovations that enrich our work, life and planet][added: World Comes Together]

[added: We enable] competitive advantage for our customers and partners by creating the foundational infrastructure capabilities that [removed: power worldwide businesses.][added: harness innovation and create value.]

We offer a comprehensive, integrated suite of [removed: data center] [added: infrastructure] and [removed: digital] [added: interconnection] solutions and products to over 10,000 enterprise and service provider customers worldwide.

[removed: Offerings in these data centers] [added: These offerings] are typically billed based on the space and power a customer [removed: consumes,] [added: consumes in our IBX data centers,] are delivered under a fixed duration contract and generate monthly recurring revenue ("MRR").

Our footprint consists of [removed: 250+] [added: 268] data centers worldwide:

- IBX Data Centers are our [removed: vendor-neutral] [added: carrier-neutral] colocation data [removed: centers worldwide,] [added: centers,] providing our customers with [added: the] secure, reliable and robust environments (including space and power) [removed: that are] necessary to aggregate and distribute information and connect digital and business ecosystems globally.

With xScale data centers, [added: which are developed and operated through our joint venture partnership arrangements,] hyperscale customers add to their core hyperscale data center deployments and existing customer access points at Equinix, allowing streamlined expansion with a single global vendor.

Equinix [removed: colocation] [added: infrastructure] offerings include a suite of comprehensive solutions that provide all the components required by a customer to house its IT infrastructure [removed: (or equipment).][added: or equipment.]

These offerings are designed to speed and streamline [removed: digital transformation and] data center deployments for our customers.

- Secure Cabinets are steel-framed cabinets sized to industry [removed: standards, with lockable, fully ventilated doors,] [added: standards] and [removed: are] typically configured to [removed: order.][added: order, with lockable, fully ventilated doors.]

[removed: This configuration fits the majority of] [added: - Secure Cabinet Express are ready for service secure cabinets that are preconfigured to fit Equinix recommendations and most] modern IT deployment requirements, providing a simplified and globally consistent colocation module for cabinet-sized deployments.

These solutions include both on-consumption and subscription services [removed: which] [added: that] may generate MRR as well as non-recurring revenue ("NRR").

- Equinix [removed: SmartView®] [added: Smart View®] is a fully integrated monitoring software that provides customers visibility into the operating data relevant to their specific Equinix footprint as if they were in-house.

- [added: Equinix] Cross Connects provide a point-to-point cable link between two Equinix customers in the same data center.

- Equinix Internet [removed: Exchange®] [added: Exchange] enables networks, content providers and large enterprises to exchange internet traffic through the largest global peering solution.

- Equinix Internet Access is an agile, scalable, resilient and high-performing [added: managed] internet access solution.

[removed: With] [added: Offering] multiple upstream Tier 1 providers per [removed: metro,] [added: metro and] connections to all Equinix and major third-party internet exchanges, [removed: and] [added: with] over 300 private peering relationships, it delivers superior availability and performance.

[removed: It] [added: Internet Access] serves as a one-stop shop for businesses, offering both physical and virtual connection options with Equinix Fabric [added: and Network Edge] to deliver primary and secondary internet access solutions.

Available in [removed: 50+] [added: 60+] markets, [removed: it] [added: Internet Access] allows [removed: for] scalable bandwidth to meet growing usage needs, empowering businesses [added: to innovate] in the digital age.

Fiber Connect enables fast, convenient and affordable integration with partners, customers and [removed: service providers across the global Equinix digital ecosystem.]

- [added: Equinix] Network Edge allows customers to modernize networks within minutes, by deploying network functions virtualization ("NFV") from multiple vendors across Equinix metros.

This shift is being accelerated by the increasing adoption of hybrid [removed: multicloud] [added: multi-cloud] architectures and the adoption of [removed: artificial intelligence.][added: AI.]

The data center market landscape has evolved to include private and [removed: vendor-neutral MTDC providers,] [added: carrier-neutral multi-tenant data centers,] public and private cloud providers, managed infrastructure and application hosting providers, [added: large hyperscale cloud providers] and systems integrators.

It is estimated that Equinix is one of more than [removed: 2,200] [added: 2,400] companies that provide MTDC offerings around the world.

Each of these data center [removed: solutions] [added: solution] providers can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

Our new data center openings included sites in the following metros: Barcelona, Istanbul, Johannesburg, Johor, Kuala Lumpur, Madrid, Mumbai, New York, Osaka, Paris, Rio de Janeiro, Seoul, Silicon Valley, Tokyo and Warsaw.

When including an additional data center which opened in February 2025, this results in an increase in our total number of data center facilities to 268.

- In April, we sold the Silicon Valley 12 (“SV12”) data center site in connection with the formation of a new joint venture ("JV") to develop and operate the first xScale data center in the U.S. The facility will be built out in two phases and is expected to provide more than 28 MW of power capacity when completed.

- In July, we announced our entry into the Philippines with the planned acquisition of three data centers in Manila for a stated purchase price of $180 million, subject to certain adjustments.

The transaction is expected to close in the first half of 2025, subject to customary closing conditions, and is expected to add more than 1,000 cabinets of capacity.

This follows our recent expansions into Indonesia and Malaysia, enabling us to help businesses expand and capitalize on the digital opportunity of the fast-growing Southeast Asia region.

- In October, we entered into an agreement to form a joint venture to develop and operate data centers in the Americas region, subject to regulatory approval and other closing conditions which were satisfied on October 30, 2024.

With the $15.0 billion of capital expected to be raised through this joint venture, we expect to accelerate xScale deployment in the U.S., eventually adding more than 1.5 gigawatts of new capacity for hyperscale customers.

- In November, we announced plans to build our sixth data center in Singapore.

This new high performance data center will feature a design built to efficiently compute intensive workloads like artificial intelligence ("AI"), supported by capabilities such as advanced liquid cooling.

Expected to open in Q1 2027, the 9-story facility was awarded as part of Singapore's pilot Data Centre - Call for Application and will provide 20MW of power capacity when fully built.

Industry Trends: The rise of intelligent ecosystems

The digital economy is advancing rapidly, driven by exponential data growth, ecosystem collaboration and edge-to-cloud innovations.

Interconnected networks are transforming business operations and enabling organizations to scale, innovate and thrive.

Emerging trends shaping this landscape include:

- The digital shift: Industries are becoming smarter, faster and more adaptable as AI enhances decision-making and automates tasks.

Businesses are shifting from traditional, siloed models to interconnected ecosystems, where collaboration and seamless integration of services drive value at scale.

Digital-first strategies are empowering businesses to transition from static product offerings to dynamic, outcome-based services, harnessing real-time data and ecosystem interconnections as competitive advantages.

- The interconnection imperative: This digital shift is fostering collaboration and data sharing, forming tightly connected networks of businesses and partners.

These networks are reshaping supply and value chains into intelligent, service-based systems, with rapidly growing data and participant ecosystems driving efficiency and innovation.

Interconnection is becoming the backbone of the digital economy, enabling real-time collaboration, operational scale and faster decision-making.

Businesses investing in high-speed, low-latency connections are leading in adapting to these complex, data-driven demands.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

- Ecosystem scalability: Organizations are leveraging interconnected ecosystems to expand market reach, streamline service delivery and unlock new revenue streams.

Revenue is increasingly tied to participation in electronic ecosystems rather than standalone transactions.

The emergence of dynamic producer-consumer relationships, where businesses act as service providers, consumers and intermediaries is gaining traction.

This adaptability enables businesses to meet evolving market demands while optimizing resource allocation and driving growth.

- Edge-to-cloud transformation: Built upon the foundation of connectivity, edge-to-cloud workflows are enabling businesses to move data and compute closer to where value is created.

This layered strategy supports efficient data flows, reduces latency, and optimizes costs.

By introducing an authoritative data core distributed across areas of digital density—with low latency access to multiple clouds and SaaS platforms—businesses can achieve scalability and compliance.

This approach, paired with a data edge for Retrieval-Augmented Generation ("RAG") inference models, enables efficient AI and real-time applications in proximity to customers, business operations and endpoints of value delivery and revenue generation.

- Sustainability by design: Sustainability is a key priority for global organizations, as market expectations and regulations demand greener practices.

Interconnection and efficient digital infrastructures are critical in supporting net-zero goals.

By adopting innovative, energy-efficient technologies, businesses are not only reducing carbon footprints, but also building long-term resilience and value.

Interconnection remains the foundation of the digital economy, facilitating seamless data exchange and collaboration.

The growth reflects the increasing demand for scalable, high-performance networks to support AI, edge computing and distributed ecosystem business models.

In 2024, we continued to build new offerings to further our mission to make digital infrastructure more powerful, accessible and sustainable.

On Platform Equinix, businesses can reach the most strategic markets with scalable, navigable infrastructure that blends physical and virtual options on our one-of-a-kind global ecosystem.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

Our new data center openings included sites in the following metros: Bogotá, Dubai, Dublin, Frankfurt, Madrid, Milan, Montreal, Tokyo and Washington D.C. When including five additional data centers which opened in January 2024, this results in an increase in our total number of data center facilities to 260.

- In February, we announced plans to build and operate a second IBX data center in Barcelona, Spain.

The new site will serve as a strategic connection point for data communications between Europe, Africa and the Middle East, with Barcelona quickly becoming a vital subsea hub.

- In June, we announced our plans for expansion into Malaysia, with an additional investment of more than $100 million to help businesses capitalize on the country’s digital transformation and economic growth.

We opened our first data center in Kuala Lumpur in January 2024, which followed our expansion announcement to enter Malaysia with a data center in Johor.

- In August, we announced our plans for expansion of our footprint in Mumbai, India, to address the country’s rising demand for digital infrastructure.

The new facility, called MB4, will bring Equinix’s total data centers in the country to four.

MB4 will offer expanded connectivity options to major telecommunications networks along with Metro Connect® availability to the highly connected Equinix data center sites of MB1 and MB2.

The first phase of MB4 is expected to open in Q1 2024 and will provide an initial capacity of 350 cabinets.

When fully built out, the facility is expected to provide 700 cabinets.

- In September, we opened our new IBX data center in Montreal, Quebec ("MT2") to support customer expansions in one of the fastest-growing edge metros in the world.

MT2 is our second data center in the metro and brings the full value of our platform and portfolio of solutions to Canadian businesses, including those in the rapidly growing financial services, gaming and aerospace sectors.

- We also announced an expanded relationship with Southern Cross Cables Limited ("Southern Cross") in September, which will provide a key U.S.-based interconnectivity access point for the Southern Cross NEXT ("SX NEXT") submarine cable system.

SX NEXT leverages our next-generation cable landing station ("CLS") architecture, enabling rapid provisioning and cost savings.

Industry Trends: Ecosystems unlock digital opportunity

The digital economy is growing and evolving dynamically.

There is a constant influx of new digital product and service providers and related digital consumers, resulting in new ecosystems forming across all industries.

Leading organizations are using digital infrastructure as a strong foundation for scalability and flexibility.

They are scaling into more markets, with greater flexibility, having invested in cutting-edge capabilities.

Additionally, their participation in digital marketplaces offers significant advantages.

Several trends have emerged as a result of these changing business models.

These trends include:

- The digital presence trend underpins businesses’ prioritization of transformation to engage and deliver value electronically.

To compete in the digital economy, organizations are shifting to digital solutions.

The majority of global growth in Gross Domestic Product ("GDP") and revenue is coming from digital services.

Digital revenue sources will be the primary drivers of economic growth in the next decade.

As companies strive to shift from traditional to digital services, only half of companies analyzed, as shown by the Global Interconnection Index 2024 ("GXI"), a market study published by Equinix, are taking advantage of this opportunity.

The GXI data shows that many enterprises are expanding from being consumers to providers of digital services, and not all organizations are moving fast enough.

- The digital participation trend shows that more companies are leveraging digital ecosystems to collaborate and offer services back into the marketplaces faster than ever before.

Each industry is growing its own forms of electronic exchange.

Data in the GXI shows that companies are tapping into the sharing economy to create new revenue streams, showing a rapid growth curve, while fast followers (companies replicating what digital leaders are doing) are shifting gears to succeed by doubling their ecosystem interactions— doing more with less investment.

- The digital proximity trend indicates that companies are bringing their capabilities closer to business operations globally for differentiated value and revenue benefits.

Additionally, as data grows exponentially, it is being distributed in proximity to where business happens.

Companies need to make faster decisions, at greater scale and complexity, with more sources of data.

As shown in the GXI, industries are gaining competitive advantage by investing in edge technologies.

- The sustainability trend reveals market expectations and industry regulations are making organizations prioritize sustainability and hold themselves and their business partners accountable.

Sustainable businesses rely on innovation, sustainable technology and efficient digital practices to reduce emissions and achieve net-zero goals.

Leaders are involving their supply chain partners, including data centers, to ensure they reduce carbon emissions.

Companies also are using more efficient technologies to strengthen a sustainable foundation and scale business.

- Technology adoption trends like composable business--with companies leveraging as-a-Service offerings for commoditized functions and the emergence of artificial intelligence ("AI") ecosystems to improve efficiency and productivity are also strong trends in the market.

On March 20, 2024, the Company received a subpoena from the U.S. Attorney’s Office for the Northern District of California.

On April 30, 2024, the Company received a subpoena from the Securities and Exchange Commission.

The Company is cooperating fully with both government agencies.

On May 2, 2024, a putative stockholder class action was filed against the Company and certain of our officers in the United States District Court for the Northern District of California.

The named plaintiff alleges violations of Section 10(b) of the Exchange Act and Securities and Exchange Commission Rule 10b-5, and Section 20(a) of the Exchange Act, on the basis that the defendants allegedly made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024.

The lawsuit seeks, among other relief, a determination that the alleged claims may be asserted on a class-wide basis, unspecified damages, attorneys' fees, other expenses and costs.

We filed a motion to dismiss the lawsuit on October 10, 2024.

The motion was granted in part on January 6, 2025.

We intend to continue to defend the lawsuit.

These matters are subject to uncertainties, and we cannot predict the outcome, nor reasonably estimate a range of loss or penalties, if any, relating to these matters.

None.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

| (State of incorporation) | | | | | | [removed: (IRS] [added: (I.R.S.] Employer Identification No.) | | |

| Title of each class | | | | | | Trading [removed: Symbol] [added: Symbol(s)] | | | | | | Name of each exchange on which registered | | |

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the [added: Securities] Act.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit [removed: and post] such files).

[removed: See definitions of "large accelerated filer,"] "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

The aggregate market value of the voting and non-voting common stock held by non-affiliates computed by reference to the price at which the common stock was last sold as of the last business day of the registrant's most recently completed second fiscal quarter was approximately [removed: $73.0] [added: $71.8] billion.

As of February [removed: 15, 2024,] [added: 11, 2025,] a total of [removed: 94,621,449] [added: 97,332,005] shares of the registrant's common stock were outstanding.

Part III – Portions of the registrant's definitive proxy statement to be issued in conjunction with the registrant's [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant's fiscal year ended December 31, [removed: 2023.][added: 2024.]

| Item | | | [PART [removed: I](#i0573b9f0550b4a3a8a05ec0aa8d4a413_10)] [added: I](#i519760351d82471481f7b7fe87624123_10)] | | | Page No. | | |

| | | | [Forward-Looking [removed: Statements](#i0573b9f0550b4a3a8a05ec0aa8d4a413_13)] [added: Statements](#i519760351d82471481f7b7fe87624123_13)] | | | [removed: [3](#i0573b9f0550b4a3a8a05ec0aa8d4a413_13)] [added: [3](#i519760351d82471481f7b7fe87624123_13)] | | |

| | | | [Summary of Risk [removed: Factors](#i0573b9f0550b4a3a8a05ec0aa8d4a413_16)] [added: Factors](#i519760351d82471481f7b7fe87624123_16)] | | | [removed: [3](#i0573b9f0550b4a3a8a05ec0aa8d4a413_16)] [added: [3](#i519760351d82471481f7b7fe87624123_16)] | | |

| 1A. | | | [Risk [removed: Factors](#i0573b9f0550b4a3a8a05ec0aa8d4a413_22)] [added: Factors](#i519760351d82471481f7b7fe87624123_28)] | | | [removed: [17](#i0573b9f0550b4a3a8a05ec0aa8d4a413_22)] [added: [16](#i519760351d82471481f7b7fe87624123_28)] | | |

| 1B. | | | [Unresolved Staff [removed: Comments](#i0573b9f0550b4a3a8a05ec0aa8d4a413_25)] [added: Comments](#i519760351d82471481f7b7fe87624123_31)] | | | [removed: [42](#i0573b9f0550b4a3a8a05ec0aa8d4a413_25)] [added: [43](#i519760351d82471481f7b7fe87624123_31)] | | |

| 1C. | | | [removed: [Cybersecurity](#i0573b9f0550b4a3a8a05ec0aa8d4a413_1724)] [added: [Cybersecurity](#i519760351d82471481f7b7fe87624123_34)] | | | [removed: [43](#i0573b9f0550b4a3a8a05ec0aa8d4a413_1724)] [added: [43](#i519760351d82471481f7b7fe87624123_34)] | | |

| 3. | | | [Legal [removed: Proceedings](#i0573b9f0550b4a3a8a05ec0aa8d4a413_31)] [added: Proceedings](#i519760351d82471481f7b7fe87624123_40)] | | | [removed: [49](#i0573b9f0550b4a3a8a05ec0aa8d4a413_31)] [added: [49](#i519760351d82471481f7b7fe87624123_40)] | | |

| 4. | | | [Mine Safety [removed: Disclosures](#i0573b9f0550b4a3a8a05ec0aa8d4a413_34)] [added: Disclosures](#i519760351d82471481f7b7fe87624123_43)] | | | [removed: [49](#i0573b9f0550b4a3a8a05ec0aa8d4a413_34)] [added: [49](#i519760351d82471481f7b7fe87624123_43)] | | |

| 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i0573b9f0550b4a3a8a05ec0aa8d4a413_40)] [added: Securities](#i519760351d82471481f7b7fe87624123_49)] | | | [removed: [50](#i0573b9f0550b4a3a8a05ec0aa8d4a413_40)] [added: [50](#i519760351d82471481f7b7fe87624123_49)] | | |

| 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i0573b9f0550b4a3a8a05ec0aa8d4a413_46)] [added: Operations](#i519760351d82471481f7b7fe87624123_55)] | | | [removed: [52](#i0573b9f0550b4a3a8a05ec0aa8d4a413_46)] [added: [52](#i519760351d82471481f7b7fe87624123_55)] | | |

| 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i0573b9f0550b4a3a8a05ec0aa8d4a413_70)] [added: Risk](#i519760351d82471481f7b7fe87624123_76)] | | | [removed: [74](#i0573b9f0550b4a3a8a05ec0aa8d4a413_70)] [added: [73](#i519760351d82471481f7b7fe87624123_76)] | | |

| 8. | | | [Financial Statements and Supplementary [removed: Data](#i0573b9f0550b4a3a8a05ec0aa8d4a413_73)] [added: Data](#i519760351d82471481f7b7fe87624123_79)] | | | [removed: [76](#i0573b9f0550b4a3a8a05ec0aa8d4a413_73)] [added: [75](#i519760351d82471481f7b7fe87624123_79)] | | |

| 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i0573b9f0550b4a3a8a05ec0aa8d4a413_76)] [added: Disclosure](#i519760351d82471481f7b7fe87624123_82)] | | | [removed: [76](#i0573b9f0550b4a3a8a05ec0aa8d4a413_76)] [added: [75](#i519760351d82471481f7b7fe87624123_82)] | | |

| 9A. | | | [Controls and [removed: Procedures](#i0573b9f0550b4a3a8a05ec0aa8d4a413_79)] [added: Procedures](#i519760351d82471481f7b7fe87624123_85)] | | | [removed: [76](#i0573b9f0550b4a3a8a05ec0aa8d4a413_79)] [added: [75](#i519760351d82471481f7b7fe87624123_85)] | | |

| 9B. | | | [Other [removed: Information](#i0573b9f0550b4a3a8a05ec0aa8d4a413_82)] [added: Information](#i519760351d82471481f7b7fe87624123_88)] | | | [removed: [77](#i0573b9f0550b4a3a8a05ec0aa8d4a413_82)] [added: [76](#i519760351d82471481f7b7fe87624123_88)] | | |

| 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i0573b9f0550b4a3a8a05ec0aa8d4a413_85)] [added: Inspections](#i519760351d82471481f7b7fe87624123_91)] | | | [removed: [77](#i0573b9f0550b4a3a8a05ec0aa8d4a413_85)] [added: [76](#i519760351d82471481f7b7fe87624123_91)] | | |

| | | | [PART [removed: III](#i0573b9f0550b4a3a8a05ec0aa8d4a413_88)] [added: III](#i519760351d82471481f7b7fe87624123_94)] | | | | | |

| 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i0573b9f0550b4a3a8a05ec0aa8d4a413_91)] [added: Governance](#i519760351d82471481f7b7fe87624123_97)] | | | [removed: [78](#i0573b9f0550b4a3a8a05ec0aa8d4a413_91)] [added: [77](#i519760351d82471481f7b7fe87624123_97)] | | |

| 11. | | | [Executive [removed: Compensation](#i0573b9f0550b4a3a8a05ec0aa8d4a413_94)] [added: Compensation](#i519760351d82471481f7b7fe87624123_100)] | | | [removed: [78](#i0573b9f0550b4a3a8a05ec0aa8d4a413_94)] [added: [77](#i519760351d82471481f7b7fe87624123_100)] | | |

| 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i0573b9f0550b4a3a8a05ec0aa8d4a413_97)] [added: Matters](#i519760351d82471481f7b7fe87624123_103)] | | | [removed: [78](#i0573b9f0550b4a3a8a05ec0aa8d4a413_97)] [added: [77](#i519760351d82471481f7b7fe87624123_103)] | | |

| 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i0573b9f0550b4a3a8a05ec0aa8d4a413_100)] [added: Independence](#i519760351d82471481f7b7fe87624123_106)] | | | [removed: [78](#i0573b9f0550b4a3a8a05ec0aa8d4a413_100)] [added: [77](#i519760351d82471481f7b7fe87624123_106)] | | |

| 14. | | | [Principal Accounting Fees and [removed: Services](#i0573b9f0550b4a3a8a05ec0aa8d4a413_103)] [added: Services](#i519760351d82471481f7b7fe87624123_109)] | | | [removed: [78](#i0573b9f0550b4a3a8a05ec0aa8d4a413_103)] [added: [77](#i519760351d82471481f7b7fe87624123_109)] | | |

| 15. | | | [removed: [Exhibits](#i0573b9f0550b4a3a8a05ec0aa8d4a413_109) [and] [added: [Exhibits and] Financial Statement [removed: Schedules](#i0573b9f0550b4a3a8a05ec0aa8d4a413_109)] [added: Schedules](#i519760351d82471481f7b7fe87624123_115)] | | | [removed: [79](#i0573b9f0550b4a3a8a05ec0aa8d4a413_109)] [added: [78](#i519760351d82471481f7b7fe87624123_115)] | | |

| 16. | | | [Form 10-K [removed: Summary](#i0573b9f0550b4a3a8a05ec0aa8d4a413_115)] [added: Summary](#i519760351d82471481f7b7fe87624123_121)] | | | [removed: [85](#i0573b9f0550b4a3a8a05ec0aa8d4a413_115)] [added: [85](#i519760351d82471481f7b7fe87624123_121)] | | |

Equinix expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any [removed: forward looking] [added: forward-looking] statements contained herein to reflect any change in Equinix's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.*

- If we are unable to [added: successfully] implement our [removed: evolving organizational structure,] [added: current leadership transition,] or if we are unable to recruit or retain key [removed: executives and] qualified personnel, our business could be harmed.

- The use of high-power density equipment may limit our ability to fully utilize [added: the space in] our older IBX data centers.

- We have government customers, which subjects us to [added: revenue risk and certain other] risks including early termination, audits, investigations, sanctions and [removed: penalties.][added: penalties, any of which could have a material adverse effect on our results of operations.]

*Risks Related to Environmental Laws and Climate Change [removed: Impacts*][added: Impact*]

- Our business may be adversely affected by [added: physical risks related to] climate change and our response to it.

| 3.650% Senior Notes due 2033 | | | | | | | | | | | | The Nasdaq Stock Market LLC | | |

| 3.250% Senior Notes due 2031 | | | | | | | | | | | | The Nasdaq Stock Market LLC | | |

| 3.625% Senior Notes due 2034 | | | | | | | | | | | | The Nasdaq Stock Market LLC | | |

See the definitions of "large accelerated filer,"

| | | | December 31, 2024 | | | | | |

| 1. | | | [Business](#i519760351d82471481f7b7fe87624123_19) | | | [5](#i519760351d82471481f7b7fe87624123_19) | | |

| 2. | | | [Properties](#i519760351d82471481f7b7fe87624123_37) | | | [45](#i519760351d82471481f7b7fe87624123_37) | | |

| | | | [PART II](#i519760351d82471481f7b7fe87624123_46) | | | | | |

| 6. | | | Reserved | | | [51](#i519760351d82471481f7b7fe87624123_52) | | |

| | | | [PART IV](#i519760351d82471481f7b7fe87624123_112) | | | | | |

| | | | [Signatures](#i519760351d82471481f7b7fe87624123_124) | | | [86](#i519760351d82471481f7b7fe87624123_124) | | |

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

- The development and use of artificial intelligence in the workplace presents risks and challenges that may adversely impact our business and operating results.

- We have been, and in the future may be, subject to securities class action and other litigation, which may harm our business and results of operations.

- The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.

[Table of](#i519760351d82471481f7b7fe87624123_7) [Contents](#i519760351d82471481f7b7fe87624123_7)

| | | | December 31, 2023 | | | | | |

| 1. | | | [Business](#i0573b9f0550b4a3a8a05ec0aa8d4a413_19) | | | [5](#i0573b9f0550b4a3a8a05ec0aa8d4a413_19) | | |

| 2. | | | [Properties](#i0573b9f0550b4a3a8a05ec0aa8d4a413_28) | | | [45](#i0573b9f0550b4a3a8a05ec0aa8d4a413_28) | | |

| | | | [PART II](#i0573b9f0550b4a3a8a05ec0aa8d4a413_37) | | | | | |

| 6. | | | Reserved | | | [51](#i0573b9f0550b4a3a8a05ec0aa8d4a413_43) | | |

| | | | [PART IV](#i0573b9f0550b4a3a8a05ec0aa8d4a413_106) | | | | | |

| | | | [Signatures](#i0573b9f0550b4a3a8a05ec0aa8d4a413_118) | | | [86](#i0573b9f0550b4a3a8a05ec0aa8d4a413_118) | | |

litigation and/or sanctions, adverse revenue impacts, increased costs and our business and results of operations could be negatively impacted.

Equinix has processes for assessing, identifying, and managing material risks from cybersecurity threats, both integrated into our Governance, Risk and Compliance Program (the “GRC Program”) and existing within our Information Security function (“InfoSec”) led by [removed: our] [added: a] Chief Information Security Officer (“CISO”).

The foundation of risk oversight at Equinix is our Governance, Risk and Compliance Committee (“GRCC”), [removed: led by our Chief Compliance Officer, and] overseen by the Nominating and Governance Committee of our Board.

The GRCC is a global, cross-functional group currently comprised of [removed: our most] [added: global] senior leaders, across functions such as Legal, Compliance and Risk Management.

The GRCC prioritizes top enterprise and emerging risks for reporting [removed: to,] [added: to] and [removed: dialogue with,] [added: dialoguing with] our executive staff at least quarterly, and from this discussion, risks are presented to the Nominating and Governance Committee to consider for further assessment and report-out either to a committee or the full Board as appropriate.

The ERM Program works with [removed: those responsible for a given area of] risk [added: owners] to gather, evaluate, and prioritize risk information [removed: for this assessment process] through [removed: use] [added: the completion] of [removed: an enterprise] [added: a] risk [added: assessment and creation of a risk] profile document.

Currently, our cybersecurity program includes the following key categories of security controls with many security capabilities serving under each [removed: category] [added: category:] Governance, Access Control, Awareness and Training, Audit and Accountability, Configuration Management, Contingency Planning, Incident Response, Data Security, Continuous Monitoring, Maintenance Controls, Media Protection, Physical Protections, Risk Assessment, Third-Party Risk Management, System and Communications Projection, and System and Information Integrity.

Equinix [removed: relies on its internal InfoSec team, and] does not generally engage any consultants, auditors, or other third parties in connection with processes for assessing, identifying and managing risks from cybersecurity [removed: threats.][added: threats other than the technology risk consultant identified above.]

These briefings are conducted by our CISO and members of the InfoSec leadership [removed: team,] [added: team] and cover topics such as key risk indicators, the status of strategic programs, operational updates and key initiatives, past and future action plans, and InfoSec functional updates.

The ISSC is chaired by the CISO and comprises of a cross-functional group [added: of senior leaders] from various functions in the company.

Specifically, the ISSC (i) facilitates identification of risk-based priorities and [removed: trade offs;] [added: trade-offs;] (ii) aims to ensure economies of scale and consistency of information security and compliance across IT assets at the [removed: company.;] [added: company;] (iii) reviews and approves information security policies; (iv) reviews requests for policy and risk exceptions to provide a “Risk Acceptance Authorization”; and (v) serves as a communications channel and steward to cultivate a culture of trust across the enterprise.

[removed: Team] [added: Additionally, team] members supporting our program have relevant education and information security experience.

Our prior CISO departed Equinix in the fourth quarter of 2024, at which time we appointed a tenured Equinix Information Technology senior leader to the role in an interim capacity.

To assist our interim CISO, we have engaged a technology risk consultant in an advisory role.

Our next global risk assessment to identify enterprise risks will be conducted in the first half of 2025.

Our interim CISO brings over 20 years of experience in information technology, which enables him to ensure alignment of our cybersecurity program with our critical infrastructure strategies.

He has experience in implementing and operating a governance framework and core controls in information technology.

Further, he oversaw the building of our application disaster recovery infrastructure for all production applications at Equinix, and since that time has been responsible for operating this infrastructure and ongoing disaster recovery testing.

All of this experience is applicable and relevant to our cybersecurity program at Equinix.

We completed a global risk assessment in 2023 to identify enterprise risks.

However, Equinix does regularly engage with law enforcement communities with the intent to continuously improve and enhance its cybersecurity program.

Our CISO has extensive experience leading global security and IT organizations.

He also serves on a public company board as an independent director providing cybersecurity expertise.

The following tables present the locations of our leased and owned IBX data centers and xScaleTM data centers investments as of December 31, [removed: 2023,] [added: 2024,] as well as [removed: five] [added: one] data [removed: centers] [added: center which] opened in [removed: January 2024.][added: February 2025.]

| [removed: ] [added: ] | | | | | | Boston | | | | | | | | | | | | ● | | |

| | | | [removed: Washington] [added: Washington,] D.C./Ashburn | | | | | | ● | | | | | | ● | | | | | |

| | | | [removed: Sao] [added: São] Paulo | | | | | | | | | | | | ● | | | | | |

| [removed: ] [added: ] | | | | | | Barcelona | | | | | | ● | | | | | | [added: ●] | | |

| | | | Dublin | | | | | | [removed: ●] | | | | | | ● | | | | | |

| [removed: ] [added: ] | | | | | | | | | | | | | | | | | |

| Mumbai | | | | | | ● | | | | | | [added: ●] | | | | | |

The following table presents an overview of our portfolio of IBX data centers as of December 31, [removed: 2023:][added: 2024:]

(1)Excludes [removed: 18] [added: 21] unconsolidated data centers [removed: (17] [added: (20] xScale data centers and the MC1 IBX data center) and includes the [removed: KL1 and SL4] [added: JK1] data [removed: centers] [added: center which] opened in [removed: January 2024.][added: February 2025.]

(4)MRR per cabinet represents average monthly recurring revenue recognized divided by the average number of cabinets [removed: billing] [added: billed] during the fourth quarter of the year.

The following table presents a summary of our significant IBX data center projects under construction as of December 31, [removed: 2023:][added: 2024:]

| NY11 phase [removed: IV] [added: V] | | | | | | New York | | | | | | [removed: Q2 2024] [added: Q4 2025] | | | | | | [removed: 550] [added: 600] | | | | | | [removed: 87] [added: 38] | | |

| NY3 phase [removed: I] [added: II] | | | | | | New York | | | | | | [removed: Q3 2024] [added: Q4 2026] | | | | | | [removed: 1,200] [added: 2,275] | | | | | | [removed: 250] [added: 222] | | |

| MI1 phase III | | | | | | Miami | | | | | | [removed: Q1] [added: Q3] 2025 | | | | | | 1,050 | | | | | | 86 | | |

| SP4 phase IV | | | | | | São Paulo | | | | | | Q1 2025 | | | | | | 750 | | | | | | [removed: 22] [added: $] | [added: 21] | |

| MO2 phase I | | | | | | Monterrey | | | | | | [removed: Q1] [added: Q3] 2025 | | | | | | 725 | | | | | | 79 | | |

| ST2 phase II | | | | | | Santiago | | | | | | Q1 2025 | | | | | | 425 | | | | | | [removed: 46] [added: 45] | | |

| DC2 [removed: phase II] [added: Redevelopment] | | | | | | Washington, D.C. | | | | | | Q4 2025 | | | | | | 425 | | | | | | [removed: 36] [added: 56] | | |

| LG2 phase II | | | | | | Lagos | | | | | | Q1 [removed: 2024] [added: 2025] | | | | | | 150 | | | | | | 9 | | |

| MA5 phase II | | | | | | Manchester | | | | | | [removed: Q4 2024] [added: Q1 2025] | | | | | | 775 | | | | | | 39 | | |

| SN1 phase I | | | | | | Salalah | | | | | | [removed: Q4 2024] [added: Q1 2025] | | | | | | 125 | | | | | | [removed: 14] [added: 20] | | |

| LG2 phase III | | | | | | Lagos | | | | | | [removed: Q1] [added: Q3] 2025 | | | | | | 275 | | | | | | 29 | | |

| LS2 phase I | | | | | | Lisbon | | | | | | [removed: Q1] [added: Q3] 2025 | | | | | | 625 | | | | | | 53 | | |

| LG3 phase I | | | | | | Lagos | | | | | | [removed: Q1] [added: Q3] 2025 | | | | | | 225 | | | | | | 22 | | |

| FR8 phase II | | | | | | Frankfurt | | | | | | [removed: Q1 2026] [added: Q4 2025] | | | | | | 1,400 | | | | | | 193 | | |

| KL1 phase [removed: I] [added: II] | | | | | | Kuala Lumpur | | | | | | Q1 [removed: 2024] [added: 2025] | | | | | | 450 | | | | | | [removed: 16] [added: 4] | | |

| CN1 phase I | | | | | | Chennai | | | | | | [removed: Q3 2024] [added: Q1 2025] | | | | | | 850 | | | | | | 65 | | |

| MB3 phase I | | | | | | Mumbai | | | | | | [removed: Q4 2024] [added: Q2 2025] | | | | | | 1,375 | | | | | | 86 | | |

| | | | | | | Bogotá | | | | | | | | | | | | ● | | |

| | | | Düsseldorf | | | | | | | | | | | | ● | | | | | |

| | | | Johannesburg | | | | | | ● | | | | | | | | | | | |

| Jakarta | | | | | | ● | | | | | | | | | | | |

| Johor | | | | | | | | | | | | ● | | | | | |

| Americas | | | 107 | | | | | | 144,100 | | | | | | 116,700 | | | | | | 81 | | % | | | | $ | 2,550 | |

| EMEA | | | 86 | | | | | | 138,200 | | | | | | 107,700 | | | | | | 78 | | % | | | | 2,152 | | |

| Asia-Pacific | | | 54 | | | | | | 89,100 | | | | | | 66,600 | | | | | | 75 | | % | | | | 2,218 | | |

| Total | | | 247 | | | | | | 371,400 | | | | | | 291,000 | | | | | | | | | | | | | | |

The JK1 data center is included in the # of IBXs only.

| CH2 phase II | | | | | | Chicago | | | | | | Q3 2025 | | | | | | 575 | | | | | | 46 | | |

| DC16 phase II | | | | | | Washington, D.C. | | | | | | Q4 2025 | | | | | | 1,525 | | | | | | 131 | | |

| MT1 phase II | | | | | | Montreal | | | | | | Q4 2025 | | | | | | 250 | | | | | | 22 | | |

| SE4 phase IV | | | | | | Seattle | | | | | | Q4 2025 | | | | | | 400 | | | | | | 33 | | |

| CH5 phase I | | | | | | Chicago | | | | | | Q1 2026 | | | | | | 1,600 | | | | | | 219 | | |

| DC16 phase III | | | | | | Washington, D.C. | | | | | | Q1 2026 | | | | | | 1,525 | | | | | | 83 | | |

| BG2 phase II | | | | | | Bogotá | | | | | | Q2 2026 | | | | | | 550 | | | | | | 28 | | |

| SV18 phase I | | | | | | Silicon Valley | | | | | | Q3 2026 | | | | | | 1,350 | | | | | | 260 | | |

| | | | | | | | | | | | | | | | | | | 20,175 | | | | | | 2,048 | | |

| SN1 phase II | | | | | | Salalah | | | | | | Q2 2025 | | | | | | 125 | | | | | | 8 | | |

| FR13 phase II | | | | | | Frankfurt | | | | | | Q2 2026 | | | | | | 350 | | | | | | 42 | | |

| DX3 phase II | | | | | | Dubai | | | | | | Q3 2026 | | | | | | 1,100 | | | | | | 81 | | |

| IL3 phase I | | | | | | Istanbul | | | | | | Q3 2026 | | | | | | 1,325 | | | | | | 116 | | |

| LG4 phase I | | | | | | Lagos | | | | | | Q1 2027 | | | | | | 925 | | | | | | 78 | | |

| PA14 phase I | | | | | | Paris | | | | | | Q1 2027 | | | | | | 825 | | | | | | 133 | | |

| LD14 phase I | | | | | | London | | | | | | Q2 2027 | | | | | | 1,425 | | | | | | 243 | | |

| ZH4 phase VI | | | | | | Zurich | | | | | | Q3 2027 | | | | | | 200 | | | | | | 47 | | |

| | | | | | | | | | | | | | | | | | | 12,400 | | | | | | 1,291 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| HK1 phase XIII B | | | | | | Hong Kong | | | | | | Q4 2025 | | | | | | 250 | | | | | | 16 | | |

| HK6 phase I | | | | | | Hong Kong | | | | | | Q1 2026 | | | | | | 1,000 | | | | | | 124 | | |

| OS3 phase IV | | | | | | Osaka | | | | | | Q1 2026 | | | | | | 550 | | | | | | 30 | | |

| JH2 phase I | | | | | | Johor | | | | | | Q1 2027 | | | | | | 1,100 | | | | | | 152 | | |

| SG6 phase I | | | | | | Singapore | | | | | | Q1 2027 | | | | | | 1,525 | | | | | | 290 | | |

| TY15 phase II | | | | | | Tokyo | | | | | | Q2 2027 | | | | | | 1,000 | | | | | | 101 | | |

| JH2 phase II | | | | | | Johor | | | | | | Q3 2027 | | | | | | 1,125 | | | | | | 49 | | |

| | | | | | | | | | | | | | | | | | | 9,225 | | | | | | 917 | | |

| Total | | | | | | | | | | | | | | | | | | 41,800 | | | | | | $ | 4,256 | |

| | | | | | | Bogota | | | | | | | | | | | | ● | | |

| | | | Dusseldorf | | | | | | | | | | | | ● | | | | | |

| Americas | | | 108 | | | | | | 145,400 | | | | | | 112,900 | | | | | | 78 | | % | | | | $ | 2,527 | |

| EMEA | | | 84 | | | | | | 136,200 | | | | | | 109,100 | | | | | | 80 | | % | | | | 1,991 | | |

| Asia-Pacific | | | 50 | | | | | | 80,900 | | | | | | 65,300 | | | | | | 81 | | % | | | | 2,104 | | |

| Total | | | 242 | | | | | | 362,500 | | | | | | 287,300 | | | | | | | | | | | | | | |

The AB1, AC1, LG1, LG2, KL1 and SL4 data centers are included in the # of IBXs only.

| MX2 phase III | | | | | | Mexico City | | | | | | Q2 2024 | | | | | | 1,200 | | | | | | $ | 56 | |

| RJ3 phase I | | | | | | Rio de Janeiro | | | | | | Q1 2025 | | | | | | 550 | | | | | | 94 | | |

| | | | | | | | | | | | | | | | | | | 13,025 | | | | | | 1,435 | | |

| HH1 phase II | | | | | | Hamburg | | | | | | Q2 2024 | | | | | | 325 | | | | | | 9 | | |

| BA2 phase I | | | | | | Barcelona | | | | | | Q2 2024 | | | | | | 650 | | | | | | 56 | | |

| MU4 phase II | | | | | | Munich | | | | | | Q2 2024 | | | | | | 750 | | | | | | 22 | | |

| PA10 phase II | | | | | | Paris | | | | | | Q2 2024 | | | | | | 700 | | | | | | 32 | | |

| BX1 phase II & III & IV | | | | | | Bordeaux | | | | | | Q3 2024 | | | | | | 800 | | | | | | 64 | | |

| JN1 phase I | | | | | | Johannesburg | | | | | | Q3 2024 | | | | | | 700 | | | | | | 21 | | |

| IL4 phase I | | | | | | Istanbul | | | | | | Q3 2024 | | | | | | 1,125 | | | | | | 64 | | |

| | | | | | | | | | | | | | | | | | | 11,175 | | | | | | 805 | | |

| MB4 phase I | | | | | | Mumbai | | | | | | Q1 2024 | | | | | | 350 | | | | | | 3 | | |

| SL4 phase I | | | | | | Seoul | | | | | | Q1 2024 | | | | | | 475 | | | | | | 6 | | |

| JH1 phase I | | | | | | Johor | | | | | | Q2 2024 | | | | | | 500 | | | | | | 38 | | |

| OS3 phase III | | | | | | Osaka | | | | | | Q2 2024 | | | | | | 600 | | | | | | 20 | | |

| SY5 phase III | | | | | | Sydney | | | | | | Q2 2024 | | | | | | 2,675 | | | | | | 121 | | |

| ME2 phase III | | | | | | Melbourne | | | | | | Q3 2024 | | | | | | 1,500 | | | | | | 39 | | |

| TY15 phase I | | | | | | Tokyo | | | | | | Q3 2024 | | | | | | 1,200 | | | | | | 115 | | |

| JK1 phase I | | | | | | Jakarta | | | | | | Q4 2024 | | | | | | 575 | | | | | | 32 | | |

| | | | | | | | | | | | | | | | | | | 10,550 | | | | | | 541 | | |

| Total | | | | | | | | | | | | | | | | | | 34,750 | | | | | | $ | 2,781 | |

As of January 31, [removed: 2024,] [added: 2025,] we had [removed: 94,522,562] [added: 97,332,005] shares of our common stock outstanding held by approximately [removed: 239] [added: 236] registered holders.

During the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] we did not issue or sell any securities on an unregistered basis.

The graph set forth below compares the cumulative total stockholder return on Equinix's common stock between December 31, [removed: 2018] [added: 2019] and December 31, [removed: 2023] [added: 2024] with the cumulative total return of:

The graph assumes the investment of $100.00 on December 31, [removed: 2018] [added: 2019] in Equinix's common stock and in each index, and assumes the reinvestment of dividends, if any.

[removed: ][added: ]

*$100 invested on [removed: 12/31/18] [added: 12/31/19] in stock or index, including reinvestment of dividends.

Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, [removed: 2023.][added: 2024.]

Based on our evaluation under the framework in *Internal Control – Integrated Framework* (2013), our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein on page F-1 of this Annual Report on Form 10-K.

There [removed: were] [added: have been] no [added: other] changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the twelve months ended December 31, [removed: 2023] [added: 2024] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

In the second quarter of 2024, as part of our multi-year project to move the backbone of our finance systems to the Cloud, we completed deployment of certain modules in our new cloud enterprise resource planning (“ERP”) system to support financial close and reporting.

As a result of the ERP system implementation, in the second quarter of 2024 certain internal controls over financial reporting have been automated, modified, or implemented to address the new control environment and processes associated with the ERP system.

Rule 10b5-1 [removed: and Non-Rule 10b5-1] Trading Arrangements

During the quarter ended December 31, [removed: 2023, none] [added: 2024, each] of [removed: our] [added: the following] directors [removed: or] [added: and/or] officers [removed: adopted, modified] [added: adopted] or terminated a “Rule 10b5-1 trading [removed: arrangement” or a “non-Rule 10b5-1 trading] arrangement”, as [removed: such terms are] [added: each term is] defined in Item 408(a) of Regulation S-K.

All trading plans were entered into during an open insider trading window and are intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and our policies regarding transactions in our securities.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name and Title | | | | | | Date | | | | | | Action | | | | | | Start Date | | | | | | End Date | | | | | | Total Shares to be Sold | | |

| Scott Crenshaw, EVP and GM, Digital Services | | | | | | 11/7/2024 | | | | | | Termination | | | | | | 1/16/2025 | | | | | | 9/30/2025 | | | | | | See footnote (1) | | |

| Simon Miller, Chief Accounting Officer | | | | | | 11/15/2024 | | | | | | Adoption | | | | | | 3/1/2025 | | | | | | 4/30/2025 | | | | | | See footnote (2) | | |

(1)Mr. Crenshaw’s original adoption date was on May 31, 2024.

(2)Mr. Miller’s plan includes any shares to be granted under the 2024 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding and/or diversification purposes.

The [added: other] information required by this Item [added: 10] is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023] [added: 2024] pursuant to Regulation 14A.

This information is incorporated by reference to the Equinix Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders and is also available on our website, www.equinix.com.

Our Board of Directors has adopted an insider trading policy (the “Equinix Securities Trading Policy”).

The Equinix Securities Trading Policy governs transactions, including the purchase, sale, and/or other dispositions of Equinix securities by directors, officers, employees and consultants of Equinix, Inc. The Equinix Securities Trading Policy is designed to promote compliance with applicable insider trading laws, rules and regulations and any listing standards applicable to the company including the Nasdaq stock exchange.

It is Equinix's policy to comply with applicable securities and state laws when engaging in transactions in Equinix's securities.

A copy of the Equinix Securities Trading Policy is filed with this Annual Report on Form 10-K as Exhibit 19.1.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023] [added: 2024] pursuant to Regulation 14A.

Information required by this item is incorporated by reference to the Equinix Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023] [added: 2024] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023] [added: 2024] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023] [added: 2024] pursuant to Regulation 14A.

| [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID](#i0573b9f0550b4a3a8a05ec0aa8d4a413_124) 238[)](#i0573b9f0550b4a3a8a05ec0aa8d4a413_124)] [added: ID](#i519760351d82471481f7b7fe87624123_127) 238[)](#i519760351d82471481f7b7fe87624123_127)] | | | [removed: F-[1](#i0573b9f0550b4a3a8a05ec0aa8d4a413_124)] [added: F-[1](#i519760351d82471481f7b7fe87624123_127)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022](#i0573b9f0550b4a3a8a05ec0aa8d4a413_127)] [added: 2023](#i519760351d82471481f7b7fe87624123_130)] | | | [removed: F-[4](#i0573b9f0550b4a3a8a05ec0aa8d4a413_127)] [added: F-[3](#i519760351d82471481f7b7fe87624123_130)] | | |

| [Consolidated Statements of Operations for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i0573b9f0550b4a3a8a05ec0aa8d4a413_130)] [added: 2022](#i519760351d82471481f7b7fe87624123_133)] | | | [removed: F-[5](#i0573b9f0550b4a3a8a05ec0aa8d4a413_130)] [added: F-[4](#i519760351d82471481f7b7fe87624123_133)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i0573b9f0550b4a3a8a05ec0aa8d4a413_133)] [added: 2022](#i519760351d82471481f7b7fe87624123_136)] | | | [removed: F-[6](#i0573b9f0550b4a3a8a05ec0aa8d4a413_133)] [added: F-[5](#i519760351d82471481f7b7fe87624123_136)] | | |

| [Consolidated Statements of Stockholders' Equity and Other Comprehensive Income (Loss) for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i0573b9f0550b4a3a8a05ec0aa8d4a413_136)] [added: 2022](#i519760351d82471481f7b7fe87624123_139)] | | | [removed: F-[7](#i0573b9f0550b4a3a8a05ec0aa8d4a413_136)] [added: F-[6](#i519760351d82471481f7b7fe87624123_139)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i0573b9f0550b4a3a8a05ec0aa8d4a413_139)] [added: 2022](#i519760351d82471481f7b7fe87624123_142)] | | | [removed: F-[9](#i0573b9f0550b4a3a8a05ec0aa8d4a413_139)] [added: F-[8](#i519760351d82471481f7b7fe87624123_142)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i0573b9f0550b4a3a8a05ec0aa8d4a413_142)] [added: Statements](#i519760351d82471481f7b7fe87624123_145)] | | | [removed: F-[10](#i0573b9f0550b4a3a8a05ec0aa8d4a413_142)] [added: F-[9](#i519760351d82471481f7b7fe87624123_145)] | | |

| [Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, [removed: 2023] [added: 2024] with reconciliations for the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021](#i0573b9f0550b4a3a8a05ec0aa8d4a413_205)] [added: 2022](#i519760351d82471481f7b7fe87624123_211)] | | | [removed: F-[61](#i0573b9f0550b4a3a8a05ec0aa8d4a413_205)] [added: F-[61](#i519760351d82471481f7b7fe87624123_211)] | | |

| [removed: [2.1](http://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex21.htm)] [added: [2.1](https://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex21.htm)] | | | | | | [Rule 2.7 Announcement, dated as [added: of] May 29, 2015. Recommended Cash and Share Offer for Telecity Group plc by Equinix, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex21.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex21.htm)] | | | | | | 8-K | | | | | | 5/29/2015 | | | | | | 2.1 | | | | | | | | |

| [removed: [2.2](http://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex22.htm)] [added: [2.2](https://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex22.htm)] | | | | | | [Cooperation Agreement, dated as of May 29, 2015, by and between Equinix, Inc. and Telecity Group [removed: plc.](http://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex22.htm)] [added: plc.](https://www.sec.gov/Archives/edgar/data/1101239/000119312515205215/d934153dex22.htm)] | | | | | | 8-K | | | | | | 5/29/2015 | | | | | | 2.2 | | | | | | | | |

| [removed: [2.3](http://www.sec.gov/Archives/edgar/data/1101239/000162828016011802/equi-ex23.htm)] [added: [2.3](https://www.sec.gov/Archives/edgar/data/1101239/000162828016011802/equi-ex23.htm)] | | | | | | [Amendment to Cooperation Agreement, dated as of November 24, 2015, by and between Equinix, Inc. and Telecity Group [removed: plc.](http://www.sec.gov/Archives/edgar/data/1101239/000162828016011802/equi-ex23.htm)] [added: plc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828016011802/equi-ex23.htm)] | | | | | | 10-K | | | | | | 12/31/2015 | | | | | | 2.3 | | | | | | | | |

| [removed: [2.4](http://www.sec.gov/Archives/edgar/data/1101239/000119312516786296/d308447dex21.htm)] [added: [2.4](https://www.sec.gov/Archives/edgar/data/1101239/000119312516786296/d308447dex21.htm)] | | | | | | [Transaction Agreement, dated as of December 6, 2016, by and between Verizon Communications Inc. and Equinix, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1101239/000119312516786296/d308447dex21.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000119312516786296/d308447dex21.htm)] | | | | | | 8-K | | | | | | 12/6/2016 | | | | | | 2.1 | | | | | | | | |

| [removed: [2.5](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex25.htm)] [added: [2.5](https://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex25.htm)] | | | | | | [Amendment No. 1 to the Transaction Agreement, dated February 23, 2017, by and between Verizon Communications Inc. and Equinix, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex25.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex25.htm)] | | | | | | 10-K | | | | | | 12/31/2016 | | | | | | 2.5 | | | | | | | | |

| [removed: [2.6](http://www.sec.gov/Archives/edgar/data/1101239/000119312517151757/d330390dex21.htm)] [added: [2.6](https://www.sec.gov/Archives/edgar/data/1101239/000119312517151757/d330390dex21.htm)] | | | | | | [Amendment [removed: No.2] [added: No. 2] to the Transaction Agreement, dated April 30, 2017, by and between Verizon Communications Inc. and Equinix, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1101239/000119312517151757/d330390dex21.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000119312517151757/d330390dex21.htm)] | | | | | | 8-K | | | | | | 5/1/2017 | | | | | | 2.1 | | | | | | | | |

| [removed: [2.7](http://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit27.htm)] [added: [2.7](https://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit27.htm)] | | | | | | [Amendment [removed: No.3] [added: No. 3] to the Transaction Agreement, dated June 29, 2018, by and between Verizon Communications Inc. and Equinix, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit27.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit27.htm)] | | | | | | 10-Q | | | | | | 8/8/2018 | | | | | | 2.7 | | | | | | | | |

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex31.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex31.htm)] | | | | | | [Amended and Restated Certificate of Incorporation of the Registrant, as amended to [removed: date.](http://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex31.htm)] [added: date.](https://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex31.htm)] | | | | | | 10-K/A | | | | | | 12/31/2002 | | | | | | 3.1 | | | | | | | | |

| [removed: [3.2](http://www.sec.gov/Archives/edgar/data/1101239/000119312511164740/dex31.htm)] [added: [3.2](https://www.sec.gov/Archives/edgar/data/1101239/000119312511164740/dex31.htm)] | | | | | | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the [removed: Registrant.](http://www.sec.gov/Archives/edgar/data/1101239/000119312511164740/dex31.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1101239/000119312511164740/dex31.htm)] | | | | | | 8-K | | | | | | 6/14/2011 | | | | | | 3.1 | | | | | | | | |

| [removed: [3.3](http://www.sec.gov/Archives/edgar/data/1101239/000119312513254037/d551026dex31.htm)] [added: [3.3](https://www.sec.gov/Archives/edgar/data/1101239/000119312513254037/d551026dex31.htm)] | | | | | | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the [removed: Registrant.](http://www.sec.gov/Archives/edgar/data/1101239/000119312513254037/d551026dex31.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1101239/000119312513254037/d551026dex31.htm)] | | | | | | 8-K | | | | | | 6/11/2013 | | | | | | 3.1 | | | | | | | | |

| [removed: [3.4](http://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex34.htm)] [added: [3.4](https://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex34.htm)] | | | | | | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the [removed: Registrant.](http://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex34.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex34.htm)] | | | | | | 10-Q | | | | | | 6/30/2014 | | | | | | 3.4 | | | | | | | | |

| [removed: [3.5](http://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex33.htm)] [added: [3.5](https://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex33.htm)] | | | | | | [Certificate of Designation of Series A and Series A-1 Convertible Preferred [removed: Stock.](http://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex33.htm)] [added: Stock.](https://www.sec.gov/Archives/edgar/data/1101239/000101287003002048/dex33.htm)] | | | | | | 10-K/A | | | | | | 12/31/2002 | | | | | | 3.3 | | | | | | | | |

| [removed: [3.6](http://www.sec.gov/Archives/edgar/data/1101239/000162828022009052/ex31-amendedandrestatedbyl.htm)] [added: [3.6](https://www.sec.gov/Archives/edgar/data/1101239/000162828022009052/ex31-amendedandrestatedbyl.htm)] | | | | | | [Amended and Restated Bylaws of the [removed: Registrant.](http://www.sec.gov/Archives/edgar/data/1101239/000162828022009052/ex31-amendedandrestatedbyl.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023007702/bylawamend.htm)] | | | | | | 8-K | | | | | | [removed: 4/13/2022] [added: 3/13/2023] | | | | | | 3.1 | | | | | | | | |

| [removed: [4.2](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] | | | | | | [Indenture, dated as of December 12, 2017, between Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] | | | | | | 8-K | | | | | | 12/5/2017 | | | | | | 4.1 | | | | | | | | |

| [removed: [4.3](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] | | | | | | [Fourth Supplemental Indenture, dated as of November 18, 2019, among Equinix, [removed: Inc] [added: Inc.] and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | 4.2 | | | | | | | | |

| 4.4 | | | | | | Form of 2.625% Senior [removed: Notes] [added: Note] due 2024 (See Exhibit [removed: 4.3).] [added: 4.3)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.5](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] | | | | | | [Fifth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | 4.4 | | | | | | | | |

| 4.6 | | | | | | Form of 2.900% Senior [removed: Notes] [added: Note] due 2026 (See Exhibit [removed: 4.5).] [added: 4.5)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] [added: [4.7](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] | | | | | | [Sixth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | 4.6 | | | | | | | | |

| 4.8 | | | | | | Form of 3.200% Senior [removed: Notes] [added: Note] due 2029 (See Exhibit 4.7) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | | | | | | | | | |

| [removed: [4.23](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] [added: [4.23](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] | | | | | | [Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] | | | | | | 8-K | | | | | | 3/11/2021 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.25](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] [added: [4.25](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] | | | | | | [Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] | | | | | | 8-K | | | | | | 3/11/2021 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.27](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] [added: [4.27](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] | | | | | | [Sixteenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. [removed: Bank.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] [added: Bank National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.2 | | | | | | | | |

| 4.28 | | | | | | Form of 1.450% Senior Note due 2026 (included in Exhibit [removed: 4.34) Form of 1.450% Senior Note due 2026 (included in Exhibit] 4.27) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.29](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] [added: [4.29](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] | | | | | | [Seventeenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.4 | | | | | | | | |

| [removed: [4.31](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] [added: [4.31](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | [Eighteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.6 | | | | | | | | |

| [removed: [4.33](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] [added: [4.33](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] | | | | | | [Nineteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.8 | | | | | | | | |

| [removed: [4.35](http://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] [added: [4.35](https://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] | | | | | | [Twentieth Supplemental Indenture, dated as of April 5, 2022, between Equinix, Inc. and U.S. Bank Trust Company National Association, as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] | | | | | | 8-K | | | | | | 4/5/2022 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.37](http://www.sec.gov/Archives/edgar/data/1101239/000119312515073042/d854432dex413.htm)] [added: [4.49](https://www.sec.gov/Archives/edgar/data/1101239/000119312515073042/d854432dex413.htm)] | | | | | | [Form of Registrant's Common Stock [removed: Certificate.](http://www.sec.gov/Archives/edgar/data/1101239/000119312515073042/d854432dex413.htm)] [added: Certificate.](https://www.sec.gov/Archives/edgar/data/1101239/000119312515073042/d854432dex413.htm)] | | | | | | 10-K | | | | | | 12/31/2014 | | | | | | 4.13 | | | | | | | | |

| [removed: [4.38](https://www.sec.gov/Archives/edgar/data/1101239/000162828024005350/eqix-123123xexhibit438.htm)] [added: [4.50](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit450.htm)] | | | | | | [Description of [removed: Securities](https://www.sec.gov/Archives/edgar/data/1101239/000162828024005350/eqix-123123xexhibit438.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit450.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [4.39](http://www.sec.gov/Archives/edgar/data/1101239/000162828023016073/eqix-33123xexhibit439.htm)] [added: [4.37](https://www.sec.gov/Archives/edgar/data/1101239/000162828023016073/eqix-33123xexhibit439.htm)] | | | | | | [Notes Purchase Agreement, dated February 7, 2023, and issued by Equinix Japan K.K. and Equinix, Inc. as Parent [removed: Guarantor.](http://www.sec.gov/Archives/edgar/data/1101239/000162828023016073/eqix-33123xexhibit439.htm)] [added: Guarantor.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023016073/eqix-33123xexhibit439.htm)] | | | | | | 10-Q | | | | | | 3/31/2023 | | | | | | 4.39 | | | | | | | | |

| [removed: [4.40](http://www.sec.gov/Archives/edgar/data/1101239/000162828023035406/eqix-93023xexhibit440.htm)] [added: [4.38](https://www.sec.gov/Archives/edgar/data/1101239/000162828023035406/eqix-93023xexhibit440.htm)] | | | | | | [Terms and Conditions of the Swiss Francs bonds due September 12, 2028, issued by Equinix Europe 1 Financing Corporation LLC and guaranteed by Equinix, Inc. as [removed: Guarantor.](http://www.sec.gov/Archives/edgar/data/1101239/000162828023035406/eqix-93023xexhibit440.htm)] [added: Guarantor.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023035406/eqix-93023xexhibit440.htm)] | | | | | | 10-Q | | | | | | 9/30/2023 | | | | | | 4.40 | | | | | | | | |

| [4.39](https://www.sec.gov/Archives/edgar/data/1101239/000110465924035156/tm248732d2_ex4-4.htm) | | | | | | [Indenture, dated as of March 18, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465924035156/tm248732d2_ex4-4.htm) | | | | | | POSASR | | | | | | 3/18/2024 | | | | | | 4.40 | | | | | | | | |

| [4.40](https://www.sec.gov/Archives/edgar/data/1101239/000110465924066737/tm248732d11_ex4-2.htm) | | | | | | [First Supplemental Indenture, dated as of May 30, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465924066737/tm248732d11_ex4-2.htm) | | | | | | 8-K | | | | | | 5/30/2024 | | | | | | 4.20 | | | | | | | | |

| 4.41 | | | | | | Form of 5.500% Senior Note due 2034 (included in Exhibit 4.40) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [4.42](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit442.htm) | | | | | | [Bond Purchase and Paying Agency Agreement dated September 2, 2024 between Equinix Europe 1 Financing Corporation LLC and Equinix, Inc. as Guarantor and BNP Paribas (Suisse) SA as Swiss Paying Agent and Deutsche Bank AG London Branch as Joint Lead Managers](https://www.sec.gov/Archives/edgar/data/1101239/000162828024044355/eqix-93024xexhibit442.htm) | | | | | | 10-Q | | | | | | 9/30/2024 | | | | | | 4.42 | | | | | | | | |

| [4.43](https://www.sec.gov/Archives/edgar/data/1101239/000110465924096370/tm2422480d4_ex4-2.htm) | | | | | | [Second Supplemental Indenture, dated as of September 3, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, Elavon Financial Services DAC, UK Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465924096370/tm2422480d4_ex4-2.htm) | | | | | | 8-K | | | | | | 9/3/2024 | | | | | | 4.2 | | | | | | | | |

| 4.44 | | | | | | Form of 3.650% Senior Note due 2033 (included in Exhibit 4.43) | | | | | | 8-K | | | | | | 9/3/2024 | | | | | | 4.3 | | | | | | | | |

| [4.45](https://www.sec.gov/Archives/edgar/data/1101239/000110465924122119/tm2428009d4_ex4-2.htm) | | | | | | [Third Supplemental Indenture, dated as of November 22, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465924122119/tm2428009d4_ex4-2.htm) | | | | | | 8-K | | | | | | 11/22/2024 | | | | | | 4.2 | | | | | | | | |

| 4.46 | | | | | | Form of 3.250% Senior Note due 2031 (included in Exhibit 4.45) | | | | | | 8-K | | | | | | 11/22/2024 | | | | | | 4.3 | | | | | | | | |

| [4.47](https://www.sec.gov/Archives/edgar/data/1101239/000110465924122119/tm2428009d4_ex4-4.htm) | | | | | | [Fourth Supplemental Indenture, dated as of November 22, 2024, among Equinix Europe 2 Financing Corporation LLC, as issuer, Equinix, Inc., as guarantor, U.S. Bank Europe DAC, U.K. Branch, as paying agent, and U.S. Bank Trust Company, National Association, as registrar and trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465924122119/tm2428009d4_ex4-4.htm) | | | | | | 8-K | | | | | | 11/22/2024 | | | | | | 4.4 | | | | | | | | |

| 4.48 | | | | | | Form of 3.625% Senior Note due 2034 (included in Exhibit 4.47) | | | | | | 8-K | | | | | | 11/22/2024 | | | | | | 4.5 | | | | | | | | |

| [10.19](https://www.sec.gov/Archives/edgar/data/1101239/000095010324003728/dp208072_ex1001.htm) | | | | | | [Offer Letter between Equinix, Inc. and Adaire Fox-Martin, dated as of March 7, 2024](https://www.sec.gov/Archives/edgar/data/1101239/000095010324003728/dp208072_ex1001.htm). | | | | | | 8-K | | | | | | 3/7/2024 | | | | | | 10.1 | | | | | | | | |

| [10.20](https://www.sec.gov/Archives/edgar/data/1101239/000095010324003728/dp208072_ex1002.htm) | | | | | | [Form of Severance Agreement between Equinix, Inc. and Adaire Fox-Martin](https://www.sec.gov/Archives/edgar/data/1101239/000095010324003728/dp208072_ex1002.htm). | | | | | | 8-K | | | | | | 3/7/2024 | | | | | | 10.2 | | | | | | | | |

| [10.21](https://www.sec.gov/Archives/edgar/data/1101239/000095010324003728/dp208072_ex1003.htm) | | | | | | [Executive Chairman Agreement between Equinix, Inc. and Charles Meyers, dated as of March 7, 2024](https://www.sec.gov/Archives/edgar/data/1101239/000095010324003728/dp208072_ex1003.htm). | | | | | | 8-K | | | | | | 3/7/2024 | | | | | | 10.3 | | | | | | | | |

| [10.25](https://www.sec.gov/Archives/edgar/data/1101239/000162828024035638/eqix-63024xexhibit1033.htm) | | | | | | [2024 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Charles Meyers.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024035638/eqix-63024xexhibit1033.htm) | | | | | | 10-Q | | | | | | 6/30/2024 | | | | | | 10.33 | | | | | | | | |

| [10.26](https://www.sec.gov/Archives/edgar/data/1101239/000162828024035638/eqix-63024xexhibit1034.htm) | | | | | | [2024 Form of TSR Restricted Stock Unit Agreement for Charles Meyers.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024035638/eqix-63024xexhibit1034.htm) | | | | | | 10-Q | | | | | | 6/30/2024 | | | | | | 10.34 | | | | | | | | |

| [10.27](https://www.sec.gov/Archives/edgar/data/1101239/000162828024035638/eqix-63024xexhibit1035.htm) | | | | | | [2024 Form of Time-Based Restricted Stock Unit Agreement for Charles Meyers.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024035638/eqix-63024xexhibit1035.htm) | | | | | | 10-Q | | | | | | 6/30/2024 | | | | | | 10.35 | | | | | | | | |

| [10.29](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1041.htm) | | | | | | [2024 Form of Revenue/AFFO per Share Performance Restricted Stock Unit Agreement for Merrie Williamson.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1041.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.41 | | | | | | | | |

| [10.30](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1042.htm) | | | | | | [2024 Form of TSR Restricted Stock Unit Agreement for Merrie Williamson.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1042.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.42 | | | | | | | | |

| [10.31](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1043.htm) | | | | | | [2024 Form of Time-Based Restricted Stock Unit Agreement for Merrie Williamson.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1043.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.43 | | | | | | | | |

| [10.32](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1044.htm) | | | | | | [New Hire Time-Based Restricted Stock Agreement for Merrie Williamson.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1044.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.44 | | | | | | | | |

| [10.33](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1045.htm) | | | | | | [Special Advisor to the Board Agreement between Equinix, Inc. and Peter Van Camp, dated March 7, 2024.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1045.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.45 | | | | | | | | |

| [10.34](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1046.htm) | | | | | | [Offer Letter between Equinix, Inc. and Merrie Williamson, dated February 12, 2024.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1046.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.46 | | | | | | | | |

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| [10.35](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1047.htm) | | | | | | [Change in Control Severance Agreement between Equinix, Inc and Merrie Williamson, dated March 25, 2024.](https://www.sec.gov/Archives/edgar/data/1101239/000162828024021647/eqix-33124xexhibit1047.htm) | | | | | | 10-Q | | | | | | 3/31/2024 | | | | | | 10.47 | | | | | | | | |

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| [10.39](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit1039.htm) | | | | | | [Separation Agreement and General Release of Claims between Merrie Williamson and Equinix, Inc. dated November 12, 2024](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit1039.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

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| [19.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit191.htm) | | | | | | [Equinix, Inc. Securities Trading Policy](https://www.sec.gov/Archives/edgar/data/1101239/000162828025005126/eqix-123124xexhibit191.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

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| | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | | | | |

| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Filing Date/ Period End Date | | | | | | Exhibit | | | | | | Filed Herewith | | |

| [10.26](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1036.htm) | | | | | | [Side Letter Agreement Regarding RSUs between Equinix, Inc. and Keith Taylor dated October 3, 2019.](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1036.htm) | | | | | | 10-Q | | | | | | 9/30/2019 | | | | | | 10.36 | | | | | | | | |

| [10.27](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1037.htm) | | | | | | [Side Letter Agreement Regarding RSUs between Equinix, Inc. and Mike Campbell dated October 3, 2019.](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1037.htm) | | | | | | 10-Q | | | | | | 9/30/2019 | | | | | | 10.37 | | | | | | | | |

| [10.28](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1038.htm) | | | | | | [Side Letter Agreement Regarding RSUs between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019.](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1038.htm) | | | | | | 10-Q | | | | | | 9/30/2019 | | | | | | 10.38 | | | | | | | | |

| [10.29](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1040.htm) | | | | | | [Side Letter Agreement Regarding RSUs between Equinix, Inc. and Peter Van Camp dated October 3, 2019.](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1040.htm) | | | | | | 10-Q | | | | | | 9/30/2019 | | | | | | 10.40 | | | | | | | | |

| [10.30](http://www.sec.gov/Archives/edgar/data/1101239/000162828022028466/eqix-93022xexhibit1039.htm) | | | | | | [Amendment to Relocation Letter Agreement by and between Equinix, Inc. and Charles Meyers dated September 21, 2022.](http://www.sec.gov/Archives/edgar/data/1101239/000162828022028466/eqix-93022xexhibit1039.htm) | | | | | | 10-Q | | | | | | 9/30/2022 | | | | | | 10.39 | | | | | | | | |

| [removed: February 16, 2024] [added: /s/ CHARLES MEYERS] | | | [removed: By] [added: Executive Chairman] | | | [removed: /s/ CHARLES MEYERS] [added: February 12, 2025] | | |

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints [removed: Charles Meyers] [added: Adaire Fox-Martin] or Keith D.

| /s/ [removed: CHARLES MEYERS] [added: ADAIRE FOX-MARTIN] | | | Chief Executive Officer and President (Principal Executive Officer) | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ KEITH D. TAYLOR | | | Chief Financial Officer (Principal Financial Officer) | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ SIMON MILLER | | | Chief Accounting Officer (Principal Accounting Officer) | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ NANCI CALDWELL | | | Director | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| [removed: /s/ ADAIRE FOX-MARTIN] [added: February 12, 2025] | | | [removed: Director] [added: By] | | | [removed: February 16, 2024] [added: /s/ ADAIRE FOX-MARTIN] | | |

| /s/ GARY F. HROMADKO | | | Director | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ THOMAS OLINGER | | | Director | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ CHRISTOPHER B. PAISLEY | | | Director | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ JEETU PATEL | | | Director | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ SANDRA RIVERA | | | Director | | | February [removed: 16, 2024] [added: 12, 2025] | | |

| /s/ FIDELMA RUSSO | | | Director | | | February [removed: 16, 2024] [added: 12, 2025] | | |

We have audited the accompanying consolidated balance sheets of Equinix, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022,] [added: 2023,] and the related consolidated statements of operations, of comprehensive income (loss), of stockholders' equity and other comprehensive income (loss) and of cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023] [added: 2024] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

We conducted our audits in accordance with the [removed: auditing] standards of the PCAOB.

A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable [removed: assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.]

[removed: The Company’s] [added: Our] ability to satisfy quarterly asset tests depends upon [removed: its] [added: our] analysis and the fair market values of [removed: its] [added: our] REIT and non-REIT assets.

[removed: (in thousands,] [added: ($ in millions] except [removed: share and] per share [removed: data)][added: data; share data in thousands)]

| | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash and cash equivalents | | | $ | [removed: 2,095,712] [added: 3,081] | | | | | $ | [removed: 1,906,421] [added: 2,096] | | [added: | | | $ | 1,906 | |]

| Other current assets | | | [removed: 468,193] [added: 890] | | | | | | [removed: 459,138] [added: 468] | | |

| Property, plant and equipment, net | | | [removed: 18,600,833] | | | [added: 25] | | | [removed: 16,649,534] | | | [added: 8 | | |]

| Operating lease right-of-use assets | | | [removed: 1,448,890] | | | | | | [removed: 1,427,950] | | | [added: | | | | | | 2 | | | | | | 2 | | | 2 | | | | | | 2 | | |]

| Other assets | | | [removed: 1,591,312] [added: 2,049] | | | | | | [removed: 1,376,137] [added: 1,591] | | |

| Accounts payable and accrued expenses | | | $ | [removed: 1,186,618] [added: 1,193] | | | | | $ | [removed: 1,004,800] [added: 1,187] | |

| Accrued property, plant and equipment | | | [removed: 398,216] [added: 387] | | | | | | [removed: 281,347] [added: 398] | | |

| Current portion of operating lease liabilities | | | [removed: 130,745] [added: 144] | | | | | | [removed: 139,538] [added: 131] | | |

| Current portion of finance lease liabilities | | | [removed: 138,657] [added: 189] | | | | | | [removed: 151,420] [added: 138] | | |

| Current portion of mortgage and loans payable | | | [removed: 7,705] [added: 5] | | | | | | [removed: 9,847] [added: 8] | | |

| Current portion of senior notes | | | [removed: 998,580] [added: 1,199] | | | | | | [removed: —] [added: 998] | | |

| Other current liabilities [added: (1)] | | | [removed: 301,729] [added: —] | | | | | | [removed: 251,346] [added: —] | | | [added: | | | (13) | | |]

| Total current liabilities | | | [removed: 3,162,250] [added: 3,349] | | | | | | [removed: 1,838,298] [added: 3,162] | | |

| Operating lease liabilities, less current portion | | | [removed: 1,331,333] [added: 1,331] | | | | | | [removed: 1,272,812] [added: 1,331] | | |

| Finance lease liabilities, less current portion | | | [removed: 2,122,484] [added: 2,086] | | | | | | [removed: 2,143,690] [added: 2,123] | | |

| Mortgage and loans payable, less current portion | | | [removed: 663,263] [added: 644] | | | | | | [removed: 642,708] [added: 663] | | |

| Senior notes, less current portion | | | [removed: 12,062,346] [added: 13,363] | | | | | | [removed: 12,109,539] [added: 12,062] | | |

| Total liabilities | | | [removed: 20,137,225] [added: 21,533] | | | | | | [removed: 18,804,910] [added: 20,137] | | |