IRM · Earnings call · 2026Q2T · Full report
Datacenter Demand Trends
IRON MOUNTAIN INC · 2026-08-05 · Importance 70 · Surprise 56 · In source text
Iron Mountain’s Data Center business grew 39% year over year, supported by strong industry demand, lease commencements and positive pricing. The company leased 13 megawatts in the second quarter and an additional 75 megawatts in July, bringing year-to-date leasing to 110 megawatts. Approximately 325 megawatts of leasable capacity is expected to energize over the next 24 months, with a robust pipeline tied to AI inference, hyperscalers and expanding providers in India. Management expects 2026 leasing to meaningfully exceed the original 100-megawatt target, although large hyperscale transactions remain lumpy.
Key facts
- IRON MOUNTAIN INC Data Center leasing in July 2026 included a 25-megawatt lease in London (fully leasing London 3) and a 10-megawatt lease in Amsterdam; also a 51-megawatt lease in Mumbai as part of a 10-year contract with a major hyperscaler.
- Data Center renewal pricing in Q2 2026: spreads of 12% on cash basis and 14% on GAAP basis.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | IRON MOUNTAIN INC Data Center leasing in July 2026 included a 25-megawatt lease in London (fully leasing London 3) and a 10-megawatt lease… |
| revenue | positive | committed | — | IRON MOUNTAIN INC Data Center leasing in July 2026 included a 25-megawatt lease in London (fully leasing London 3) and a 10-megawatt lease… |