Data centers & energy
American Tower
Business, financial evidence and documented connections to the AI buildout.
Towers plus a colocation business
American Tower owns communications infrastructure and consolidates CoreSite’s data-center operations. CoreSite provides colocation space and interconnection that can support high-density computing, including AI workloads. American Tower earns infrastructure revenue from these services rather than sharing automatically in tenants’ AI-product sales.
Earnings and disclosures
Latest verified results: Q2 2026, ended June 30, 2026 · Released 2026-07-28
Next results: 2026-10-27 · Q3 2026.
Checked 2026-10-18 · Financial context and sources ↓
Second-quarter 2026 company scale
American Tower reported $2.749 billion of revenue and $1.264 billion of adjusted funds from operations attributable to common stockholders for the second quarter of 2026. These figures cover the wider company. The release did not separately quantify AI-only revenue or the future Denver DE3 facility’s profit contribution.
Denver DE3 is still a development
CoreSite describes DE3 as a forthcoming addition to its Denver presence. The first building is planned for 18 critical MW and 170,000 square feet. The operator’s development description should be distinguished from evidence that the building has been commissioned or that its capacity is already earning rent.
A larger three-building campus
The full DE3 campus plan comprises three buildings and 60 critical MW, with the initial addition targeted for availability by the end of 2026. The larger campus envelope is not the same as first-phase delivered capacity. The operator does not disclose an AI-specific tenant mix for the development.
Construction within a leveraged portfolio
At the second-quarter 2026 update, American Tower had $37.190 billion of debt and $1.763 billion of cash. Net leverage was 4.9 times annualized quarterly adjusted EBITDA, while approximately $9.9 billion of liquidity included credit facilities. These resources and obligations support a portfolio far broader than DE3.
Confirm availability and leasing economics
Commissioning the first DE3 building would establish delivery against the end-2026 target. Leasing, occupancy and interconnection demand would then show commercial utilization. Project-level rent and returns would provide a firmer financial connection than assuming the entire campus plan or all CoreSite customers are attributable to AI.
www.coresite.com ↗ · www.coresite.com ↗ · www.sec.gov · 2026-07-28 ↗
Documented project connections
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
CoreSite DE3 / Race Street campus
American Tower parent exposure through CoreSite, the DE3 developer and operator.
CoreSite has a Stonepeak investment partner; no wholly owned campus economics, AI-only tenant share or completed initial phase is inferred.
Evidence boundaries
Company totals, segment sales, bookings, backlog, spending, capacity and usage describe different things. They do not establish project-level revenue, earnings or an exact AI-only revenue share unless the cited disclosure explicitly says so.
This is a dated research snapshot. Forecasts are attributed expectations, and undisclosed amounts remain unknown. Source review does not certify every project or future outcome.