Data centers & energy
Iron Mountain
Business, financial evidence and documented connections to the AI buildout.
Business and AI exposure
Iron Mountain combines records and information management with a data-center business. AI infrastructure demand can support leasing of its computing facilities, including its Madrid campus. Data centers also house conventional workloads, and the company’s larger information-management operations remain economically distinct.
Earnings and disclosures
Latest verified results: Q2 2026 · Released 2026-08-05
Next results: 2026-11-05 · Q3 2026 results.
Checked 2026-10-18 · Financial context and sources ↓
Financial context
For Q2 2026, data-center revenue was $262.871 million out of $2.029 billion in total company revenue, approximately 13%. Data-center adjusted EBITDA was $137.343 million. Iron Mountain reported approximately $17.35 billion of debt and $204.8 million of cash.
Products and delivery
The June 2026 Madrid brochure identified 3 MW as live and 20 MW under development. The ultimate campus design reaches 79 MW. These figures describe different stages: operating capacity, construction activity and longer-term potential should not be combined as current available supply.
Plans and commitments
The MAD2 and MAD3 development budget was $301.2 million, of which $151.4 million had been incurred by June 2026. Construction completion was expected in Q1 2027 and stabilization in Q4 2027. The developments were 0% preleased at June.
Economics and dependencies
Construction completion and tenant lease-up are separate requirements for turning investment into recurring revenue. Funding costs, occupancy and customer deployment affect returns. Neither the Madrid capacity figures nor the company’s data-center revenue establishes an AI-only workload or earnings contribution.
What to watch
Completion updates, signed leases and the transition to occupied capacity will clarify the Madrid expansion’s economics. Capital spending and financing should be considered alongside data-center EBITDA, because building the facilities precedes the recurring rental income expected from them.
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.
No named tracked-project role has been established by the evidence used for this profile. This does not mean the company has no AI exposure.
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.