Equinix SV11
FJI qualification held or pending: the full four-document gate, including project-specific government evidence, has not yet been accepted. Qualification evidence and decisions →
Project status: Operator-listed colocation facility; historical development plans distinguished from current results. Capacity scope: 1,450 initial / 2,950 full-build cabinets in historical plan; current MW undisclosed. How we verify evidence.
← Back to project index- Location
- California / San Jose / Great Oaks campus
- Readiness
- Existing facility / readiness unverified
- Status
- Operator-listed colocation facility; historical development plans distinguished from current results
- Confirmed companies
- Equinix; Bloom Energy in the historical campus power plan
- Next milestone
- Billable deployments, density upgrades and evidence of current power configuration.
- Reviewed
- October 6, 2026
Expanded analysis · Original disclosures linked below · CAD and USD preserved as labeled · Company statements attributed; interpretations labeled.
The one-minute investment takeaway
SV11 shows how connectivity and existing campus infrastructure can support customers without a new hyperscale development. The financial test is recurring deployments and service attachment relative to operating and upgrade costs. The original development budget and cabinet plan provide useful historical context, but do not establish current occupancy, AI demand or a new procurement cycle.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Operator-listed colocation facility; historical development plans distinguished from current results Readiness source →
What the sources establish
- Operator / company disclosure Current marketed footprint. Equinix lists SV11 at 5 Great Oaks Boulevard in San Jose with 121,930 square feet of colocation space, N+1 power and N+2 cooling redundancy. Floor area does not establish billable occupancy. Primary source →
- Operator / company disclosure Historical construction scope. The June 2, 2021 announcement described a USD 142 million facility, 1,450 initial cabinets and 2,950 at full build, with opening targeted for June 30. These are dated development figures, not current occupied-cabinet counts or an AI expansion budget. Primary source →
- Operator / company disclosure Power partner boundary. That release described expansion of Bloom Energy fuel cells toward 20 MW of campus capacity, intended as primary generation with utility and generator backup. It is a historical campus plan, not evidence that SV11 presently has 20 MW of operating IT load. Primary source →
Who receives the money?
Our analysis of disclosed roles. Revenue routes are business-model interpretations, not estimates of booked project revenue.
| Company / exposure | Economic role | What investors need to establish |
|---|---|---|
| Equinix / EQIX | Provides colocation and campus connectivity. | Paid deployments, recurring services and retention determine economics; SV11 revenue is undisclosed. |
| Bloom Energy / BE | Named fuel-cell provider in the historical campus plan. | The connection does not establish a new order, current equipment value, renewal revenue or project margin. |
| Computing customers and vendors | Customers deploy their own workloads and equipment. | No named AI tenant or project-specific NVIDIA order is established; the existing NVIDIA quote is contextual only. |
How financially meaningful is it? Analyst interpretation
Our analysis: the historical facility budget cannot be divided by current area and treated as today’s marginal cost. Later phases, power systems, customer fit-out and density changes may have different funding scopes. Connection revenue can supplement cabinet income, but network availability alone does not create a paid connection. For listed-company exposure, separate Equinix’s recurring infrastructure model from Bloom’s equipment and service economics.
Modeled recurring contribution = cabinet and power-service margin + paid connectivity margin − site operating expense and maintenance. Deduct upgrade investment and funding costs to assess the cash return on additional density.
Hypothetical illustration: 500 additional paid connections at an assumed USD 200 monthly net revenue add USD 1.2 million annually before costs. This does not establish SV11 connection counts, prices or incremental profit.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Customer deployment | Look for occupied and billable capacity rather than full-build design inventory. |
| Power configuration | Seek current documentation of commissioned generation, fuel arrangements and redundancy; historical intentions do not prove present delivery. |
| High-density economics | Watch site-specific upgrade scope, contracted customer demand and cash costs before assigning an AI growth premium. |
What could break the investment case?
Our analysis: Density upgrades may consume capital without enough additional billable demand. Power generation introduces fuel, maintenance and reliability considerations. Customers can choose cloud services or other facilities, limiting pricing and retention.
What would change our view?
Our analysis: Our confidence would rise with recurring deployments and economical upgrades, plus verified current power configuration. It would fall if capacity grows without service attachment or if generation and retrofit expenses absorb expected margins.
What remains unknown Not established in this review
Current occupied cabinets, IT MW, AI workload mix, current fuel-cell capacity, upgrade spending and site earnings remain undisclosed in the reviewed sources.
Project research for information, not a buy recommendation. Financial illustrations use assumptions, not disclosed site results or management guidance.
Company investor information & quarterly statements
Equinix
Equinix; Bloom Energy in the historical campus power plan
Official investor & shareholder information · Quarterly financial statements: Q2 2026 ended June30 2026
Bloom Energy
Equinix; Bloom Energy in the historical campus power plan
Official investor & shareholder information · Quarterly financial statements: Q2 2026 ended June30,2026
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →