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The top five data centre REITs have a combined market cap approaching $100bn, while aggregated revenues for the top ten biggest DC operators are around $18bn.

Hoya Capital defines wholesale data centres as serving larger customers, with long leases of 5-15 years. It says, “data centre REITs own roughly 30 percent of investment-grade data centre facilities in the US and command roughly a fifth of data centre capacity globally.”

Companies and REITs have typically built their reputations for uptime and security by providing critical infrastructure at scale through Tier 3+ facilities, usually with 2N or N+1 UPS and N+1 or 2 back-up generators and dual-path infrastructure as standard. In power terms, redundancy was king.