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Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

The following table summarizes our equity method investments, which are included in other assets on the condensed consolidated balance sheets (in millions):


Investee	Ownership Percentage	September 30, 2025		December 31, 2024
EMEA 1 Joint Venture	20%	$	141	$	131
VIE Joint Ventures (1)	20%	446		374
Other	Various	14		14
Total		$	601	$	519

(1)Includes investments in the following xScale joint ventures in each of our three regions: "Asia-Pacific 1 Joint Venture", "Asia-Pacific 2 Joint Venture", "Asia-Pacific 3 Joint Venture", "EMEA 2 Joint Venture", "AMER 1 Joint Venture" and "AMER 2 Joint Venture". These investments share a similar purpose, design and nature of assets.

The following table summarizes our share of income (losses) related to equity method investments from the VIE Joint Ventures, which were included in other income (expense) in our condensed consolidated statements of operations (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Share of income (losses)	$	(5)	$	(3)	$	(11)	$	(14)

Schedule of The Maximum Exposure Losses of VIE Joint Ventures

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of September 30, 2025 (in millions):


	VIE Joint Ventures
Equity Investment	$	446
Outstanding Accounts Receivable	42
Other Receivables	32
Contract Assets	56
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	92
Maximum Future Payments under Debt Guarantees (3)	41
Total	$	1,101

(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below.

(2)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt.

(3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantee covering 20% of all payments of principal and interest due under one of the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantee relates to our AMER 1 Joint Venture. Refer to Note 10.

The following table presents the assets and liabilities of the Indonesian VIE (in millions):


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	11	$	16
Property, plant and equipment, net	56		25
Other	11		5
Total assets	$	78	$	46
Finance lease liabilities	24		—
Other	9		5
Total liabilities	$	33	$	5

Schedule of Other Related Party Transactions

The following table presents the income and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in millions):


		Three Months Ended September 30,				Nine Months Ended September 30,
Related Party	Nature of Transaction	2025		2024		2025		2024
EMEA 1 Joint Venture	Income (1)	$	7	$	7	$	19	$	19
EMEA 1 Joint Venture	Expenses (2)	6		4		14		11
VIE Joint Ventures	Income (3)	23		73		113		172
VIE Joint Ventures	Expenses (4)	4		1		9		2

(1)Primarily consists of revenues related to service arrangements as described above.

(2)Primarily consists of rent expenses for a sub-lease agreement with the EMEA 1 Joint Venture for a London data center with a remaining lease term of approximately 14 years as of September 30, 2025.

(3)Primarily consists of revenues related to service arrangements as described above and also includes interest income earned on the AMER 2 Loan during the three months ended September 30, 2025 and 2024 of $9 million and $6 million, respectively, and during the nine months ended September 30, 2025 and 2024 of $23 million and $11 million, respectively.

(4)Primarily consists of rent expenses for lease arrangements with the VIE Joint Ventures.

The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in millions):


	EMEA 1 Joint Venture				VIE Joint Ventures
Balance Sheet	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Accounts receivable, net	$	22	$	4	$	42	$	50
Other current assets (1)	5		19		73		128
Property, plant and equipment, net (2)	147		145		70		74
Operating lease right-of-use assets	2		2		31		2
Other assets (3)	—		—		337		302
Other current liabilities	5		5		11		10
Finance lease liabilities	119		164		76		78
Operating lease liabilities	2		2		28		2
Other liabilities (4)	14		48		11		11

(1)The balance primarily relates to contract assets and other receivables.

(2)The balance relates to finance lease right-of-use assets.

(3)The balance primarily relates to contract assets and the AMER 2 Loan receivable.

(4)The balance as of December 31, 2024 primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction. This obligation was settled in the third quarter of 2025 through a non-cash transfer of construction assets to the EMEA 1 Joint Venture. The asset transfer also resulted in a partial settlement of the finance lease liabilities balance with the EMEA 1 Joint Venture.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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