Independent Research Project | July 2025

Author: Sourav Padhi



Executive Summary & Investment Thesis

Core Thesis: The convergence of AI adoption and data center infrastructure represents a once-in-a-decade investment opportunity, with demand fundamentals supporting sustained outperformance for the sector's two remaining pure-play public companies.

Investment Recommendation: Overweight allocation to data center REITs with 60/40 split favouring DLR for value characteristics and EQIX for growth premium.


Section I: Market Analysis & Demand Fundamentals


Section II: Comparative Company Analysis


Section III: Valuation Framework & Investment Model