Iron Mountain Stock Surges 30.2% in Three Months on Data Center Growth

Digital Realty said Tuesday that Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of its operating partnership Digital Realty Trust, L.P., priced an offering of €1 billion aggregate principal amount of 5.125% Guaranteed Notes due 2036 at 99.289% of the principal amount. The euro notes will be senior unsecured obligations of Digital Euro Finco, LLC and will be fully and unconditionally guaranteed by the company and the operating partnership. Interest is payable annually in arrears at 5.125% per annum from and including October 9, 2026, and the notes mature on October 9, 2036. Closing of the offering is expected to occur on October 9, 2026.

KGI Securities said the Ministry of Interior is preparing a specific ministerial regulation to upgrade Data Centers into systematically regulated businesses, after Data Center investment expanded rapidly and electricity demand is expected to possibly exceed 20,000 MW. The regulation designates Data Centers as controlled-use buildings and divides oversight by size and resource use into 8 tiers, Tier 0 to Tier 5, using key criteria such as electrical capacity, reserve water volume, and building size. Medium to large projects must assess their electricity and water impact, and areas that are Grid or Water Hotspots must obtain Utility Confirmation. Meanwhile, large projects using 50 MW or more of electricity, or clusters totaling 100 MW or more, must pass a National Strategic Review and manage electricity use on a phased basis so as not to affect the stability of the power system. The draft ministerial regulation is expected to enter consideration around October 2026, go before the Cabinet for approval in principle around January 2027, and be published in the Royal Gazette with effect around June 2027. Existing Data Centers must upgrade key systems within one year. KGI said the stricter criteria are in line with expectations and largely already priced in, but the enforcement timeline expected in mid-2027 is slower than anticipated, and it remains to be seen how much the government can accelerate the process. Its current recommendation is Buy for AMATA and WHA, with target prices of 37 baht and 5.90 baht respectively. The news could cause share prices to fluctuate in the short term.

Applied Digital has announced its first international expansion, securing up to 1 gigawatt of potential power capacity in Finland to develop a large-scale AI campus. The company said the move leverages Finland's favorable climate, energy ecosystem and connectivity to support hyperscale and AI applications, while it continues to concentrate on its U.S. projects. The agreement provides a pathway for future expansion in emerging European AI markets, with investment decisions based on customer demand and regulatory conditions to maintain disciplined capital deployment. Applied Digital last closed at $24.70, down 2.7%.