Iron Mountain (IRM) Goldman Sachs Communacopia + Technology Conference 2026 summary

Business evolution and cross-selling

• Expanded from physical storage to include data centers, asset lifecycle management (ALM), and digital solutions, leveraging a large Fortune 1000 client base for cross-selling opportunities.

• ALM includes hyperscale data center decommissioning and enterprise IT asset disposition, offering a global solution with strong client trust and chain of custody.

• Digital solutions business is growing rapidly, with recurring SaaS revenue and notable government contracts, including a significant Treasury Department win.

• Data center business focuses on hyperscale clients, aiming to be a full-service partner for development, operation, and decommissioning globally.

Growth portfolio and market outlook

• Growth portfolio (data center, ALM, digital) represents 35% of revenues and grew over 50% year-over-year, with long-term organic growth expected above 20%.

• Data center revenue projected at over $1 billion this year, with signed contracts supporting 40% additional growth and significant land for future expansion.

• ALM revenue grew from $30 million in 2021 to about $1 billion projected this year, with a $35 billion TAM, mostly from corporate clients.

• Hyperscale data center decommissioning TAM expected to double from $3.5 billion to $7 billion in coming years.

• Digital business growing at high teens to 20%, driven by AI and data monetization trends.

Data center operations and leasing

• Leased 110 MW year-to-date, surpassing initial targets, with 325 MW to energize in the next 18–24 months, all in Tier 1 markets.

• Strong leasing pipeline with multiple interested parties per site; most new capacity is not yet leased, offering incremental revenue potential.

• Pre-leases with hyperscale tenants typically last 10–15 years, with construction aligned to energization schedules for rapid revenue conversion.

• AI inference demand is driving higher density and liquid cooling requirements, increasing both build and lease prices.

• Confident in power delivery schedules due to strong utility relationships and advanced equipment procurement.