Iron Mountain Incorporated

Iron Mountain Incorporated is a global information management and data center company that stores, protects, and manages the physical and digital assets of more than 240,000 organizations across 61 countries, generating $6.9 billion in revenue in fiscal 2025. Founded in 1951 to safeguard corporate records in an underground vault near Hudson, New York, the company has evolved into a diversified platform spanning records management, data centers, digital solutions, and asset lifecycle management — operating as a REIT since 2014 and sitting in the S&P 500.

This is a business in the middle of a dramatic capital cycle. Iron Mountain is investing more than $2 billion annually to build data center capacity, betting that hyperscale and enterprise demand for secure, compliance-ready facilities will transform a mature records management franchise into a high-growth infrastructure platform. The growth businesses — data centers, digital solutions, and asset lifecycle management — now account for more than 30% of revenue and grew above 50% collectively in early 2026. The file turns on a single question: whether the company can earn its cost of capital on a buildout that has pushed total debt above $16 billion and stockholders' equity deeply negative, all while maintaining the dividend discipline that REIT investors demand.