Iron Mountain Expands Planned Data Center Capacity in Virginia by more than 350 Megawatts

Rhea-AI Summary

Iron Mountain (NYSE: IRM) has expanded its data center capacity in Virginia through two strategic acquisitions. The company acquired a 66-acre site in Richmond for a new campus with over 200 MW capacity and a 40-acre site in Manassas for two new buildings offering 150 MW capacity. These acquisitions add more than 350 MW of planned future capacity, bringing Iron Mountain's total global data center capacity to over 1.2 gigawatts when fully developed. The Manassas expansion includes a new electricity substation. The facilities will offer compliance with various standards including HIPAA, FISMA High, and PCI-DSS, and will be powered by 100% renewable energy.

Positive

• Significant capacity expansion adding 350+ MW to portfolio
• Total global data center capacity reaching 1.2 GW when developed
• Strategic location in Virginia, a top destination for hyperscale data centers
• 100% renewable energy powered facilities
• Facilities comply with major security and regulatory standards

Negative

• None.

Insights

Real Estate Investment Analyst

This significant data center expansion marks a strategic move in the competitive Northern Virginia market. The acquisition adds 350+ MW of planned capacity across two prime locations, potentially generating substantial recurring revenue through colocation services. The Richmond site's location in White Oak Technology Park and Manassas's expanded campus with dedicated substation infrastructure represent premium positioning in a high-demand market.

The development aligns with hyperscale customer demand trends and positions Iron Mountain to capture growing enterprise workloads. The 100+ acres of land acquisition provides long-term development runway, while compliance certifications and renewable energy commitments enhance the value proposition. Expect strong returns given Virginia's data center tax incentives and the region's robust fiber connectivity.

Infrastructure Technology Analyst

The planned substation development in Manassas is particularly noteworthy as power availability becomes increasingly critical in Northern Virginia's constrained market. This infrastructure investment provides Iron Mountain a competitive advantage in a region where power access often limits growth. The strategic positioning along I64/I95 corridors with proximity to subsea cable landings in Virginia Beach optimizes network latency and connectivity options.

The expansion to 1.2 GW total capacity demonstrates Iron Mountain's evolution from traditional storage to a major data center player. The focus on sustainability through renewable energy and efficient cooling aligns with enterprise customer requirements and regulatory trends.

Data center campus acquisition in Richmond and campus extension in Manassas significantly strengthens Iron Mountain’s global data center portfolio, to support continued customer demand

PORTSMOUTH, N.H.--(BUSINESS WIRE)-- Iron Mountain (NYSE: IRM), a global leader in information management services, has acquired two data center development sites in Virginia - adding significant planned capacity to support its rapid growth in the data center market.

These latest acquisitions bring more than 100 acres to Iron Mountain’s data center development portfolio, and add an estimated 350+ megawatts (MW) of planned future capacity - taking the company’s total data center capacity to in excess of 1.2 gigawatts (GW) globally when fully developed.

Iron Mountain’s acquisition of a 66-acre development site in Richmond, VA will enable it to build a new data center campus with more than 200 MW of expected capacity. The company’s acquisition of a 40-acre development site in Manassas, VA enables two planned new data center buildings at its further expanded Manassas campus, offering an estimated 150 MW of additional capacity. This acquisition includes the planned development of an electricity substation to ensure continued uninterrupted power supply across the Manassas campus.

These development site acquisitions strengthen Iron Mountain’s existing data center presence in Virginia. Already well positioned, Iron Mountain is now adding to its previous local capacity, which consisted of an 142-acre campus in Manassas offering over 2 million square feet of energy-efficient space.

Virginia continues to be a top destination for hyperscale data centers, with strong demand for capacity in areas with a reliable power supply. Leveraging investment by energy providers to modernize transmission and distribution infrastructure, and a close partnership with local economic development authorities, Iron Mountain’s commitment to Virginia offers its customers secure, sustainable data centers that meet strict government regulations, all while benefiting from smart property tax savings.

Mark Kidd, Executive Vice President & General Manager, Asset Lifecycle Management and Data Centers, Iron Mountain, said: “The Commonwealth of Virginia has abundant infrastructure, a highly skilled workforce, strong fiber connectivity, and is a pro-business community - making it an ideal location to support our commitment to investing in high-growth markets that help drive our expansion strategy. As a leading data center provider, we're excited to offer further critical capacity to our retail and hyperscale customers where and when they need it most.”

Key Facts:

• With over 200 MW of expected capacity, Iron Mountain’s new Richmond campus will be perfectly suited for highly regulated customers, thanks to its rigorous compliance program, which will encompass: HIPAA, FISMA High, PCI-DSS, ISO 27001, ISO 50001, SOC2/3, and more.
• The new Richmond campus will be situated at the White Oak Technology Park in Henrico County, a unique business park with more than 2,200 acres for technology and data center campuses. Richmond has a robust power and network infrastructure, positioned along the I64 and I95 corridors, connecting to Northern Virginia and the subsea fiber cable landings in Virginia Beach.
• The 40-acre development site in Manassas is planned for two new data center buildings comprising an estimated total of 150 MW additional capacity to Iron Mountain’s existing Virginia campus. This development plan includes a new electricity substation to ensure continued uninterrupted power supply across the campus.
• Iron Mountain is a global data center leader, trusted by some of the world's largest and most regulated organizations. With this land acquisition, Iron Mountain’s global data center footprint now has 25+ facilities (including planned development) across three continents, providing tailored, sustainable, secure, carrier and cloud-neutral colocation solutions.
• Iron Mountain data centers are powered by 100% renewable energy, utilizing techniques such as natural cooling and water recycling within its portfolio to minimize energy consumption. This commitment to sustainability enables customers to reduce their carbon footprint and achieve their environmental goals.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers’ work. Through a range of services including digital transformation, data centers, secure records storage, information management and governance, and asset lifecycle management, Iron Mountain helps customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on X (formerly Twitter) and LinkedIn.

Forward Looking Statements

We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241118870426/en/

Investor Relations: investor.relations@ironmountain.com



Press Enquiries: media@ironmountain.com

Source: Iron Mountain Incorporated

FAQ

How much data center capacity is Iron Mountain (IRM) adding in Virginia?

Iron Mountain is adding over 350 megawatts of planned capacity in Virginia through two sites - 200+ MW in Richmond and 150 MW in Manassas.

What is Iron Mountain's (IRM) total global data center capacity after the Virginia expansion?

When fully developed, Iron Mountain's total global data center capacity will exceed 1.2 gigawatts (GW).

Where are Iron Mountain's (IRM) new data center sites located in Virginia?

The new sites include a 66-acre development in Richmond's White Oak Technology Park and a 40-acre site in Manassas.

What compliance standards will Iron Mountain's (IRM) new Richmond data center meet?

The Richmond campus will comply with HIPAA, FISMA High, PCI-DSS, ISO 27001, ISO 50001, and SOC2/3 standards.