v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Joint Venture Related Party Transactions
Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement (the "AMER 2 Loan") with the AMER 2 Joint Venture, as a lender, with a maximum commitment of $392 million and a maturity date of April 10, 2028. We received an upfront fee of $4 million in connection with the origination of the loan, and earn interest at a contractual rate of 10% per annum on the drawn portion plus an unused commitment fee of 0.75% per annum on the undrawn portion, each payable quarterly. The term of the loan may be extended at the option of the borrower for one additional year subject to an extension fee. The AMER 2 Loan is secured by the assets of the AMER 2 Joint Venture, including the SV12x data center site. The equity partners of the AMER 2 Joint Venture have provided limited guarantees in connection with the AMER 2 Loan, which require payments to the lender proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments. Additionally, the equity partners may be liable for repayment of up to the entire debt balance upon the occurrence of certain adverse acts such as a non-permitted transfer of the SV12x data center site. The AMER 2 Loan was negotiated at arm's length. We have assessed the credit risk associated with the AMER 2 Loan to be low and the allowance for credit loss as of December 31, 2025 is insignificant. The maximum amount of credit loss we are exposed to is the outstanding principal, plus accrued interest and unused commitment fees. As of December 31, 2025, the total amount outstanding under the AMER 2 Loan, net of the unamortized upfront fee, was $328 million. Additional amounts may be drawn down by the borrower periodically as needed for the continuation of development and other working capital needs.
We have lease arrangements and provide various services to the EMEA 1 Joint Venture and the VIE Joint Ventures (collectively, the "Joint Ventures") through multiple agreements, including sales and marketing, development management, facilities management, asset management and procurement service agreements. These transactions are generally considered to have been negotiated at arm's length.
The following table presents the income and expenses from these arrangements with the Joint Ventures in our consolidated statements of operations (in millions):
Years Ended December 31,
Related PartyNature of Transaction202520242023
EMEA 1 Joint Venture
Income (1)
$31 $27 $29 
EMEA 1 Joint Venture
Expenses (2)
17 16 18 
VIE Joint Ventures
Income (3)
151 257 107 
VIE Joint Ventures
Expenses (4)
13 4 — 
(1)Primarily consists of revenues related to service arrangements as described above.
(2)Primarily consists of rent expenses for a sub-lease agreement with the EMEA 1 Joint Venture for a London data center with a remaining lease term of approximately 14-years as of December 31, 2025.
(3)Primarily consists of revenues related to service arrangements as described above and also includes interest income earned on the AMER 2 Loan for the year ended December 31, 2025 and 2024 of $32 million and $17 million.
(4)Primarily consists of rent expenses for lease arrangements with the VIE Joint Ventures.
We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described in Note 5.
The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our consolidated balance sheets (in millions):
EMEA 1 Joint VentureVIE Joint Ventures
As of December 31,As of December 31,
Balance Sheet2025202420252024
Accounts receivable, net$10 $4 $20 $50 
Other current assets (1)
3 19 55 128 
Property, plant and equipment, net (2)
144 145 162 74 
Operating lease right-of-use assets2 2 30 2 
Other assets (3)
7 — 344 302 
Other current liabilities10 5 7 10 
Finance lease liabilities118 164 169 78 
Operating lease liabilities2 2 27 2 
Other liabilities (4)
13 48 11 11 
(1)The balance primarily relates to contract assets and other receivables.
(2)The balance relates to finance lease right-of-use assets. As of December 31, 2025, the weighted-average lease terms for the finance leases with the EMEA 1 Joint Venture and the VIE Joint Ventures were 14 years and 8 years, respectively.
(3)The balance primarily relates to contract assets and the AMER 2 Loan receivable.
(4)The balance as of December 31, 2024 primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction. This obligation was settled in the third quarter of 2025 through a non-cash transfer of construction assets to the EMEA 1 Joint Venture. The asset transfer also resulted in a partial settlement of the finance lease liabilities balance with the EMEA 1 Joint Venture.
Other Related Party Transactions
We have several significant stockholders and other related parties that are also customers and/or vendors. Our other related party transaction activity was as follows (in millions):
Years ended December 31,
202520242023
Revenues$116 $218 $310 
Costs and services9 18 38 
As of December 31,
20252024
Accounts receivable, net$12 $15 
Accounts payable— 4