Full disclosure - I am short and here's why: Absurd valuation, debt growth is faster than revenue growth, Pricing will erode as some of their competitors already sell the same services at a 20% discount to EQIX. They only grow if they spend aggressively - ie add new servers, storage and space or make acquisitions. Their margins are without question unsustainably high (all of EQIX's competitors have lower margins). No major barriers to entry. It reminds me of the Level III business model and we all (or at least most of us) remember how that story ended (-95%). Now they are buying one of their largest competitors, Switch and Data to expand their geographic foot print. Yes, that is good, but this isn't just about top line growth it's about profit growth. And, profit growth, my friends is about to slow... dramatically. Gross margins for SDXC are 1300 basis points lower than EQIX and EBITDA margins 1000 basis points lower. So what happens to pro forma mgns when you put the two companies together? They go down! Please feel free to explain why I'm wrong. Lastly, their balance sheet continues to deteriorate with debt growing faster than revenues. I would be more than happy to change my mind