Equinix, Inc. and PGIM Real Estate announced a $600 million joint venture on April 15, 2024, to develop and operate the first xScale data center in the Silicon Valley region of California, known as SV12x. The two-story facility, expected to provide more than 28 megawatts (MW) of power capacity when fully built, will be located at Equinix's Great Oaks data center campus in San Jose, California. The first phase of the facility is scheduled to be completed in Q2 2024. This joint venture will expand the global xScale data center portfolio to more than $8 billion across more than 35 facilities, with an expected power capacity of over 725 megawatts when fully constructed. Under the terms of the agreement, PGIM Real Estate will control an 80% equity interest in the joint venture, and Equinix will own the remaining 20% equity interest.