GDS Holdings: Record Bookings Strengthen The 2027 Earnings Case

GDS Holdings' backlog reached 757 MW in Q2, providing stronger visibility into future revenue and EBITDA as contracted capacity is delivered. Management raised 2026 EBITDA and CAPEX guidance, reflecting stronger-than-expected AI-driven demand and development activity. Our SOTP valuation remains supportive, with both the transaction-based and fair-value DayOne scenarios indicating upside ahead. GDS Holdings ( GDS ) is one of the latest coverage initiations we analyzed at the Lab. We believe a sum-of-the-parts valuation update is not fully reflected in the current share price. Meanwhile, the company reported its Q2.