Equinix went public with only a handful of buildings open, and those buildings were where the internet's networks met. The internet is many separate networks, and they need neutral places to connect. Jay Adelson and Al Avery founded Equinix in 1998 to build those meeting points. Carriers, content companies and businesses rented space inside and linked their equipment directly. The name nods to equality and exchange. The IPO came in August 2000, a few months after the market peak.

Neutral Ground

Equinix bet that neutrality was the product. It was not a carrier itself, so competing networks were willing to meet inside its buildings. Each new customer made a site more valuable to the next, since there were more partners to connect with. Proving the idea took years and large amounts of capital. Its buildings became key points where the internet's networks join.

Through the Bust, Worldwide

Equinix priced its IPO at $12 a share in August 2000 and listed on Nasdaq. The telecom crash nearly sank it. The company survived through a restructuring and a merger with assets from rivals. It then grew steadily into a worldwide network of data centers, and in 2015 it became a real estate investment trust. It is still public and trades as EQIX.

Cover: Twilight in Italy, George Inness. Art Institute of Chicago, public domain. Chosen for twilight where day meets night (equinox).