Question · Q3 2025
Timothy Chow asked about the MSR (Monthly Service Revenue) trend for Q4 and next year, considering peak contract renewals, and the overall market/competitive landscape, specifically regarding industry supply and demand dynamics compared to previous waves.
Answer
Dan Newman (CFO) projected MSR to decrease by 3-4% on average over 2026 due to downward price resets from renewals and elevated movement levels. William Huang (Founder, Chairman and CEO) added that new build data center prices have been stable for two years, and development costs are stable, leading to decent asset returns. He emphasized that new competition requires financial capability and access to capital, where GDS has a significant advantage.
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