Key Takeaways
- • Short-selling partnership Gotham City Research and General Industrial Partners (GIP) said on Wednesday, November 19, 2025, that it has taken a short position in Iron Mountain (IRM.N), according to Reuters.
- • Gotham City's analysts Daniel Yu and Cyrus de Weck argue that Iron Mountain's leveraged investments in data centers do not match the long-term capital the firm has available to spend.
- • Iron Mountain shares were down 5% as of 15:55 GMT on the day of the announcement.
- • Iron Mountain did not immediately respond to a request for comment.
Summary
The hedge fund short-selling partnership of Gotham City Research and General Industrial Partners (GIP) said on Wednesday that it has taken a short position in Iron Mountain, the real estate investment trust (REIT) listed as IRM.N, according to Reuters. The announcement was made in London on November 19, 2025.
Gotham City's researchers Daniel Yu and Cyrus de Weck contend that Iron Mountain's leveraged investments into data centers are not aligned with the funding the company has available over the long term. The short thesis therefore centers on the sustainability of the company's capital spending relative to its financing capacity, a concern that has become a focus for investors tracking data center build-outs by REITs.
As of 15:55 GMT, Iron Mountain's share price was down 5%, reflecting the immediate market reaction to the short-seller disclosure. Iron Mountain did not immediately respond to Reuters' request for comment.
The Gotham City team is known for its earlier research on SES Imagotag, now Vusion Group, and the Spanish medical company Grifols, according to Reuters. Reuters reporter Nell Mackenzie covers hedge funds and their trading activity.
Gotham City's researchers Daniel Yu and Cyrus de Weck contend that Iron Mountain's leveraged investments into data centers are not aligned with the funding the company has available over the long term. The short thesis therefore centers on the sustainability of the company's capital spending relative to its financing capacity, a concern that has become a focus for investors tracking data center build-outs by REITs.
As of 15:55 GMT, Iron Mountain's share price was down 5%, reflecting the immediate market reaction to the short-seller disclosure. Iron Mountain did not immediately respond to Reuters' request for comment.
The Gotham City team is known for its earlier research on SES Imagotag, now Vusion Group, and the Spanish medical company Grifols, according to Reuters. Reuters reporter Nell Mackenzie covers hedge funds and their trading activity.
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