The danger in shorting this is that there is OVER 100% of the shares documented and owned. When this converts to a REIT, all the existing shares have to go through a clearinghouse. Before that time the "extra" shares have to be accounted for. This will cause the share counterfeiters to have to buy at any price and retire their buys to cover their tracks. Not likely. EQIX could hit $300 or more before they sort it all out. The same situation happened with Priceline where the company bought 100% of its stock back but yet it still mysteriously traded. It is documented that institutions own 105% of the float in this. A squeeze is occuring and will continue up to the conversion.
I am all for shorting over-valued stocks, and I would short RAX and CRM, but not EQIX. The operating cash flow multiple of EQIX is 16 but it's 28 and 35 for RAX and CRM respectively. A REIT has to pay 90% of its earnings as a dividend. So EQIX one has the potential for a better dividend yield if all these companies were REIT which they are not, but second EQIX will have dividend support whereas these other two don't. EQIX is not a sell. It's an income play and that is very different from your typical overvalued comapnies that people analyze on a PE basis.