Iron Mountain's stock surged 5.25% intraday on Thursday, driven by the company's release of better-than-expected first-quarter financial results and an upward revision of its full-year outlook.

The information management firm reported Q1 adjusted earnings per share of $0.60, a 40% increase year-over-year and significantly above analyst estimates. Revenue for the quarter climbed 22% to $1.94 billion, also topping expectations. The strong performance was fueled by exceptional growth in its data center, digital, and asset lifecycle management units, which collectively expanded more than 50%.

Adding to the positive sentiment, Iron Mountain raised its 2026 revenue guidance to a range of $7.83 billion to $7.93 billion, up from its previous forecast. The company cited an AI-fueled data center boom as a key growth driver, noting it has already leased 32 megawatts of data center capacity through April. This robust start to the year and the raised financial targets provided a clear catalyst for the stock's significant upward move.