<PAGE>

                                                                    EXHIBIT 10.6

                                 EQUINIX, INC.

                             AMENDED AND RESTATED
                          INVESTORS' RIGHTS AGREEMENT


                                  May 8, 2000
<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
1. Registration Rights..................................................      1
     1.1  Definitions...................................................      1
     1.2  Request for Registration......................................      2
     1.3  Company Registration..........................................      4
     1.4  Form S-3 Registration.........................................      5
     1.5  Obligations of the Company....................................      6
     1.6  Information from Holder.......................................      7
     1.7  Expenses of Registration......................................      7
     1.8  Delay of Registration.........................................      8
     1.9  Indemnification...............................................      8
     1.10 Reports Under Securities Exchange Act of 1934.................     10
     1.11 Assignment of Registration Rights.............................     10
     1.12 "Market Stand-Off" Agreement..................................     11
     1.13 Termination of Registration Rights............................     11
     1.14 Limitations on Subsequent Registration Rights.................     12

2. Covenants of the Company.............................................     12
     2.1  Delivery of Financial Statements..............................     12
     2.2  Inspection....................................................     13
     2.3  Termination of Information and Inspection Covenants...........     13
     2.4  Right of First Offer..........................................     13
     2.5  Board Representation..........................................     14
     2.6  Termination of Certain Covenants..............................     15

3. Miscellaneous........................................................     15
     3.1  Successors and Assigns........................................     15
     3.2  Governing Law.................................................     15
     3.3  Counterparts..................................................     15
     3.4  Titles and Subtitles..........................................     15
     3.5  Notices.......................................................     15
     3.6  Expenses......................................................     15
     3.7  Entire Agreement: Amendments and Waivers......................     15
     3.8  Severability..................................................     16
     3.9  Aggregation of Stock..........................................     16
     3.10 Prior Agreement...............................................     16
</TABLE>

                                       i
<PAGE>

               AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

          THIS AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT is made as of
the 8th day of May, 2000, by and among Equinix, Inc., a Delaware corporation
(the "Company"), Albert M. Avery, IV and Jay Adelson (the "Common Holders") and
the investors listed on Schedule A hereto, each of which is herein referred to
as an "Investor."

                                    RECITALS
                                    --------

          WHEREAS, certain of the Investors and the Common Holders possess
registration rights and certain of the Investors possess other investor rights
granted pursuant to that certain Amended and Restated Investors' Rights
Agreement, dated August 26, 1999, among the Company and the persons listed on
the Schedule of Investors attached thereto, as amended effective November 30,
1999 (the "Prior Agreement");

          WHEREAS, certain of the Investors (the "Series C Investors") are
parties to the Series C Preferred Stock Purchase Agreement of even date herewith
(the "Series C Agreement") among the Company and the investors listed on the
Schedule of Investors attached thereto, pursuant to which the Series C Investors
are purchasing shares of Series C Preferred Stock of the Company;

          WHEREAS, in order to induce the Company and the Common Holders to
approve the issuance of the Series C Preferred Stock and to induce the Investors
to invest funds in the Company pursuant to the Series C Agreement, the Investors
and the Common Holders hereby agree to waive their rights under the Prior
Agreement, and the Investors, the Common Holders and the Company hereby agree
that this Agreement shall govern the rights of the Investors and the Common
Holders to cause the Company to register shares of Common Stock issued or
issuable to them and certain other matters as set forth herein; and

          WHEREAS, the Series C Investors and the Company have agreed to enter
into this Agreement;

          NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

          1.  Registration Rights.  The Company covenants and agrees as follows:

              1.1  Definitions.  For purposes of this Section 1:

                   (a)  The term "Act" means the Securities Act of 1933, as
amended.

                   (b)  The term "Holder" means any person owning or having the
right to acquire Registrable Securities or any assignee thereof in accordance
with Section 1.11 hereof; provided, however, that the Common Holders shall not
be deemed to be Holders for purposes of Section 1.2.
<PAGE>

                   (c)  The term "Initial Offering" means the Company's first
firm commitment underwritten public offering of its Common Stock under the Act.

                   (d)  The term "1934 Act" means the Securities Exchange Act of
1934, as amended.

                   (e)  The term "register," "registered," and "registration"
refer to a registration effected by preparing and filing a registration
statement or similar document in compliance with the Act, and the declaration or
ordering of effectiveness of such registration statement or document.

                   (f)  The term "Registrable Securities" means (i) the Common
Stock issuable or issued upon conversion of the Series A Preferred Stock, Series
B Preferred Stock, and Series C Preferred Stock, (ii) the 1,954,645 shares of
stock issuable upon exercise of warrants issued, or to be issued, in favor of
Northpoint Communications, Inc., MCI Worldcom, Bechtel Corporation, AT&T Corp.,
Alexandria Real Estate Equities, L.P., and Malcolm Brown, and (iii) the
6,060,000 shares of Common Stock issued to the Common Holders; provided,
however, that such shares of Common Stock held by the Common Holders shall not
be deemed Registrable Securities for the purposes of Section 1.2 and (iv) any
Common Stock of the Company issued as (or issuable upon the conversion or
exercise of any warrant, right or other security that is issued as) a dividend
or other distribution with respect to, or in exchange for, or in replacement of,
the shares referenced in (i), (ii) and (iii) above, excluding in all cases,
however, any Registrable Securities sold by a person in a transaction in which
his rights under this Section 1 are not assigned.

                   (g)  The number of shares of "Registrable Securities"
outstanding shall be determined by the number of shares of Common Stock
outstanding that are, and the number of shares of Common Stock issuable pursuant
to then exercisable or convertible securities that are, Registrable Securities.

                   (h)  The term "SEC" shall mean the Securities and Exchange
Commission.

                   (i)  The term "Form S-3" means such form under the Act as in
effect on the date hereof or any registration form under the Act subsequently
adopted by the SEC which permits inclusion or incorporation of substantial
information by reference to other documents filed by the Company with the SEC.

              1.2  Request for Registration.

                   (a)  Subject to the conditions of this Section 1.2, if the
Company shall receive at any time after six months after the Company's Initial
Offering a written request from the Holders of at least thirty (30%) of the
Registrable Securities then outstanding (the "Initiating Holders") that the
Company file a registration statement under the Act covering the registration of
Registrable Securities with an anticipated aggregate offering price of at least
twelve million, five hundred thousand dollars ($12,500,000), then the Company
shall, within twenty (20) days of the receipt thereof, give written notice of
such request to all Holders, and subject to the limitations of this Section 1.2,
use its most diligent efforts to effect

                                       2
<PAGE>

the registration under the Act of all Registrable Securities (including, without
limitation, appropriate qualification under applicable blue sky or other state
securities laws) that the Holders request to be registered in a written request
received by the Company within twenty (20) days of the mailing of the Company's
notice pursuant to this Section 1.2(a).

                   (b)  If the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to
this Section 1.2 and the Company shall include such information in the written
notice referred to in Section 1.2(a). In such event the right of any Holder to
include its Registrable Securities in such registration shall be conditioned
upon such Holder's participation in such underwriting and the inclusion of such
Holder's Registrable Securities in the underwriting (unless otherwise mutually
agreed by a majority in interest of the Initiating Holders and such Holder) to
the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such
underwriting by the Company (which underwriter or underwriters shall be
reasonably acceptable to a majority in interest of the Initiating Holders).
Notwithstanding any other provision of this Section 1.2, if the underwriter
advises the Company in writing that marketing factors require a limitation of
the number of securities underwritten (including Registrable Securities), then
the Company, in writing, shall so advise all Holders of Registrable Securities
that would otherwise be underwritten pursuant hereto, and the number of shares
that may be included in the underwriting shall be allocated to the Holders of
such Registrable Securities on a pro rata basis based on the number of
Registrable Securities held by all such Holders (including the Initiating
Holders). Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from the registration.

                   (c)  The Company shall not be required to effect a
registration pursuant to this Section 1.2:

                        (i)  in any particular jurisdiction in which the Company
would be required to execute a general consent to service of process in
effecting such registration, unless the Company is already subject to service in
such jurisdiction and except as may be required under the Act; or

                        (ii)  after the Company has effected two (2)
registrations pursuant to this Section 1.2, and such registrations have been
declared or ordered effective; or

                        (iii)  during the period starting with the date twenty
(20) days prior to the Company's good faith estimate of the date of the filing
of, and ending on a date ninety (90) days following the effective date of, a
Company-initiated registration subject to Section 1.3 below, provided that the
Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; or

                        (iv)  if the Company shall furnish to Holders requesting
a registration statement pursuant to this Section 1.2, a certificate signed by
the Company's Chief Executive Officer or Chairman of the Board stating that in
the good faith judgment of the Board of Directors of the Company, it would be
seriously detrimental to the Company and its

                                       3
<PAGE>

stockholders for such registration statement to be effected at such time, in
which event the Company shall have the right to defer such filing for a period
of not more than one hundred twenty (120) days after receipt of the request of
the Initiating Holders, provided that such right to delay a request shall be
exercised by the Company not more than once in any twelve (12)-month period.

              1.3  Company Registration.

                   (a)  If (but without any obligation to do so) the Company
proposes to register (including for this purpose a registration effected by the
Company for stockholders other than the Holders) any of its Common Stock under
the Act in connection with the public offering of such securities (other than a
registration relating solely to the sale of securities to participants in a
Company stock plan, a registration relating to a corporate reorganization or
other transaction under Rule 145 of the Act, a registration on any form that
does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Registrable
Securities, a registration in which the only Common Stock being registered is
Common Stock issuable upon conversion of debt securities that are also being
registered, or a registration of debt securities relating to a registered
exchange offer), the Company shall, at such time, promptly give each Holder
written notice of such registration. Upon the written request of each Holder
given within twenty (20) days after mailing of such notice by the Company in
accordance with Section 3.5, the Company shall, subject to the provisions of
Section 1.3(c), use all reasonable best efforts to cause to be registered under
the Act all of the Registrable Securities that each such Holder has requested to
be registered.

                   (b)  Right to Terminate Registration.  The Company shall have
the right to terminate or withdraw any registration initiated by it under this
Section 1.3 prior to the effectiveness of such registration whether or not any
Holder has elected to include securities in such registration. The expenses of
such withdrawn registration shall be borne by the Company in accordance with
Section 1.6 hereof.

                   (c)  Underwriting Requirements.  In connection with any
offering involving an underwriting of shares of the Company's capital stock, the
Company shall not be required under this Section 1.3 to include any of the
Holders' securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Company and the underwriters selected by
it (or by other persons entitled to select the underwriters) and enter into an
underwriting agreement in customary form with an underwriter or underwriters
selected by the Company, and then only in such quantity as the underwriters
determine in their sole discretion will not jeopardize the success of the
offering by the Company. If the total amount of securities, including
Registrable Securities, requested by stockholders to be included in such
offering exceeds the amount of securities sold other than by the Company that
the underwriters determine in their sole discretion is compatible with the
success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities,
that the underwriters determine in their sole discretion will not jeopardize the
success of the offering (the securities so included to be apportioned pro rata
among the selling Holders according to the total amount of securities entitled
to be included therein owned by each selling Holder or in such other proportions
as shall mutually be agreed to

                                       4
<PAGE>

by such selling Holders), but in no event shall (i) the amount of securities of
the selling Holders included in the offering be reduced below thirty percent
(30%) of the total amount of securities included in such offering, unless such
offering is the initial public offering of the Company's securities, in which
case the selling Holders may be excluded if the underwriters make the
determination described above and no other shareholder's securities are
included. For purposes of the preceding parenthetical concerning apportionment,
for any selling stockholder that is a Holder of Registrable Securities and that
is a partnership or corporation, the partners, retired partners and stockholders
of such Holder, or the estates and family members of any such partners and
retired partners and any trusts for the benefit of any of the foregoing persons
shall be deemed to be a single "selling Holder," and any pro rata reduction with
respect to such "selling Holder" shall be based upon the aggregate amount of
Registrable Securities owned by all such related entities and individuals.

              1.4  Form S-3 Registration. In case the Company shall receive from
the Holders of Registrable Securities, with an aggregate market value of at
least $20,000,000, a written request or requests that the Company effect a
registration on Form S-3 and any related qualification or compliance with
respect to all or a part of the Registrable Securities owned by such Holder or
Holders, the Company shall:

                   (a)  promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders;
and

                   (b)  use all reasonable best efforts to effect, as soon as
practicable, such registration and all such qualifications and compliances as
may be so requested and as would permit or facilitate the sale and distribution
of all or such portion of such Holders' Registrable Securities as are specified
in such request, together with all or such portion of the Registrable Securities
of any other Holders joining in such request as are specified in a written
request given within fifteen (15) days after receipt of such written notice from
the Company, provided, however, that the Company shall not be obligated to
effect any such registration, qualification or compliance, pursuant to this
section 1.4:

                        (i)  if Form S-3 is not available for such offering by
the Holders;

                        (ii)  if the Holders, together with the holders of any
other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an
aggregate price to the public (net of any underwriters' discounts or
commissions) of less than $1,000,000;

                        (iii)  if the Company shall furnish to the Holders a
certificate signed by the Chief Executive Officer or Chairman of the Board of
the Company stating that in the good faith judgment of the Board of Directors of
the Company, it would be seriously detrimental to the Company and its
shareholders for such Form S-3 Registration to be effected at such time, in
which event the Company shall have the right to defer the filing of the Form S-3
registration statement for a period of not more than one hundred twenty (120)
days after receipt of the request of the Holder or Holders under this Section
1.4; provided, however, that the Company shall not utilize this right more than
once in any twelve month period; or

                                       5
<PAGE>

                        (iv)  in any particular jurisdiction in which the
Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or
compliance.

                   (c)  Subject to the foregoing, the Company shall file a
registration statement covering the Registrable Securities and other securities
so requested to be registered as soon as practicable after receipt of the
request or requests of the Holders. Registrations effected pursuant to this
Section 1.4 shall not be counted as requests for registration effected pursuant
to Sections 1.2.

              1.5  Obligations of the Company.  Whenever required under this
Section 1 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

                   (a)  prepare and file (and promptly notify each participating
Holder of such filing) with the SEC a registration statement with respect to
such Registrable Securities and use its reasonable best efforts to cause such
registration statement to become effective, and keep such registration statement
effective for a period of at least one-hundred twenty (120) days or until the
distribution contemplated in the Registration Statement has been completed,
whichever first occurs; provided, however, that such 120-day period shall be
extended for a period of time equal to the period the Holder refrains from
selling any securities included in such registration at the request of an
underwriter of Common Stock (or other securities) of the Company.

                   (b)  prepare and file (and promptly notify each participating
Holder of such filing) with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Act with respect to the disposition of all securities covered by such
registration statement;

                  (c)  furnish to the Holders such numbers of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Act, and such other documents as they may reasonably request
in order to facilitate the disposition of Registrable Securities owned by them;

                  (d)  use its reasonable best efforts to register and qualify
the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders, provided that the Company shall not be required in
connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or
jurisdictions;

                  (e)  in the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement;

                  (f)  notify each Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is
required to be

                                       6
<PAGE>

delivered under the Act or the happening of any event as a result of which the
prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing, and the Company
shall promptly prepare and file with the SEC, and at the request of any such
Holder prepare and furnish to such Holder a reasonable number of copies of, a
supplement to or an amendment of such prospectus as may be necessary so that
such prospectus shall not include such untrue statement or fail to omit such
material fact;

                   (g)  cause all such Registrable Securities registered
pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed;

                   (h)  provide a transfer agent and registrar for all
Registrable Securities registered pursuant hereunder and a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of
such registration; and

                   (i)  furnish, at the request of any Holder requesting
registration of Registrable Securities, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are
being sold through underwriters, or, if such securities are not being sold
through underwriters, on the date that the registration statement with respect
to such securities becomes effective, (1) an opinion, dated as of such date, of
the counsel representing the Company for the purposes of such registration, in
form and substance as is customarily given to underwriters in an underwritten
public offering and reasonably satisfactory to a majority in interest of the
Holders requesting registration, addressed to the underwriters, if any, and to
the Holders requesting registration of Registrable Securities and (2) a
"comfort" letter dated as of such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering and reasonably satisfactory to a majority in interest of the
Holders requesting registration, addressed to the underwriters, if any, and to
the Holders requesting registration of Registrable Securities.

              1.6  Information from Holder.  It shall be a condition precedent
to the obligations of the Company to take any action pursuant to this Section 1
with respect to the Registrable Securities of any selling Holder that such
Holder shall furnish to the Company, at its request, such information regarding
itself, the Registrable Securities held by it, and the intended method of
disposition of such securities as shall be required to effect the registration
of such Holder's Registrable Securities.

              1.7  Expenses of Registration.  All expenses other than
underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to this Section 1, including
(without limitation) all registration, filing and qualification fees, printers'
and accounting fees, fees and disbursements of counsel for the Company and the
reasonable fees and disbursements of one counsel for the selling Holders shall
be borne by the Company. Notwithstanding the foregoing, the Company shall not be
required to pay for any expenses of any registration proceeding begun pursuant
to Section 1.2 if the registration request is subsequently withdrawn at the
request of the Holders of a majority of the Registrable

                                       7
<PAGE>

Securities to be registered (in which case all participating Holders shall bear
such expenses pro rata based upon the number of Registrable Securities that were
to be requested in the withdrawn registration), unless the Holders of a majority
of the Registrable Securities agree to forfeit their right to one demand
registration pursuant to Section 1.2; provided, however, that if at the time of
such withdrawal, the Holders have learned of a material adverse change in the
condition, business, or prospects of the Company not known to the Holders at the
time of their request for such registration and have withdrawn their request for
registration with reasonable promptness after learning of such material adverse
change, then the Holders shall not be required to pay any of such expenses and
shall retain their rights pursuant to Section 1.2.

              1.8  Delay of Registration.  No Holder shall have any right to
obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to
the interpretation or implementation of this Section 1.

              1.9  Indemnification.  In the event any Registrable Securities are
included in a registration statement under this Section 1:

                   (a)  To the extent permitted by law, the Company will
indemnify and hold harmless each Holder, the partners or officers, directors and
stockholders of each Holder, legal counsel and accountants for each Holder, any
underwriter (as defined in the Act) for such Holder and each person, if any, who
controls such Holder or underwriter within the meaning of the Act or the 1934
Act, against any losses, claims, damages or liabilities (joint or several) to
which they may become subject under the Act, the 1934 Act or any state
securities laws, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively, a "Violation"): (i) any
untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Act, the 1934
Act, any state securities laws or any rule or regulation promulgated under the
Act, the 1934 Act or any state securities laws; and the Company will reimburse
each such Holder, underwriter or controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this subsection l.9(a) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in
any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based upon a Violation that occurs in
reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by any such Holder, underwriter or
controlling person; provided further, however, that the foregoing indemnity
agreement with respect to any preliminary prospectus shall not inure to the
benefit of any Holder or underwriter, or any person controlling such Holder or
underwriter, from whom the person asserting any such losses, claims, damages or
liabilities purchased shares in the offering, if a copy of the prospectus (as
then amended or supplemented if the Company shall have furnished to such Holder
or underwriter

                                       8
<PAGE>

any amendments or supplements thereto) was not sent or given by or on behalf of
such Holder or underwriter to such person, if required by law so to have been
delivered, at or prior to the written confirmation of the sale of the shares to
such person, and if the prospectus (as so amended or supplemented) would have
cured the defect giving rise to such loss, claim, damage or liability.

                   (b)  To the extent permitted by law, each selling Holder will
indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who
controls the Company within the meaning of the Act, legal counsel and
accountants for the Company, any underwriter, any other Holder selling
securities in such registration statement and any controlling person of any such
underwriter or other Holder, against any losses, claims, damages or liabilities
(joint or several) to which any of the foregoing persons may become subject,
under the Act, the 1934 Act or any state securities laws, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out
of or are based upon any Violation, in each case to the extent (and only to the
extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Holder expressly for use in connection
with such registration; and each such Holder will reimburse any person intended
to be indemnified pursuant to this subsection l.9(b), for any legal or other
expenses reasonably incurred by such person in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this subsection l.9(b) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Holder (which
consent shall not be unreasonably withheld), provided that in no event shall any
indemnity under this subsection l.9(b) exceed the net proceeds from the offering
received by such Holder.

                   (c)  Promptly after receipt by an indemnified party under
this Section 1.9 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 1.9, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel,
with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action, if materially prejudicial to its ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under
this Section 1.9, but the omission so to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 1.9.

                   (d)  If the indemnification provided for in this Section 1.9
is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage or expense referred to
herein, then the indemnifying party, in

                                       9
<PAGE>

lieu of indemnifying such indemnified party hereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage or expense in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions
that resulted in such loss, liability, claim, damage or expense, as well as any
other relevant equitable considerations. The relative fault of the indemnifying
party and of the indemnified party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

                   (e)  Notwithstanding the foregoing, to the extent that the
provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.

                   (f)  The obligations of the Company and Holders under this
Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise.

             1.10  Reports Under Securities Exchange Act of 1934. With a view to
making available to the Holders the benefits of Rule 144 promulgated under the
Act and any other rule or regulation of the SEC that may at any time permit a
Holder to sell securities of the Company to the public without registration or
pursuant to a registration on Form S-3, the Company agrees to:

                   (a)  make and keep public information available, as those
terms are understood and defined in SEC Rule 144, at all times after ninety (90)
days after the effective date of the Initial Offering;

                   (b)  file with the SEC in a timely manner all reports and
other documents required of the Company under the Act and the 1934 Act; and

                   (c)  furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of SEC Rule 144 (at
any time after ninety (90) days after the Initial Offering), the Act and the
1934 Act (at any time after it has become subject to such reporting
requirements), or that it qualifies as a registrant whose securities may be
resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of
the most recent annual or quarterly report of the Company and such other reports
and documents so filed by the Company, and (iii) such other information as may
be reasonably requested in availing any Holder of any rule or regulation of the
SEC that permits the selling of any such securities without registration or
pursuant to such form.

             1.11  Assignment of Registration Rights.  The rights to cause the
Company to register Registrable Securities pursuant to this Section 1 may be
assigned (but only

                                      10
<PAGE>

with all related obligations) by a Holder to a transferee or assignee of such
securities that (i) is a subsidiary, parent, member, affiliate, partner, limited
partner, retired partner or stockholder of a Holder, (ii) is a Holder's family
member or trust for the benefit of an individual Holder, (iii) after such
assignment or transfer, holds at least one million five hundred thousand
(1,500,000) of the then outstanding Registrable Securities (subject to
appropriate adjustment for stock splits, stock dividends, combinations and other
recapitalizations), or (iv) is approved by the Company in writing, provided: (a)
the Company is, within a reasonable time after such transfer, furnished with
written notice of the name and address of such transferee or assignee and the
securities with respect to which such registration rights are being assigned;
(b) such transferee or assignee agrees in writing to be bound by and subject to
the terms and conditions of this Agreement, including without limitation the
provisions of Section 1.12 below; and (c) such assignment shall be effective
only if immediately following such transfer the further disposition of such
securities by the transferee or assignee is restricted under the Act.

             1.12  "Market Stand-Off" Agreement.  Each Holder hereby agrees that
it will not, without the prior written consent of the managing underwriter,
during the period commencing on the date of the final prospectus relating to the
Company's initial public offering and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred
eighty (l80) days) (i) lend, offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, or otherwise transfer or dispose of,
directly or indirectly, any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock (whether such shares or any
such securities are then owned by the Holder or are thereafter acquired;
provided, however, that such prohibition shall not apply to shares purchased in
the initial public offering or in open market transactions following such
offering), or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of
the Common Stock, whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of Common Stock or such other securities, in
cash or otherwise, provided that all officers and directors of the Company and
all other persons who hold one percent (1%) or more of the then outstanding
Capital Stock of the Company also agree to such restrictions. The underwriters
in connection with the Company's initial public offering are intended third
party beneficiaries of this Section 1.12 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto.

          In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the Registrable Securities of each
Holder (and the shares or securities of every other person subject to the
foregoing restriction) until the end of such period.

             1.13  Termination of Registration Rights.

                   (a)  No Holder shall be entitled to exercise any right
provided for in this Section 1 after three (3) years following the Company's
Initial Offering.

                   (b)  In addition, the right of any Holder to request
registration or inclusion in any registration pursuant to Section 1.3 shall
terminate if and when such Holder's Registrable Securities (and any affiliate of
the Holder with whom such Holder must aggregate its

                                      11
<PAGE>

sales under Rule 144) (i) can be sold in any three (3)-month period without
registration in compliance with Rule 144 of the Act and (ii) constitute less
than 1% of the outstanding Common Stock of the Company.

             1.14  Limitations on Subsequent Registration Rights. Unless
unanimously approved by the Board of Directors, from and after the date of this
Agreement, the Company shall not, without the prior written consent of the
Holders of a majority of the Registrable Securities, enter into any agreement
with any holder or prospective holder of any securities of the Company that
would (a) allow such holder or prospective holder to include such securities in
any registration filed under Section 1.3 hereof, unless under the terms of such
agreement, such holder or prospective holder may include such securities in any
such registration only to the extent that the inclusion of such securities will
not reduce the amount of the Registrable Securities of the Holders that are
included or (b) grant such holder or prospective holder demand registration
rights preferential to those granted to the Holders herein.

          2.  Covenants of the Company.

              2.1  Delivery of Financial Statements.  Each Holder shall be
entitled to receive:

                   (a)  As soon as practicable, but in any event within ninety
(90) days after the end of each fiscal year of the Company, an income statement
for such fiscal year, a balance sheet of the Company and statement of
stockholder's equity as of the end of such year, and a statement of cash flows
for such year, such year-end financial reports to be in reasonable detail,
prepared in accordance with generally accepted accounting principles ("GAAP"),
and audited and certified by independent public accountants of nationally
recognized standing selected by the Company;

                   (b)  as soon as practicable, but in any event within forty-
five (45) days after the end of each of the first three (3) quarters of each
fiscal year of the Company, an unaudited profit or loss statement, a statement
of cash flows for such fiscal quarter and an unaudited balance sheet as of the
end of such fiscal quarter;

                   (c)  within thirty (30) days of the end of each month, an
unaudited income statement and a statement of cash flows and balance sheet for
and as of the end of such month, including a comparison of the Company's actual
results with its budget;

                   (d)  with respect to the financial statements called for in
subsections (b) and (c) of this Section 2.1, an instrument executed by the Chief
Financial Officer or President of the Company and certifying that such
financials were prepared in accordance with GAAP consistently applied with prior
practice for earlier periods (with the exception of footnotes that may be
required by GAAP) and fairly present the financial condition of the Company and
its results of operation for the period specified, subject to year-end audit
adjustment;

                   (e)  as soon as practicable, but in any event within thirty
(30) days after the end of each fiscal year, a budget for the next fiscal year,
including balance sheets

                                      12
<PAGE>

and sources and applications of funds statements and, as soon as prepared, any
other budgets or revised budgets prepared by the Company; and

                   (f)  such other information relating to the financial
condition, business, prospects or corporate affairs of the Company as the
Holders may from time to time request, provided, however, that the Company shall
not be obligated under this subsection (f) or any other subsection of Section
2.1 to provide information which it deems in good faith to be a trade secret or
similar confidential information.

              2.2  Inspection.  The Company shall permit each Investor that
holds at least one million five hundred thousand (1,500,000) shares of Preferred
Stock (and/or Common Stock issued upon conversion thereof), at such Investor's
expense, to visit and inspect the Company's properties, to examine its books of
account and records and to discuss the Company's affairs, finances and accounts
with its officers, all at such reasonable times as may be requested by the
Investor; provided, however, that the Company shall not be obligated pursuant to
this Section 2.2 to provide access to any information that it reasonably
considers to be a trade secret or similar confidential information; and,
provided further, that the Investors coordinate their visitations and
inspections so as to minimize the disruptions and interruptions to the Company.

              2.3  Termination of Information and Inspection Covenants. The
covenants set forth in Sections 2.1 and 2.2 shall terminate as to Investors and
be of no further force or effect when the sale of securities pursuant to a
registration statement filed by the Company under the Act in connection with the
firm commitment underwritten offering of its securities to the general public is
consummated or when the Company first becomes subject to the periodic reporting
requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall
first occur.

               2.4  Right of First Offer.  Subject to the terms and conditions
specified in this paragraph 2.4, the Company hereby grants to each Major
Investor (as hereinafter defined) a right of first offer with respect to future
sales by the Company of its Shares (as hereinafter defined). For purposes of
this Section 2.4, a Major Investor shall mean any Investor or transferee that
holds at least one million five hundred thousand (1,500,000) shares of Preferred
Stock (or the Common Stock issued upon conversion thereof) issued pursuant to
the Series A Preferred Stock Purchase Agreement, the Series B Preferred Stock
Purchase Agreement or the Series C Preferred Stock Purchase Agreement (as
adjusted for stock splits, stock dividends, combinations and other
recapitalizations). For purposes of this Section 2.4, Investor includes any
general partners and affiliates of an Investor. An Investor shall be entitled to
apportion the right of first offer hereby granted it among itself and its
partners and affiliates in such proportions as it deems appropriate.

          Each time the Company proposes to offer any shares of, or securities
convertible into or exchangeable or exercisable for any shares of, any class of
its capital stock, whether now authorized or not, ("Shares"), the Company shall
first make an offering of such Shares to each Major Investor in accordance with
the following provisions.

                                      13
<PAGE>

                   (a)  The Company shall deliver a notice in accordance with
Section 3.5 ("Notice") to the Major Investors stating (i) its bona fide
intention to offer such Shares, (ii) the number of such Shares to be offered,
and (iii) the price and terms upon which it proposes to offer such Shares.

                   (b)  By written notification received by the Company, within
twenty (20) calendar days after receipt of the Notice, the Major Investor may
elect to purchase or obtain, at the price and on the terms specified in the
Notice, up to that portion of such Shares that equals the proportion that the
number of shares of Common Stock issued and held, or issuable upon conversion of
the Series A Preferred Stock, Series B Preferred Stock, or Series C Preferred
Stock then held, by such Major Investor bears to the total number of shares of
Common Stock of the Company then outstanding (assuming full conversion of all
convertible securities). Each Investor shall have a right of over-allotment such
that if any Investor fails to exercise its right hereunder to purchase such
portion of the shares, the other Investors may purchase the Non-Purchasing
Investor's portion on a pro rata basis (based upon the procedure set forth in
this Section 2.4(b)) within ten (10) days from the date such Non-Purchasing
Investor fails to exercise its right to purchase its portion of the Shares.

                   (c)  If all Shares that Investors are entitled to obtain
pursuant to subsection 2.4(b) are not elected to be obtained as provided in
subsection 2.4(b) hereof, the Company may, during the ninety (90) day period
following the expiration of the period (including the over-allotment period)
provided in subsection 2.4(b) hereof, offer the remaining unsubscribed portion
of such Shares to any person or persons at a price not less than, and upon terms
no more favorable to the offeree than those specified in the Notice. If the
Company does not enter into an agreement for the sale of the Shares within such
period, or if such agreement is not consummated within ninety (90) days of the
execution thereof, the right provided hereunder shall be deemed to be revived
and such Shares shall not be offered unless first reoffered to the Major
Investors in accordance herewith.

                   (d)  The right of first offer in this paragraph 2.4 shall not
be applicable to (i) the issuance or sale of shares of Common Stock (or options
therefor) upon approval by the Company's Board of Directors to employees,
directors and consultants for the primary purpose of soliciting or retaining
their services; (ii) the issuance of securities pursuant to a bona fide, firmly
underwritten public offering of shares of Common Stock, registered under the
Act, (iii) the issuance of securities pursuant to the conversion or exercise of
convertible or exercisable securities, (iv) the issuance of securities upon
approval by the Company's Board of Directors in connection with a bona fide
business acquisition of or by the Company, whether by merger, consolidation,
sale of assets, sale or exchange of stock or otherwise, (v) the issuance of
stock, warrants or other securities or rights upon approval by the Company's
Board of Directors to persons or entities with which the Company has business
relationships provided such issuances are for other than primarily equity
financing purposes, or (vi) the issuance of any shares of Series A Preferred
Stock, Series B Preferred Stock, or Series C Preferred Stock, authorized as of
the date hereof.

              2.5  Board Representation.  Immediately upon the Closing, the
Board shall consist of Albert M. Avery, IV, Jay Adelson, Andy Rachleff, Mike
Volpi, John Taysom and two vacancies.

                                      14
<PAGE>

              2.6  Termination of Certain Covenants.  The covenants set forth in
Sections 2.4 shall terminate and be of no further force or effect upon the
consummation of the Company's Initial Offering.

          3.  Miscellaneous.

              3.1  Successors and Assigns.  Except as otherwise provided herein,
the terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties (including
transferees of any shares of Registrable Securities). Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement.

              3.2  Governing Law.  This Agreement shall be governed by and
construed under the laws of the State of California as applied to agreements
among California residents entered into and to be performed entirely within
California.

              3.3  Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

              3.4  Titles and Subtitles.  The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

              3.5  Notices.  Unless otherwise provided, any notice required or
permitted under this Agreement shall be given in writing and shall be deemed
effectively given upon personal delivery to the party to be notified or upon
delivery by telephonically confirmed facsimile transmission, nationally
recognized overnight courier service, or upon deposit with the United States
Post Office, by registered or certified mail, postage prepaid and addressed to
the party to be notified at the address indicated for such party on the
signature page hereof, or at such other address as such party may designate by
ten (10) days' advance written notice to the other parties, or with respect to
any party with an address outside the United States such notice shall be deemed
received within three (3) business days upon deposit with a reputable
international express courier.

              3.6  Expenses.  If any action at law or in equity is necessary to
enforce or interpret the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorneys' fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled.

              3.7  Entire Agreement: Amendments and Waivers.  This Agreement
(including the Exhibits hereto, if any) constitutes the full and entire
understanding and agreement among the parties with regard to the subjects hereof
and thereof. Any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written
consent of the Company and the holders of a majority of the Registrable
Securities;

                                      15
<PAGE>

provided, however, that in the event that such amendment or waiver adversely
affects the obligations and/or rights of the Common Holders in a different
manner than the other Holders, such amendment or waiver shall also require the
written consent of the holders of a majority in interest of the Common Holders.
Any amendment or waiver effected in accordance with this paragraph shall be
binding upon each holder of any Registrable Securities each future holder of all
such Registrable Securities, and the Company.

              3.8  Severability.  If one or more provisions of this Agreement
are held to be unenforceable under applicable law, such provision shall be
excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms.

              3.9  Aggregation of Stock.  All shares of Registrable Securities
held or acquired by affiliated entities or persons shall be aggregated together
for the purpose of determining the availability of any rights under this
Agreement.

             3.10  Prior Agreement.  The Prior Agreement is hereby superseded in
its entirety and shall be of no further force or effect.

                                      16
<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.


                                 EQUINIX, INC.



                                 By:  /s/ Albert M. Avery, IV
                                      -------------------------
                                 Name:  Albert M. Avery, IV
                                 Title: Chief Executive Officer


                                 COMMON HOLDERS:


                                 /s/ Albert M. Avery, IV
                                 ------------------------------
                                 Name:  Albert M. Avery, IV


                                 /s/ Jay Adelson
                                 ------------------------------
                                 Name:  Jay Adelson


SIGNATURE PAGE TO THE INVESTORS' RIGHTS AGREEMENT
<PAGE>

                              INVESTOR:

                              BENCHMARK CAPITAL PARTNERS IV, L.P.
                              as nominee for
                              Benchmark Capital Partners, IV, L.P.
                              Benchmark Founders Fund IV, L.P.
                              Benchmark Founders Fund IV-A, L.P.
                              and related individuals
                              By:  Benchmark Capital Management Co. IV, L.L.C.,
                              its general partner

                         By: /s/ Andrew S. Rachleff
                            ---------------------------------------------------
                             Managing Member


SIGNATURE PAGE TO THE INVESTORS' RIGHTS AGREEMENT
<PAGE>

                              INVESTOR:

                              CISCO SYSTEMS, INC.


                              By: /s/ Michelangelo Volpi
                                 ----------------------------------
                              Name: Michelangelo Volpi
                                   --------------------------------
                              Title:
                                    -------------------------------


SIGNATURE PAGE TO THE INVESTORS' RIGHTS AGREEMENT
<PAGE>

                              INVESTOR:

                              MORGAN STANLEY DEAN WITTER
                              EQUITY FUNDING, INC.


                              By: /s/ Thomas A. Clayton
                                 -----------------------------------
                              Title: Vice President
                                    --------------------------------


SIGNATURE PAGE TO THE INVESTORS' RIGHTS AGREEMENT

<PAGE>

                              INVESTOR:

                              JOHN MAYES


                              By: /s/ John Mayes
                                 -----------------------------------
                              Title:
                                    --------------------------------


SIGNATURE PAGE TO THE INVESTORS' RIGHTS AGREEMENT

<PAGE>

                              INVESTOR:

                              CAPITAL RESEARCH AND MANAGEMENT COMPANY, ON BEHALF
                              OF THE NEW ECONOMY FUND


                              By:  /s/ Michael Downer
                                   ---------------------------------------------
                                   Michael J. Downer, Secretary


                              CAPITAL RESEARCH AND MANAGEMENT COMPANY, ON BEHALF
                              OF AMERICAN VARIABLE INSURANCE SERIES, GROWTH FUND


                              By:  /s/ Michael Downer
                                   ---------------------------------------------
                                   Michael J. Downer, Secretary


SIGNATURE PAGE TO THE INVESTORS' RIGHTS AGREEMENT

<PAGE>

                                   Schedule A
                                   ----------

                             Schedule of Investors
                             ---------------------


<TABLE>
<CAPTION>
                         Name                             Number of Shares Purchased         Total Purchase Price
                                                                                                  of Shares
----------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                             <C>
The New Economy Fund                                                         2,000,000                  $30,160,000.00
c/o Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071
----------------------------------------------------------------------------------------------------------------------
American Variable Insurance Series, Growth Fund                              1,315,649                  $19,839,986.92
c/o Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071
----------------------------------------------------------------------------------------------------------------------
</TABLE>

                                      S-1

<PAGE>

                              INVESTOR:

                              CAPITAL RESEARCH AND MANAGEMENT COMPANY, ON BEHALF
                              OF THE NEW ECONOMY FUND


                              By:  /s/ Michael Downer
                                   ---------------------------------------------
                                   Michael J. Downer, Secretary


                              CAPITAL RESEARCH AND MANAGEMENT COMPANY, ON BEHALF
                              OF AMERICAN VARIABLE INSURANCE SERIES, GROWTH FUND


                              By:  /s/ Michael Downer
                                   ---------------------------------------------
                                   Michael J. Downer, Secretary


SIGNATURE PAGE TO THE INVESTORS' RIGHTS AGREEMENT