NEXTDC has announced a transformational 60% increase in contracted utilisation to 667MW as of 31 March 2026, representing a 250MW expansion since the end of 2025. This record result reflects substantial customer wins at the company’s S4 facility and signals accelerating demand for data centre capacity in Australia’s hyperscale market. The Forward Order Book has grown even more dramatically, climbing 83% to 544MW over the same three-month period, demonstrating the depth of future revenue visibility the company is building.
To capitalise on this momentum, NEXTDC is undertaking a two-pronged capital raise totalling approximately A$2.2 billion. The company will conduct a fully underwritten 1 for 5.4 accelerated entitlement offer to raise A$1.5 billion, with the offer price set at A$12.70 per share representing an 8.6% discount to the theoretical ex-rights price of A$13.90. Complementing this equity raise, NEXTDC is increasing a hybrid securities offer by A$700 million through a delayed draw tranche, bringing total hybrid funding to A$1.7 billion. Notably, La Caisse, a major investor, has committed to the full A$1.7 billion hybrid package, providing confidence in the capital structure.
The financial implications are substantial. Management estimates that contracted EBITDA from existing contracts will exceed A$1.0 billion, providing a significant earnings floor based on currently signed agreements. This metric matters considerably to investors because it demonstrates the quality and durability of NEXTDC’s revenue base. With pro forma liquidity of approximately A$5.9 billion combining cash and undrawn facilities after the capital raise, the company has positioned itself to fund the A$2.2 billion capital plan while maintaining financial flexibility for potential further growth investments.
The rapid buildout of S4 and the 250MW of new contracted capacity represents a material inflection point for NEXTDC. The shift from a contracted utilisation base of 417MW in December 2025 to 667MW in March demonstrates that the company’s flagship hyperscale facility is resonating with major customers seeking reliable, located data centre infrastructure. The gap between contracted utilisation of 667MW and current billing of 123MW suggests that significant revenue ramp is yet to come as customers progressively deploy workloads.
For investors, the key question centres on execution risk. While the forward order book of 544MW provides visibility, there is no guarantee that all contracts will complete within expected timeframes or at current terms. The company’s ability to deliver capacity on schedule and maintain customer satisfaction will be critical to realising the promised contracted EBITDA. Additionally, monitoring the uptake of the entitlement offer and any subsequent capital management decisions will be important signals of shareholder confidence in management’s growth strategy.
The announcement has been designated as price sensitive and is material to ASX listing requirements, reflecting its significance to NEXTDC’s strategic direction and financial outlook.
View the full ASX announcement (PDF)
About NEXTDC Limited (ASX: NXT)
NEXTDC Limited develops and operates data centers in Australia and the Asia-Pacific region. The company offers data center colocation solutions, high-performance computing, disaster recovery services, and various digital infrastructure solutions to enterprise clients, government agencies, and cloud providers. Headquartered in Brisbane, Australia, NEXTDC provides critical connectivity and infrastructure services across its network of facilities.
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