21/08/2025 09:25

NEXTDC (NXT) $14.20

NXT has ridden the data centre (DC) roller coaster ride since mid-2024 having halved before recovering over half of the losses since its panic April  low. We saw positive signs for the Australian DC operator in Google's June-quarter update. Google called out capacity constraints even as its on-year cloud revenue growth accelerated to 32% from 28% three months earlier. The U.S. tech giant's increased capital expenditure for 2025, and probably for 2026, is a positive demand signal for NXT, which is expanding beyond Australia - no US revenue yet.

Read more

15/07/2025 09:26

NEXTDC Ltd (NXT) $13.54

NXT has struggled through 2025 as reality crept into the DC space but NXT have forged ahead increasing its debt facility to $5.1bn in June, implying no cap raise at depressed share valuations. The stock jumped nicely in June after it announced new data-centre contracts and said its contracted utilisation increased across its network of centres by 7% between May 6th and May 31st.

Read more

27/05/2025 09:38

NEXTDC Ltd (NXT) $13.06

NXT plunged almost 50% from its 2024 highs as the original major ASX Data Centre (DC) player found itself fighting for investors and potentially funds as GMG and DGT provided new local competition in the space. The risk continues to hang over NXT of another capital raise as they race to maintain their expansion plans; the company already executed two in 2024 and one in 2023, with DC expansion being a capital intensive operation.

Read more

02/05/2025 09:23

NEXTDC (NXT) $12.37

NXT has been at the forefront of local data centre expansion, but over the last year, solid alternatives have arisen for ASX investors in the form of GMG and DGT. Encouragingly, Goldman has just added NXT to its APAC Conviction list as they foresee ongoing demand for digital infrastructure.

Read more

01/04/2025 09:30

NEXTDC Ltd (NXT) $11.31

NXT has been in the wrong place at the wrong time following the listing of DigiCo (DGT) and the massive capital raise by Goodman Group (GMG), diluting the available capital looking for a home on the ASX toward data centres, it was once just NXT’s domain.

Read more

25/03/2025 09:48

NEXTDC Ltd (NXT) $12.93

NEXTDC is comparatively small compared to EQIX, with a market cap of just $8.3bn. It has demonstrated top line growth, but high levels of investment for future growth has led to net losses in recent periods. The company's ongoing expansion and significant capital investments aim to position it for future profitability.

Read more

21/03/2025 09:22

NEXTDC Ltd (NXT) $13.21

NXT bounced back by 2.8% on Thursday, but the move hardly dented the more than 30% correction from its mid-2024 high, following the profit-taking that has swept through the AI space following the DeepSeek announcements.

Read more

04/03/2025 09:14

NEXTDC Ltd (NXT) $13.82

NXT's most recent capital raise was $750mn last September at  $17.15; the stock has been under pressure in the last few months courtesy of capital raises by HMC and GMG, which would have led to some selling of NXT to fund purchases.

Read more

24/02/2025 17:31

NextDC (NXT) $14.15

NXT –2.55%: Released a weaker than expected 1H25 result from an immediate earnings perspective alongside promising forward-looking figures and a solid incentives plan for the CEO. 

Read more

20/02/2025 09:29

NEXTDC (NXT) & Goodman Group (GMG)

We have stated previously that MM is a firm believer in the AI revolution, which is still in its infancy. The “picks & shovels” phase, i.e., data centres and AI chips, is still an excellent place to invest at this stage of the cycle. Yesterday's $4bn cap raise announced by GMG should come as no major surprise when we consider that in 2024, NEXTDC raised a total of ~$2bn in two tranches to develop its overall data centre pipeline;

Read more