Australian data centre operator NextDC (NXT.AX), said on Monday it would stop work on all projects without customer contracts following a big setback on a facility in Melbourne, as two major rivals finalised buying an A$715 million ($492 million) stake in the company.
A suspension of work on its flagship M3 data centre expansion in Melbourne due to power delays and community backlash forced the company to cut its earnings forecasts last month, sending its share price tumbling 42%.
What does uncontracted and contracted capacity look like currently?
What NEXTDC’s published figures show
The latest full-year figures available are for the year ended 30 June 2026.
A few important observations:
- Contracted utilisation is substantially higher than the amount of infrastructure already built.
- The 565.1MW forward order book represents binding customer commitments, not speculative sales opportunities.
- Billing utilisation is lower because substantial contracted capacity is still being delivered or awaiting customer commencement.
This means the 112.9MW difference between built capacity and billing capacity should not be treated as uncontracted capacity. Some of it is already committed to customers but not yet billing.
