CDC is the sovereign heavyweight: one 555 MW contract doubled its earnings trajectory and re-rated it A$3.5bn in a quarter
One 555 MW contract doubled CDC's earnings trajectory and re-rated it A$3.5bn in a quarter; its independent valuation rose about A$4.5bn in the two quarters to June 2026, with 572 MW already under construction behind it.
The contract (May 2026)
- 555 MW, 10-year minimum, US investment-grade hyperscaler, the largest data centre contract in Australian history, equal to ~40% of all 2025 national operating capacity.
- Delivered FY28-FY29 on existing sites, debt-funded, no new equity; pipeline expanded to 3.9 GW to FY2040 (from 2.6 GW); incremental capex ~A$20bn.
- 1 GW fully deployed equates to ~A$2bn annualised contracted EBITDA; FY28 EBITDA forecast >=A$1bn vs ~A$400m current.
Ownership & valuation
- Feb 2025 reshuffle priced CDC at ~A$17bn EV; independent valuation A$14.0bn (Dec 2025), A$15.0bn (Mar 2026), A$18.5bn (Jun 2026).
- Infratil's stake: A$9.21bn, ~40% of its portfolio value.
Footprint & delivery
| Campus | Capacity | Status |
|---|---|---|
| Canberra (Hume, Fyshwick) | sovereign anchor | Operating; Certified Strategic |
| Sydney Eastern Creek EC1-4 | 200+ MW | Operating |
| EC5/6 | +108 MW IT, A$1bn | Under construction |
| Marsden Park | 504 MW, A$3.1bn (scalable ~1 GW) | SSD approved Nov 2025; >200 MW underway; 720 MW substation |
| Melbourne Brooklyn | 150+ MW (350+ at completion) | Operating/expanding |
| Melbourne Laverton | 450 MW planned (150 MW first campus) | First campus UC since Feb 2025 |
Next in line
Anthropic reportedly lining up AU contracts with CDC 'in the hot seat' (Jul 2026).
CDC's independent valuation rose ~A$4.5bn in two quarters to June 2026, and 572 MW is already under construction behind it
CDC independent valuation (via Infratil disclosures), A$bn
| Item | Value |
|---|---|
| 31 Dec 2025 | |
| 31 Mar 2026 | |
| 30 Jun 2026 |
Re-rating arithmetic
CDC independent valuation (via Infratil disclosures), re-rated ~A$4.5bn in two quarters on the 555 MW contract (+23% QoQ inashanu recompute; Infratil cites +23.6%).
Installed base and build-out, MW
| Item | Value ( MW) |
|---|---|
| Installed, end 2025 | 568 |
| Operating, Mar 2026 | 671 |
| Under construction | 572 |
- Installed 568 MW (end 2025) to 671 MW operating (Mar 2026); 572 MW under construction.
- FY27-28 capex guidance A$3.8-4.2bn; A$2.7bn bank facility (Mar 2026).
Footprint & delivery (continued)
| Campus | Capacity | Status |
|---|---|---|
| New Zealand | Auckland; 250 MW Stratford proposed | Operating / proposed |
Sources
- Bloomberg via Energy Connects, as at 6 May 2026
- DCD, as at 24 Jun 2026
- CDC, as at 18 Feb 2025
- Globe and Mail/TipRanks, as at 7 Aug 2026
- RNZ, as at 6 Jul 2026
- Kalkine, as at 24 Aug 2026
- Infratil release summary, as at Apr 2026
- Proactive, as at 7 May 2026
- NSW Planning Portal, as at Nov 2025
- CDC Sydney page
Related
- Who are the largest data centre operators in Australia?
- How much have the hyperscalers committed to Australian data centres?
- Why does NEXTDC trade at such a high EBITDA multiple?
- What yields and cap rates do Australian data centres trade at?
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