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Australia hosts some of Asia-Pacific’s largest hyperscale data centre landlords. This door follows who gets paid across NEXTDC, AirTrunk and Goodman, why contracted megawatts run ahead of billing megawatts, and the dates that matter. Education only, not investment advice.
Australia is a hyperscale landlord door. Cloud and AI tenants sign long leases with local developers, and the developers borrow and build. At 30 June 2026 NEXTDC had 740.1 MW contracted, 287.9 MW built and 175.0 MW billing, after its largest contracting year (NEXTDC). Goodman Group’s data centres made up 78% of its A$19.7 billion of work in progress at FY26 (Goodman).
AirTrunk, owned by Blackstone, is unlisted but visible through financing: the AFR reported a A$4.3 billion debt package for its western Sydney campus on 21 July 2026 (AFR). For the layer map, read AI Data Centers.
As at October 2026, the stuck step is conversion: signed megawatts waiting to be built, powered and billed.
| Step | Who | How they get paid | Status (Oct 2026) |
|---|---|---|---|
| Contracted capacity | NEXTDC | Billing once halls are handed over | 740.1 MW contracted vs 175.0 MW billing (30 Jun 2026) |
| Build | NEXTDC | Capex A$3,397M in FY26 | 287.9 MW built; 197 MW expected to bill in FY27 |
| Development pipeline | Goodman Group | Development returns; partnership fees | 6.4 GW power bank; 3.6 GW secured |
| Private hyperscale | AirTrunk (Blackstone) | Long hyperscale leases | Large western Sydney build, debt-funded |
Status is Second Order’s read from NEXTDC and Goodman ASX filings and press reports.
| Name | What they do | Which step |
|---|---|---|
| NEXTDC (ASX: NXT) | Data centre operator and developer (not a REIT) | Landlord / developer |
| Goodman Group (ASX: GMG) | Industrial landlord with a global data centre pipeline | Developer |
| AirTrunk | Blackstone-owned hyperscale platform (unlisted) | Landlord / developer |
| Keppel DC REIT | SGX-listed REIT with Australian assets | Landlord |
Examples of exposure roles only — not recommendations.
| Date | Event | What to look for |
|---|---|---|
| Feb 2027 | NEXTDC half-year FY27 results | Billing MW vs the 197 MW FY27 target |
| Feb 2027 | Goodman half-year FY27 results | Data centre share of WIP, power secured |
| Open | AirTrunk western Sydney campus | Debt close and first halls |
It hosts some of Asia-Pacific’s largest hyperscale landlords. NEXTDC had 740.1 MW under contract at 30 June 2026, and Goodman Group has a 6.4 GW data centre power bank across 16 cities.
No. NEXTDC is a listed data centre operator and developer. It reinvests cash into new capacity rather than paying REIT-style distributions.
Contracted MW is signed. Billing MW is switched on and paying. The gap is the order book waiting for power and fit-out.
No. This door maps who gets paid and which step is stuck. It is education only.
Updated 8 Oct 2026 · Next update after NEXTDC’s FY27 half-year result (Feb 2027)
Not investment advice. Do your own research.
