What Does Macquarie Technology Do? Australia's Sovereign Data-Centre Operator Adds Hyperscale Capacity

Macquarie Technology Group is Australia's listed data-centre, cloud, cyber and telecom operator for mid-to-large business and government. At 30 June 2026 it had 21 MW of installed capacity across Sydney and Canberra, was finishing IC3 SuperWest (47 MW design capacity) for first revenue in the second half of FY27, and on 6 August 2026 closed a Macquarie Park land purchase that underpins a proposed ~200 MW campus. Group revenue in FY26 was A$390.0 million.

AI DATA CENTERS · Data as at 26 Aug 2026 · Next update: after IC3 SuperWest Phase 1 completion and the next ASX trading update
Affects: AI Data Centers · Australia · Hyperscalers · Government

Macquarie Technology is the second Australia build-and-operate name on the AI Data Centers layer, after NEXTDC. The difference is the mix. NEXTDC is mostly contracted megawatts waiting to bill. Macquarie already runs sovereign halls for government and enterprise, sells cloud and cyber on top, and is only now scaling toward hyperscale AI capacity. Read What Is an AI Data Center? first, then the Australia power note at Australia.

In short: Macquarie Data Centres designs, builds and runs sovereign Australian halls; Cloud Services & Government and Telecom sell on top of that platform. In FY26 (year to 30 June 2026) group revenue was A$390.0m and EBITDA A$115.9m, a twelfth straight year of EBITDA growth. Data Centres alone did A$87.0m of revenue and A$40.0m of EBITDA on 21 MW installed. IC3 SuperWest Phase 1 (6 MW) is due by September 2026; Phase 2 (13 MW) is expedited for June 2027. A new Macquarie Park site, closed 6 August 2026, underpins a proposed ~200 MW campus and lifts the company's stated capacity path to about 268 MW.

Education only, not advice to buy or sell any security. Figures are from Macquarie Technology's FY26 results release and presentation of 26 August 2026, its 18 February 2026 debt upsizing release, and its FY26 annual report, dated as shown. All $ figures are Australian dollars unless marked otherwise.

Numbers that matter

Installed capacity

21 MW

Across Macquarie Park, Canberra and Sydney CBD · 30 Jun 2026

Live

IC3 SuperWest design

47 MW

Phase 1: 6 MW by Sep 2026; Phase 2: 13 MW by Jun 2027 · 26 Aug 2026

Building

Stated capacity path

~268 MW

21 MW live + 47 MW IC3SW + ~200 MW METC site · company estimate, 26 Aug 2026

Pipeline

FY26 group revenue

A$390.0m

+5.5%; Data Centres A$87.0m (+8.9%) · year to 30 Jun 2026

Paid

FY26 group EBITDA

A$115.9m

+2.0%; twelfth consecutive year of growth · 26 Aug 2026

Paid

Funding headroom

A$601.4m

Undrawn debt A$496.5m + Hybrid Series 2 A$100m + cash A$4.9m (our arithmetic) · 30 Jun 2026

Funded

Status chips are Second Order's read. The company says two of three major hyperscalers are customers and that anchor negotiations at IC3 SuperWest are well progressed; it does not name them, so we do not either.

What does Macquarie Technology actually do?

Three businesses, one platform.

Host. Sell cloud and cyber. Connect.

1. It hosts in sovereign Australian data centres. Macquarie Data Centres runs IC1 in Sydney's CBD, IC2 and IC3 East at Macquarie Park, and the IC4 and IC5 bunkers in Canberra, with IC3 SuperWest under construction at Macquarie Park. Installed capacity was 21 MW at 30 June 2026. The company says all its sovereign halls are Certified Strategic by the Australian Government, and that it is the only company with both cloud and data-centre services certified to that strategic level by the Department of Home Affairs.
2. It sells cloud, cyber and government services on top. Cloud Services & Government was A$235.6m of FY26 revenue, 60.4% of the group (our arithmetic: 235.6 ÷ 390.0). The company says 42% of Australian Government agencies are customers, that it monitors more than 600 billion events a month, and that it is investing in Essential 8 security products for the federal mandate.
3. It connects customers on its telecom network. Telecom was A$105.2m of FY26 revenue. It is shrinking as voice declines and NBN pricing is passed through, but the company still treats it as a channel into cloud and cyber work. Inter-segment revenue of A$37.8m is mostly the data-centre segment selling into Cloud Services & Government, then eliminated on consolidation.

The near-term bind is IC3 SuperWest. Design capacity is 47 MW, which would take the Macquarie Park campus to 65 MW including IC2 and IC3 East. Phase 1 delivers 6 MW of commissioned capacity by September 2026. Long-lead equipment is already bought for a further 13 MW, giving visibility to 19 MW of the 47 MW ahead of customer contracts. All end-state power and water for the campus is commissioned. The design mixes air and direct-to-chip liquid cooling for cloud, enterprise and AI loads.

Then comes the land. On 6 August 2026 Macquarie Data Centres completed the purchase of a roughly 34,200 square-metre site in Macquarie Park for A$240 million (A$254 million including transaction costs). That site underpins the proposed Macquarie Engineering & Technology Campus, about 200 MW, and lifts the company's stated capacity path to about 268 MW, of which about 265 MW would sit in Sydney's Tier 1 Northern Zone. First construction is estimated for late calendar 2029, subject to planning and other approvals. Holding costs are about A$1–2m a year excluding financing.

How does Macquarie Technology make money?

It collects rent and service fees on halls that are live, plus cloud, cyber and telecom revenue, and keeps what is left after direct costs. FY26 in order:

• Group revenue — A$390.0m, up 5.5% on FY25's A$369.6m. The company says 95% of revenue came from contracted monthly recurring revenue.
• Data Centres — revenue A$87.0m (+8.9%), EBITDA A$40.0m (+9.3%), margin 46.0%. That is 22.3% of group revenue (our arithmetic: 87.0 ÷ 390.0).
• Cloud Services & Government — revenue A$235.6m (+11.2%), EBITDA A$55.9m (+5.5%), margin 23.7%.
• Telecom — revenue A$105.2m (−6.6%), EBITDA A$20.0m (−16.7%), margin 19.0%.
• Group EBITDA — A$115.9m (+2.0%), margin 29.7%. Twelfth consecutive year of EBITDA growth. NPAT was A$32.1m (−8.0%), with interest up to A$11.0m as data-centre investment rose.

Our arithmetic. Data Centres EBITDA of A$40.0m on 21 MW installed is about A$1.90m of EBITDA per installed megawatt a year (40.0 ÷ 21). That is a different measure from the company's FY25 note of about A$1.8m EBITDA per megawatt sold, which we do not restate for FY26 because the FY26 release does not repeat that figure. Cash conversion of receipts-less-payments over EBITDA was 108%. Available funding headroom at 30 June was A$601.4m (496.5 + 100 + 4.9). FY26 capex was A$230.5m, of which A$186.2m was IC3 SuperWest. FY27 group capex is guided at A$485–506m, including A$180–192m more for IC3 SuperWest Phases 1 and 2 and the A$254m METC land cost already largely incurred plus A$11–12m of METC development spend.

Who funds the build matters. In February 2026 the company upsized its secured revolving facility from A$450m to A$500m to buy long-lead kit for 19 MW of the 47 MW. In March–June 2026 the National Reconstruction Fund Corporation committed A$200m of perpetual, callable, subordinated, unsecured, non-convertible securities in two A$100m series; the first was drawn on 1 June 2026 and the second is available through 1 March 2027. That is non-dilutive hybrid capital from an Australian Government sovereign fund.

Who gets paid. Macquarie, as halls bill and as cloud and cyber contracts renew. Builders and equipment suppliers, as IC3 SuperWest and METC spend lands. Lenders and the NRFC as hybrid holder. Who pays. Australian government agencies, mid-market and corporate cloud customers, and the hyperscalers the company says already sit in its halls. Money sticks when a megawatt is commissioned and contracted, not when a design capacity figure is announced.

What limits it?

Delivery first. Filling second. Funding and approvals third.

1. Phase 1 must land, then bill. IC3 SuperWest Phase 1 (6 MW) is due by September 2026, with FY27 EBITDA guidance assuming Phase 1 revenue starts in the second half of FY27. Phase 2 (13 MW) is expedited for June 2027. Until those megawatts are live and contracted, the 47 MW design figure earns nothing.
2. The halls are still small against the path. 21 MW installed is the live base. The company's ~268 MW figure mixes live capacity, a hall under construction, and a proposed campus that needs planning approval and will not start construction until around late 2029. The filings do not give a dated fill schedule from 21 MW to 268 MW.
3. Customers are not named. The company says two of three major hyperscalers are customers and that IC3 SuperWest has attracted significant demand with anchor negotiations well progressed. It does not name the customers or give contracted megawatts, rent per kilowatt, or occupancy on the 21 MW base, so we do not estimate those.
4. FY27 is a heavy spend year. Guided group capex of A$485–506m sits against FY26 revenue of A$390.0m and cash of only A$4.9m at 30 June, so the plan leans on the A$496.5m undrawn facility and the remaining A$100m Hybrid Series 2. Interest already rose to A$11.0m in FY26. METC holding costs add about A$1–2m a year before financing.

Where the filings are silent we say so. They do not disclose tenant names, contracted megawatts, rent per kilowatt, or a hall-by-hall occupancy table, so we do not invent any of those.

Who else does this?

Roles, not a league table.

What separates Macquarie is the sovereign-plus-services stack. NEXTDC and Applied Digital are scale build-and-bill stories. Keppel DC REIT and Digital Core REIT are finished-hall trusts. Equinix is the interconnection landlord. Macquarie is smaller on megawatts today, but pairs Certified Strategic halls with Australian cloud, cyber and government revenue while it builds toward hyperscale capacity in Sydney's Northern Zone.

What would change this view?

The read on the model weakens if:

• IC3 SuperWest Phase 1 slips past September 2026, or Phase 1 revenue does not start in 2H FY27 as the EBITDA outlook assumes.
• The anchor customer negotiations at IC3 SuperWest do not convert, leaving Phase 1 and Phase 2 capacity unfilled after commissioning.
• METC planning or power approvals fail or slip well past the late-2029 construction estimate, leaving the ~200 MW path stranded as land cost.
• FY27 capex stays near A$485–506m while group EBITDA stays flat and interest costs keep rising against the A$500m facility.
• Cloud Services & Government margins compress further as customers keep cutting consumption, which would hit the larger revenue leg harder than Data Centres.

It stays intact while Phase 1 commissions on time, Phase 1 revenue starts in 2H FY27, the hybrid and debt headroom fund the FY27 build, and CS&G keeps modest growth at maintained margins.

Practical takeaways

• Macquarie Technology is a sovereign Australian data-centre operator with cloud, cyber and telecom on the same platform — not a pure REIT and not a pure hyperscale landlord.
• At 30 Jun 2026: 21 MW installed; IC3 SuperWest 47 MW design (6 MW Phase 1 by Sep 2026, 13 MW Phase 2 by Jun 2027); METC site closed for a proposed ~200 MW campus.
• FY26: group revenue A$390.0m, EBITDA A$115.9m; Data Centres A$87.0m revenue and A$40.0m EBITDA at a 46.0% margin.
• Our arithmetic: Data Centres is 22.3% of group revenue; funding headroom was about A$601.4m at 30 June; path 21 + 47 + 200 ≈ 268 MW matches the company's estimate.
• The stuck step is commissioning and filling Phase 1, then converting the METC land into approved, powered halls.

FAQ

What does Macquarie Technology do?
Macquarie Technology Group (ASX: MAQ) builds and runs sovereign data centres in Australia and sells cloud, cyber security and telecom services to mid-to-large business and government customers. Its data-centre arm had 21 MW of installed capacity at 30 June 2026 and is building IC3 SuperWest.

How big is Macquarie Technology's data-centre footprint?
Installed capacity was 21 MW across Macquarie Park, Canberra and Sydney CBD. IC3 SuperWest adds 47 MW of design capacity at Macquarie Park. A Macquarie Park site closed on 6 August 2026 underpins a proposed ~200 MW campus, for a company-stated path of about 268 MW.

When does IC3 SuperWest start earning revenue?
Phase 1 (6 MW) is expected to complete by September 2026. The company's FY27 EBITDA outlook assumes Phase 1 revenue starts in the second half of FY27. Phase 2 (13 MW) is expected by June 2027.

Who are Macquarie Technology's customers?
The company serves Australian government agencies, mid-market and corporate customers, and says two of three major hyperscalers are customers. It does not name them in the FY26 release, so we do not either.

How is Macquarie Technology funding the build?
At 30 June 2026 it had A$4.9m of cash, A$496.5m undrawn on a A$500m facility, and A$100m of Hybrid Series 2 still available. The National Reconstruction Fund Corporation committed A$200m of subordinated hybrid securities, with the first A$100m drawn on 1 June 2026.

Is Macquarie Technology a good investment?
We do not make buy or sell calls, and nothing here is a recommendation. We can tell you what it owns, how it gets paid and which numbers would change the picture. The decision is yours.

Keep reading on the map

• The layer: AI Data Centers
• The term: What Is an AI Data Center?
• The Australian peer: What Does NEXTDC Do?
• Singapore landlords: What Does Keppel DC REIT Do? · What Does Digital Core REIT Do?
• Global peers: What Does Equinix Do? · What Does Digital Realty Do? · What Does Applied Digital Do?
• Where it happens: Australia

The members cut on a stuck step is already live: When utilities bill data centers before power, where does cash stick?. This page stays the free Stack read of the Macquarie Technology model.

Sean

Writes Second Order by TKN — a plain-English map of AI infrastructure. Who gets paid, where money sticks, which step is stuck. Not investment advice.

Author page → · Editorial standards →

How we check this

Figures come from Macquarie Technology's FY26 results announcement and investor presentation of 26 August 2026 (also lodged on the ASX), its 18 February 2026 debt upsizing release, and its FY26 annual report (Appendix 4E), plus the peer filings listed below, each dated. Where we work something out ourselves, the arithmetic is shown in full. The filings do not name tenants, give contracted megawatts on the live base, or state rent per kilowatt, so we do not estimate those.

Last reviewed: 12 Oct 2026 · Next review: after IC3 SuperWest Phase 1 completion and the next ASX trading update
Spot an error? Tell us and we will correct it and note the change here.
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References

1. Macquarie Technology Group, Macquarie Technology delivers twelve consecutive years of EBITDA growth (FY26 results announcement) (company, ASX release), 26 Aug 2026 — group EBITDA, cash conversion, NRFC $200m, METC land close, IC3 SuperWest Phase 1 and Phase 2 timing, FY27 outlook and capex
2. Macquarie Technology Group, Full Year Results 2026 (Group Investor Presentation) (company presentation), 26 Aug 2026 — segment revenue and EBITDA, 21 MW installed, IC3 SuperWest 47 MW design, METC ~200 MW, hyperscaler note, balance sheet
3. Macquarie Technology Group, FY26 Full Year Results (ASX PDF) (company, ASX filing), 26 Aug 2026 — same FY26 results lodged on the ASX
4. Macquarie Technology Group, Successful upsizing of debt capacity from $450 million to $500 million (company, ASX release), 18 Feb 2026 — $50m accordion; planned 19 MW of 47 MW at IC3 SuperWest
5. Macquarie Technology Group, MAQ 2026 Annual Report (Appendix 4E) (company, ASX annual report), 26 Aug 2026 — directors' report on IC3 SuperWest, METC close 6 Aug 2026, NRFC terms, debt facility to $500m
6. NEXTDC, FY26 Record Results and Record FY27 Growth Guidance (ASX release) (company, ASX filing), 27 Aug 2026 — contracted and billing MW, forward order book, FY27 guidance, capex, liquidity, power position
7. Keppel DC REIT, Unaudited results for the first half year ended 30 June 2026 (media release) (company, SGX filing), 23 Jul 2026 — distributable income, DPU, occupancy, WALE, leverage, cost of debt
8. Equinix, Equinix Reports Second-Quarter Results, Raises 2026 Guidance and Long-Term Outlook (company, SEC exhibit 99.1), 29 Jul 2026 — revenue by line and region, adjusted EBITDA, debt, 2026 guidance, 2027–2029 outlook