X2M Connect Ltd Lands First $250M+ AI Data Centre Contract [VIDEO]
X2M Connect has signed its first binding AI-enabled data centre contract worth an estimated $250m+ across a three-to-five-year delivery period, converting the first of a 150MW Australian prospect pipeline into committed revenue with recurring platform fees expected over the life of the facility.
Key Takeaways
- X2M Connect has signed its first binding data centre customer contract, with an estimated project cost exceeding $250m across a three-to-five-year delivery period.
- The agreement is conditional solely on development approval — there are no other conditions precedent — and X2M has already been contracted to provide the design services supporting that approval.
- X2M is expected to recognise the full project cost as revenue and earn a margin, with additional recurring platform and management fees over the life of the facility.
- This contract is the first conversion from a 150MW Australian prospect pipeline, the majority of which is located in Queensland, signalling potential for further binding agreements.
- X2M's existing smart cities platform delivered 67% revenue growth in Q3 FY26 while operating costs rose just 2%, providing an established operational base from which the data centre business is being launched.
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