NEXTDC lifts contracted utilisation to 740MW on fresh customer wins
NEXTDC (ASX: NXT) has grown its pro forma contracted utilisation to 740MW as at 30 June 2026, an increase of 73MW (11%) since its last update on 20 April 2026. The uplift follows further customer contract wins.
For the ASX 100-listed data centre operator, more signed contracts translate to a larger locked-in demand pipeline. As a result, NEXTDC’s pro forma forward order book has expanded to 565MW.
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The numbers behind the update
The figure of 740MW excludes contractual expansion options and reservations applicable to hyperscale customers. The forward order book represents the difference between pro forma contracted utilisation (740MW) and billing utilisation (175MW) as at 30 June 2026.
The 250MW contract surge in Q3 FY26 lifted pro forma contracted utilisation to 667MW as at 31 March 2026, establishing the baseline from which the latest 73MW increase has since been built.
That order book is expected to progressively convert to billings, revenue and EBITDA over the period FY26 to FY30.
| Metric | Figure | Note |
|---|---|---|
| Pro forma contracted utilisation | 740MW | Up 73MW (11%) since 20 April 2026 |
| Billing utilisation | 175MW | As at 30 June 2026 |
| Pro forma forward order book | 565MW | Difference between contracted (740MW) and billing (175MW) |
| Conversion window | FY26–FY30 | Expected progressive conversion to billings, revenue and EBITDA |
Two source qualifiers are worth flagging:
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The contracted utilisation figure excludes contractual expansion options and reservations applicable to hyperscale customers.
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FY26 Net Revenue, Underlying EBITDA and capex guidance remains unchanged, with guidance set at the 20 April 2026 update.
What contracted utilisation means for investors
That distinction matters. Billing utilisation, sitting at 175MW, represents the 175MW billing utilisation as at 30 June 2026. Contracted utilisation of 740MW captures everything customers have agreed to take.
The gap between the two, the 565MW forward order book, is expected to progressively convert to billings, revenue and EBITDA over the period FY26 to FY30.
A growing forward order book signals a multi-year revenue runway. The forward order book is expected to progressively convert to billings, revenue and EBITDA through to FY30.
The investment case: locked-in demand for the digital economy
The update strengthens forward revenue visibility without changing near-term guidance. The story here is the growing pipeline, not a revision to FY26 numbers.
NEXTDC is described as an ASX 100-listed Data Centre-as-a-Service provider, building the infrastructure platform for the digital economy across cloud computing providers, enterprise and Government customers. The company states it is powering the intelligence economy.
Forward order book highlight
NEXTDC’s pro forma forward order book has increased to 565MW, expected to progressively convert to billings, revenue and EBITDA over the period FY26 to FY30.
The addition of 73MW of contracted capacity since the last update on 20 April 2026 points to continued customer appetite for data centre infrastructure. For investors, the key measure is how steadily that contracted capacity moves into active billing.
What comes next
The roadmap centres on the 565MW forward order book converting progressively to billings, revenue and EBITDA across the FY26 to FY30 window. FY26 guidance remains unchanged, so the near-term focus is on the pipeline rather than any adjustment to current-year forecasts.
Investors will likely watch for continued conversion of contracted capacity into billing utilisation as the next signpost.
Delivering on a 565MW forward order book through to FY30 requires substantial capital, and NEXTDC’s hybrid securities funding structure, anchored by a binding commitment from La Caisse, was designed to extend the company’s liquidity runway without diluting existing shareholders.
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Forward order book of 565MW to convert to billings, revenue and EBITDA across FY26–FY30.
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FY26 guidance unchanged across Net Revenue, Underlying EBITDA and capex.
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Continued growth in billing utilisation from the current 175MW base.
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