Published: 24 October 2026

Shares closed down 41.7% at A$5.35, their lowest level since 2018, after NextDC told the ASX that electricity distributor Jemena had suspended parts of the 66kV network works needed to increase grid supply to its M3 data centre in West Footscray. Jemena does not expect to restart before February 2027, pushing the next increase in supply into FY28.

Key points

• Underlying EBITDA guidance fell to A$245m to A$265m, from A$385m to A$410m, a cut of around 36%.

• - per market commentary site The Bull, Macquarie retained its Outperform rating but cut its price target by 35% to A$12.90, and lowered its EBITDA forecasts by 35% for FY27 and 23% for FY28.

• - At a Capacity Europe roundtable this month, 70% of infrastructure leaders noted they expect grid connections to take more than 18 months .

• - 70% of infrastructure leaders at London roundtable expect grid connections to take more than 18 months BUZZ’s Tavares: Oakville taxpayers won’t pay grid costs for C$3.5bn, 320MW AI campus Finland stops construction on two Google data centres Large-scale data centre planned for former Scottish nuclear site Nvidia CEO Jensen Huang has noted demand for AI compute will see neocloud providers through rising financing pressure, as UK grid constraints leave one of the country’s flagship AI data centre projects facing a wait for power that could run into the next decade.

• - At a Capacity roundtable in London last week , 70% of infrastructure leaders noted they expected grid connections to take more than 18 months.

• Background and analysis. The story fits a broader pattern: AI infrastructure decisions made in Europe and other overseas markets are reshaping supply chains, procurement practices and competitive dynamics worldwide. With power equipment, land and grid connections all in short supply, the playbook for building at scale is being rewritten in real time — and the lessons travel quickly across regions.

• Background and analysis. On the facilities side, physical constraints are biting. Power equipment lead times, grid interconnection queues and skilled labour shortages now shape project timelines as much as capital does. Operators that lock in equipment and sites earliest are the ones most likely to deliver on schedule.

• Our take. This is a story worth tracking not for the headline deal itself, but for what it signals about how the AI stack is being assembled: more specialised silicon, more regional capacity, and more emphasis on speed of delivery. Each shift creates openings for challengers — and risks for incumbents.

• Source: Capacity, "NextDC loses 42% in a day: How community opposition became a data centre financing risk", 23 October 2026. https://capacityglobal.com/news/nextdc-loses-42-in-a-day-how-community-opposition-became-a-data-centre-financing-risk/