Data centres are central to Australia’s AI, cloud and sovereign-data ambitions. Demand from hyperscalers, enterprise cloud adoption and the push for on-shore AI infrastructure has turned a previously sleepy sector into one of the fastest-growing corners of the ASX. Below we explain the sector trends and offer a practical, healthy comparison between three listed players: NextDC (ASX: NXT), Macquarie Technology Group (ASX: MAQ) and DigiCo Infrastructure REIT (DigiCo, ASX: DGT).

Why Australian data centres matter in 2026

• Hyperscaler & AI demand: Major cloud/AI players require local GPU capacity and low-latency sites; that’s triggered large contracts and campus builds. Evidence: recent strategic partnerships and purpose-built AI facilities being announced across Australia.

• Sovereignty & latency: Government and enterprise clients increasingly prefer on-shore data processing for compliance and performance.

• Infrastructure scale & power: New AI workloads need significant power and cooling — winners will be companies that secure land, power and grid capacity early.

These macro trends create a favourable backdrop for ASX data centre stocks — but each listed company plays a different role (operator, telco/cloud provider, or REIT/operator).

Quick company snapshot 

NextDC — ASX: NXT

NextDC is Australia’s largest pure-play data centre operator with multiple facilities and interconnection hubs. It has moved aggressively into hyperscale-ready capacity and recently signed a major memorandum of understanding to develop hyperscale AI infrastructure in Sydney, a deal that underlined its strategy to capture AI workloads. This kind of large strategic customer can justify elevated capex and supports a premium valuation if converted into long-term contracted revenue.

Macquarie Technology Group — ASX: MAQ

Macquarie Tech is a diversified technology and data infrastructure group offering data centres, cloud, security and managed services for businesses and government. Its model mixes physical data centre capacity with higher-margin managed services and telecoms — providing a more service-oriented revenue profile compared with pure colocation operators. Recent investment and site acquisitions highlight a push into larger-scale, AI-ready capacity.

DigiCo Infrastructure REIT — ASX: DGT

DigiCo is structured as a REIT focused on data centre real estate, offering exposure to the cash flows of leased data centre properties and digital infrastructure. As a REIT, its return profile is more income-focused and sensitive to lease terms, tenancy rates and rent escalations. Newer to market than the others, DigiCo provides a purer real-estate play on data-centre demand.

Side-by-side comparison

Business model

• NXT (NextDC): Colocation + interconnection; growth via new campuses and large hyperscaler contracts. (Operator model: revenue from space, power and connectivity.)

• MAQ (Macquarie Tech): Hybrid - data centre real estate + managed cloud, security and telco solutions; more service revenue.

• DGT (DigiCo): REIT - rental income from leased data centre assets; income-focused, reliant on long-term leases.

Growth drivers

• NXT: Hyperscaler partnerships (large capacity deals) and AI campus developments.

• MAQ: Enterprise & government cloud adoption + expansion of owned/operated sites.

• DGT: Leasing uptake and rent escalation from tenants as demand tightens.

Risk profile

• NXT: High capex intensity; depends on converting pipeline into contracted revenue; power and construction cost risk.

• MAQ: Execution risk across services and sites; competitive pressure from hyperscalers.

• DGT: Tenant concentration risk, lease rollover exposure, and REIT market sensitivity to interest rates.

Cash flow characteristics

• NXT: Potential for large long-term contracts but lumpy cash flows during build phases.

• MAQ: More diversified, with recurring managed services revenue smoothing cash flows.

• DGT: Income yield focus—predictable rental cash flows if occupancy is high.

How an investor might position across ASX data centre stocks

1. Growth / Curry for upside: If you want leveraged exposure to the AI build-out, NextDC’s hyperscale projects offer the biggest upside — but they come with heavy capex and schedule risk.

2. Balanced exposure: Macquarie Tech can appeal if you prefer a mix of infrastructure plus higher-margin services — useful for investors who want both growth and revenue diversification.

3. Income / Lower volatility: DigiCo’s REIT structure suits investors seeking rent-like cash flows from data centre real estate—assuming high occupancy and stable lease terms.

A blended approach (small core allocation to a REIT + a growth operator + a services player) can capture different parts of the data-centre value chain while managing single-stock risk.

Key metrics & what to watch 

• Power capacity & PUE (efficiency): AI workloads need substantial MW capacity; sites that secure power early have an advantage.

• Contracted vs uncontracted capacity: The proportion of forward-contracted capacity helps forecast revenue.

• Lease tenor & escalators (for REITs): Longer leases with CPI-linked escalations protect income.

• Balance-sheet flexibility: Capex plans require funding—watch leverage and access to capital markets.

Final thoughts - sector outlook and practical takeaway

Australian data centre stocks are becoming core infrastructure plays for 2026 as AI and cloud demand accelerates. Each ASX-listed name brings a different exposure:

• NextDC (NXT): Hyperscaler-grade capacity and headline partnerships — higher potential upside and higher capex risk.

• Macquarie Technology (MAQ): A services + infrastructure hybrid - less pure-play but more diversified revenue.

• DigiCo (DGT): Income-focused REIT exposure to data-centre real estate- sensitive to lease dynamics and rates.

For ASX investors: match your exposure to your objectives. If you want growth and are comfortable with capital intensity - NextDC may fit. If you want a balance of services and sites — consider Macquarie Tech. If you prioritise yield and rent-like cash flow — a data-centre REIT such as DigiCo could be appropriate.