SYDNEY, June 27, 2026, 08:02 AEST
- NEXTDC shares dropped 4.48% Friday to close at A$14.06. The stock has lost 7.4% since last Friday.
- S&P/ASX 200 added 0.18% on June 26, but NXT lagged, finishing well below the wider market.
- NextDC’s reported A$8.4 billion in pro-forma liquidity is roughly 79% of its present market cap.
- NextDC’s reported A$165 million land buy near Geelong gives the stock a power-site element, but planning pushback is now in focus.
NEXTDC Limited ASX:NXT started the week facing more headwinds in its AI data-centre trade. Shares dropped 4.48% Friday to A$14.06, while the S&P/ASX 200 index edged up 0.18%. The stock touched A$13.83 intraday. It had closed at A$14.72 the day before.
NXT fell harder this week. The stock ended June 19 at A$15.18 and dropped to A$14.06 by June 26. That’s a 7.4% slide by historical price data. It sits 21.85% below its 52-week high, Intelligent Investor says.
NEXTDC did not fall because of funding disclosure issues. CEO Craig Scroggie told ASX in a June 24 interview that NEXTDC raised A$1.5 billion in equity and A$1.8 billion in new senior debt facilities in the past year. The company now has A$8.2 billion in total senior debt and A$8.4 billion in pro-forma liquidity, he said.
Market value is the clearer guide for investors. NEXTDC’s market cap was A$10.679 billion based on Friday’s late price. The company’s stated pro-forma liquidity comes in at about 80% of its equity value. That’s a big pool, but it shows the scale of the planned build-out compared to the listed company.
Scroggie called the lag between capital spending and revenue normal for the business model. “They commit to capacity, then it is constructed,” he said. He added, “Every dollar has been sized to projects with identified customer demand.” Australian Securities Exchange
NEXTDC is facing sharper scrutiny after Data Center Dynamics said on June 25 that the company bought 169 hectares in Lovely Banks, Victoria, for A$165 million—citing local sources. The land sits about 70 km west of Melbourne, near Geelong, close to a big substation and the Victorian Big Battery. NEXTDC still hasn’t responded to the report, DCD said.
Reported talks put the deal at A$165 million, or under 2% of NEXTDC’s A$8.4 billion pro-forma liquidity. The money isn’t the story here. It’s the address. Data center players want land with power, and that is running up against housing policy in Victoria.
Realestate.com.au said the Lovely Banks land might have allowed for over 2,000 homes, quoting City of Greater Geelong Chief Executive Ali Wastie, who said data centres should be “planned strategically and located in the right places.” The report also said Kapitol is working on NEXTDC’s first Geelong data centre, a 4.4 MW site due to go live in the second half of 2027. Real Estate
NextDC (NXT) price targets are all over the place. The average 12-month target from Investing.com’s analyst feed stands at A$20.40. Analysts have 14 buys and zero sells on the stock. That target is about 45% above where NXT closed on Friday at A$14.06.
Next week’s public calendar shows no scheduled company results. MarketIndex still has Aug. 27 for NEXTDC’s prelim and annual numbers, so on Monday, trade will pick up from Friday’s low and the reported Geelong land deal, plus any fresh ASX news on funding or new sites.
