Sydney, June 29, 2026, 06:02 AEST
- NEXTDC Limited ASX:NXT finished at A$14.06 on June 26, dropping 4.48%. The S&P/ASX 200 gained 0.18%.
- The A$0.66 drop on Friday wiped about A$502 million off market cap, using Google Finance’s figure of 760.42 million shares outstanding.
- The close finished 10.7% higher than NEXTDC’s A$12.70 entitlement price, but just 1.2% above its A$13.90 theoretical ex-rights price.
As of the dateline, the ASX cash market hadn’t hit its 07:00 pre-open yet. Regular trading on the ASX is set from 09:59:45 to 16:00 Sydney time. ASX’s 2026 market holidays don’t include June 29, so Friday’s closing price is still the most recent trade.
NEXTDC Limited ASX:NXT comes into Monday after losing most of its April gains from the contract and capital announcement. Shares ended at A$14.06 on Friday, dropping A$0.66, and 4.11 million shares traded. Average volume, per Google Finance, is 2.69 million with a market cap at A$10.68 billion.
Friday’s drop is notable due to its size relative to the recent equity raise. Based on Google Finance’s share count, the single-day paper loss was about A$502 million, around a third of the A$1.508 billion from the entitlement offer NEXTDC reported in May.
| Measure | Figure | Investor read-through |
|---|---|---|
| Friday share price drop | A$0.66 | Shares fell 4.48% in a day |
| Shares on issue | 760.42 mln | Data from Google Finance |
| Total equity value lost | ~A$502 mln | A$0.66 times 760.42 mln |
| Entitlement offer in May | A$1.508 bln | Total from institutional, retail |
| Value lost vs raise | ~33% | About a third of the proceeds |
NXT dropped 4.9% during the week, slipping 7.4% from last Friday’s A$15.18 close. The S&P/ASX 200, though, edged up 0.18% on June 26 as the broader market held up better.
The key issue now is what investors are paying for future power usage. NEXTDC reported in April that pro forma contracted utilisation climbed to 667MW from December 31, and its pro forma forward order book reached 544MW. Billing utilisation was 123MW as of March 31.
| Yardstick | Calculation | Result |
|---|---|---|
| Equity value per MW on contracts | A$10.68 bln / 667MW | ~A$16.0 mln/MW |
| Equity value per MW in order book | A$10.68 bln / 544MW | ~A$19.6 mln/MW |
| Order book to billing use | 544MW / 123MW | ~4.4x |
| Friday’s close to A$12.70 bid | A$14.06 / A$12.70 – 1 | +10.7% |
| Friday’s close to A$13.90 TERP | A$14.06 / A$13.90 – 1 | +1.2% |
These are equity market checks, not enterprise value multiples. Debt, hybrids and future capex aren’t included. But they show why the stock reacts fast to any shift in confidence on the build-out—most of the contracted load still hasn’t moved to billing utilisation.
CEO Craig Scroggie said in April, “The capacity announced today will necessitate the accelerated development of S4.” Scroggie added, “While raising equity is not a step we take lightly.” ASX Announcements
NEXTDC finished its A$1.508 billion entitlement offer at A$12.70 per share, getting 98% take-up from institutions and 85% from eligible retail investors. It also set pricing on A$750 million in four-year floating-rate notes at three-month BBSW plus 350 basis points. The company later added A$1.8 billion in new senior debt commitments to its stack. Funding is heavy.
The company said the fresh debt will take total senior debt lines to A$8.2 billion, with pro forma liquidity at June 30 around A$8.4 billion. Financial close is expected in July. FY26 capex guidance had already risen by A$300 million to A$2.7 billion–A$3.0 billion. FY26 net revenue and underlying EBITDA guidance are unchanged.
The stock’s next scheduled event is the July debt close. On trading, NXT last traded at A$14.06, still sitting near its A$13.90 rights-adjusted base and above the A$12.70 offer price from the May reset.
