What are the key details of the new CDC Data Centres contract?

CDC Data Centres (CDC) has secured a record-breaking 555-megawatt (MW) contract with a high-end United States investment-grade customer. This 30-year agreement is the largest in Australian history and pushes the company’s total contracted capacity beyond one gigawatt.

Why is this contract significant for Infratil (ASX:IFT) and CDC shareholders?

This deal is a major growth catalyst that more than doubles CDC’s existing contracted capacity. Infratil (ASX:IFT) CEO Jason Boyes described it as a "step-change" that solidifies the region's reputation as a global hub for high-end computing and intelligence generation.

How will this deal impact CDC Data Centres' future earnings (EBITDAF)?

The financial impact is substantial, with CDC forecasting its annualised EBITDAF to exceed A$1 billion by FY28 as the new capacity becomes operational. Once the 555MW project is fully deployed, annualised EBITDAF is expected to reach approximately $2 billion.

What are the capital expenditure (capex) requirements for this expansion?

CDC expects FY27 capital expenditure to be between A$3.8 billion and A$4.2 billion, excluding land costs, as it accelerates construction to meet this massive demand. While this is a significant spend, management noted that a A$500 million equity contribution from shareholders in February 2024 has already helped fund the construction programme.

Will Infratil (ASX:IFT) or CDC need to raise more capital from retail investors?

Based on current management commentary, the new contract is within CDC’s existing growth plan and does not require further shareholder equity. This is a positive signal for existing investors as it suggests the project can be funded through existing cash reserves, debt, and the equity already raised in early 2024.

When will the new 555MW capacity actually become operational?

The capacity is slated for delivery across CDC campuses that are currently under development. Investors can expect the project to scale up and become operational throughout the 2028 and 2029 financial years (FY28 and FY29).

What are the main risks associated with this CDC Data Centres deal?

The primary risks involve execution and timing, as the massive A$4 billion-plus construction phase must stay on track to meet the FY28 deployment goal. Additionally, while the customer is "investment-grade," a 30-year duration carries long-term counterparty risk.

How does this news change the long-term thesis for CDC Data Centres?

This contract shifts CDC from a regional player to a globally significant infrastructure provider, controlling a massive 40% of the Australian market's capacity. It validates the company’s strategy of focusing on "intelligence generation" and sustainable, large-scale campuses.

Tech

CDC secures record 555MW Australian data contract

Written by Jon CuthbertPublished May. 5 2026Last Updated May. 5 2026

CDC Data Centres has finalised the largest contract in Australian history, a 555-megawatt agreement with a high-end United States investment-grade customer.

The unprecedented 30-year deal pushes CDC’s total contracted capacity beyond the one-gigawatt threshold, effectively representing 40% of the total operating capacity across all Australian data centres as of 2025.

The capacity is slated for delivery across existing CDC campuses currently under development, with operations expected to scale up throughout the 2028 and 2029 financial years.

Infratil CEO Jason Boyes described the agreement as a "step change" for the region, noting that it solidifies Australasia’s reputation as a premier global hub for computing capacity.

The deal is backed by Australia’s regional stability and increasing access to renewable energy. Echoing this sentiment, CDC founder and CEO Greg Boorer hailed the contract as a "massive tick of approval" for Australia’s role in large-scale intelligence generation.

The financial implications of the deal are equally significant. CDC forecasts its annualised EBITDAF to exceed $1 billion by FY28, potentially doubling to $2 billion once the project is fully deployed.

Despite a substantial capital expenditure forecast of up to $4.2 billion for FY27 to meet rising construction demands, the company confirmed that the new contract fits within current growth plans and requires no further shareholder equity.