Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
NEXTDC Shares Soar 43% as Goodman Group and Digital Realty Target a Stake of Up to 9.9%
Highlights
Introduction
NEXTDC Limited (ASX: NXT) shares were trading at AU$9.31, up about 42.6% from the previous close of AU$6.53, on Thursday 5 November 2026.
NEXTDC builds and operates data centres across Australia, leasing space, power and connectivity to cloud, business and government clients.
How the Share Raid on NEXTDC Unfolded
In an ASX release on 5 November, NEXTDC said a joint vehicle called Ackland Investments No.1 Trust had carried out an aftermarket book build on 4 November. Goodman Group (ASX: GMG) and US-listed Digital Realty Trust (NYSE: DLR) each hold half of that trust.
The offer price was AU$9.50 per share, and the target was a holding of up to 9.9% of NEXTDC's ordinary shares. That was about 45% above the prior close. How much demand the offer drew was unknown to NEXTDC, according to the company.
No Takeover Bid on the Table for Now
According to NEXTDC, the buyers told investors they did not intend to make a control proposal or takeover bid at this time. They also kept open the right to do so later. NEXTDC's board said it does not currently hold any takeover proposal. Any genuine approach would be judged on its merits.
Why the Board Called the Move Opportunistic
The board labelled the raid opportunistic, noting it came two weeks after NEXTDC's 21 October 2026 update on its M3 Melbourne site and its revised FY27 guidance. In that update, NEXTDC said electricity distributor Jemena had suspended parts of the network works needed to lift grid supply to M3. Extra power for the site is now expected in FY28, so NEXTDC cannot hand over, or charge for, that contracted capacity until then.
Melbourne Power Setback and the FY27 Guidance Cut
Guidance for FY27 net revenue now sits at AU$475 million to AU$500 million, down from a previous AU$615 million to AU$640 million. The company also reduced its forecast for underlying EBITDA, which tracks operating earnings, to AU$245 million to AU$265 million, versus AU$385 million to AU$410 million earlier.
Both ranges now exclude the affected M3 contracts, which had contributed about AU$140 million each to the earlier figures.
Capital expenditure guidance for FY27 was reduced to AU$4.5 billion to AU$5.0 billion, down from AU$5.25 billion to AU$5.75 billion.
What the Stake Means for Shareholders
Even after the jump, NEXTDC shares were trading below the AU$9.50 offer price. With no control bid planned for now, the M3 power timing remains a key uncertainty for near-term earnings.
What Investors Should Watch
Conclusion
NEXTDC shares rose about 42.6% to AU$9.31 on Thursday 5 November 2026, after a vehicle jointly owned by Goodman Group and Digital Realty sought up to 9.9% of the company at AU$9.50 per share. The board called the raid opportunistic and confirmed it has not received a takeover proposal. The move came soon after power delays at M3 Melbourne forced a cut to FY27 guidance.
Note- All data presented is based on information available at the time of writing.
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