Wednesday, 21 October, 2026
Power Grid Delays Wipe Out $2B in NextDC Market Value
By TechShots Studio
Australian data center operator NextDC saw its shares plunge 44%, erasing A$3.1 billion (~$2.1 billion) in market capitalization. The sharp selloff followed local power grid upgrade delays at its M3 Melbourne facility, forcing the company to slash its FY27 net revenue forecast to A$475M–A$500M (down from A$615M–A$640M), freeze new development projects, and cut capital expenditure plans.
Read full story at REUTERS