NextDC cuts outlook and shares plummet following community protests

On October 21, 2026, NextDC, often dubbed the CoreWeave of Australia and a key barometer for AI infrastructure, suffered a dramatic stock crash. Following a two-day trading halt in Sydney, its shares plunged by up to 44% to 45%, hitting multi-year lows not seen since 2019 and dragging down local industry peers. The crash was triggered by ongoing protests from local residents in inner Melbourne who blocked high-voltage transmission line construction, forcing power provider Jemena Electricity Networks to suspend parts of the grid engineering work. As a result, the next phase of grid power expansion for NextDC's M3 facility has been delayed to fiscal year 2028, pushing back contract capacity delivery and billing schedules. In response, NextDC significantly cut its financial outlook for FY2027, lowering its net revenue forecast to AUD 475 million to AUD 500 million—well below the previous estimate of AUD 615 million to AUD 640 million—and slashing its underlying EBITDA forecast to AUD 245 million to AUD 265 million from the earlier range of AUD 385 million to AUD 410 million. The updated guidance excludes revenues and underlying EBITDA tied to affected M3 customer contracts. Furthermore, NextDC announced the suspension of all new development projects and land acquisitions while evaluating force majeure clauses for relevant contracts.