NextDC shares crash 41.7 per cent after power delays at a Melbourne data centre

About $3 billion was wiped off the company's value. Work to power its M3 site has stopped until at least February.

Confirmed

Shares in data centre company NextDC crashed 41.7 per cent on Wednesday. They closed at $5.35, Australian Associated Press (AAP) reported. Reuters said about $3 billion was wiped off the company's value. It was the worst day since NextDC listed on the share market in 2010, Reuters said. Data centres are big buildings full of computers that store and process data. NextDC said energy company Jemena had paused work to bring power to its M3 site in Melbourne. It said Jemena cited "safety concerns" and opposition from the community and others. Jemena will not restart before February 2027. That means M3 cannot open on time. NextDC cut its forecast for next financial year. It now expects net revenue of $475 million to $500 million. Before, it expected $615 million to $640 million. About $140 million in M3 revenue has been pushed back. NextDC also cut planned spending to between $4.5 billion and $5 billion. It is looking at selling some sites. When M3 will get power is not yet known.