A fully underwritten A$1.5 billion entitlement offer at A$12.70/share anchors a A$2.2 billion capital plan to accelerate S4, the 350 MW Horsley Park hyperscale campus that became the catalyst when a single customer signed for 250 MW in Q1 2026.
Site
16 Johnston Cr, Horsley Park
IT Capacity
350 MW
Tech Space
124,000 m²
Buildings
2 × 4-storey (Phase 1)
Builder
Multiplex
Architects
HDR · Greenbox
Grid
Direct NSW Tx connect
Approval
SSD (State Significant)
Completion
Mid 2027
Capital & Customer Milestones
Jul 2021
S4 site acquired for ~A$124M (300 MW initial design).
Dec 2025
SSD approval; first AU DC cleared for direct NSW transmission grid connection.
Q1 2026
Record 250 MW single-customer commitment at S4. Contracted utilisation jumps 60% to 667 MW.
Apr 2026
Multiplex breaks ground; A$1.5B equity + A$700M hybrid (CDPQ total A$1.7B) launched.
FY26 (in progress)
Capex guidance lifted to A$2.7–3.0B for inventory build & equipment procurement.
FY27 forecast
~A$5.0B capex year. Pro forma liquidity ~A$5.9B.
Mid 2027
S4 target completion. Strategic JV partner discussions open.