The Australian Government has made its largest single technology investment through the National Reconstruction Fund Corporation, deploying $200 million into Macquarie Technology Group to accelerate sovereign cloud, AI infrastructure, and cybersecurity capabilities. The deal is structured as a first-of-its-kind hybrid note for an unrated company, and it signals a direct government commitment to keeping critical digital infrastructure and sensitive data onshore. For the data centre and sovereign cloud market, this is not a routine capital raise.