I noticed that MAQ hasn’t announced any major new customers for a while (happy to be corrected), so I wanted to check if that was a red flag.

What I found is that Macquarie’s data centres are already running at ~96% utilisation. In other words, they can’t sign new customers until fresh capacity comes online. IC3 Super West will more than double capacity (21 MW → 47 MW) over the next 12–18 months, with another 200+ MW in the pipeline. The real question is how quickly that gets leased once available?

Worth noting too that there’s currently a shortage of DC MW in Australia, with demand from cloud, AI and government workloads outpacing supply. MAQ also has some barriers to entry working in its favour; sovereign credentials, strong government relationships, and the stickiness of bundled services (DC + cloud + cyber) make it harder for competitors to dislodge existing clients. If the new MW fills, you’d expect all three segments to lift together.

Curious what others think about the demand side. Will new capacity get taken up as soon as it’s live, or is that too optimistic?

Disclosure: I hold MAQ in real life and on SM.