ASX Data Centre Beneficiaries: If You Missed NextDC & SKS, These 5 Stocks Could Be Next To Soar!

ASX Data Centre Stocks, either pureplays or companies any kind of direct or indirect exposure, have been soaring. NextDC (ASX:NXT) and SKS Technologies (ASX:SKS) have become shorthand for ASX-listed data centre exposure. Both have rerated sharply as investors priced in AI and hyperscale infrastructure demand. For those who missed that move, the question now is where the next recognition wave lands. We think it lands further down the stack: in companies providing the connectivity, maintenance, civil infrastructure and sovereign-grade capacity that underpin the buildout.

Some been re-priced as data centre beneficiaries like IPD Group (ASX:IPD) and Southern Cross Electrical Engineering (ASX:SXE). But others have not and here are 5 of them.

5 ASX Data Centre Beneficiaries That Haven’t Re-Rated

1. Macquarie Technology Group (MAQ) — 12‑Month Return: +15%

MAQ is the most direct data centre exposure in this cohort yet remains one of the least appreciated. The company operates sovereign‑grade, government‑certified data centres in Canberra and Sydney through its Intellicentre network, alongside cloud, cybersecurity and telecom services.

The distinction between MAQ and NextDC is scarcity. Sovereign‑grade capacity, accredited for classified workloads, is structurally difficult to replicate. As government agencies deepen cloud migration and AI workloads increasingly require data sovereignty, MAQ’s certified facilities become a bottleneck. As the document notes, “Sovereign-grade capacity… is architecturally difficult to replicate.”

Despite this, MAQ has returned only 15% over 12 months, materially lagging peers despite stronger earnings quality and a more defensible competitive position. The market still reflexively categorises it as a telco rather than a data centre operator. That misclassification supports the rerating case.

2. Superloop (SLC) — 12‑Month Return: +36%

Superloop has made 36% return – a figure many investors in this market would appreciate. While SLC’s jump reflects genuine operational progress, particularly in consumer broadband and wholesale connectivity, we think there’s still an under‑recognised angle. Namely its fibre and subsea cable infrastructure, which sits directly in the connectivity layer of the data centre stack.

As data centre clusters densify (especially along the Sydney–Melbourne corridor), fibre backhaul and intercapital connectivity become structurally more valuable. SLC operates terrestrial fibre and holds a stake in the Indigo subsea cable linking Australia, the US and Asia. As the document states, “that volume flows through precisely the kind of infrastructure Superloop operates.”

Management hasn’t explicitly framed SLC as a data centre play (at least not yet), but its wholesale segment already serves the telco and technology customers driving this demand. Recognition is still early.

3. Service Stream (ASX:SSM) — 12‑Month Return: +40%

SSM’s 40% return has been driven by earnings momentum rather than thematic rerating. The company’s FY25 revenue reached A$2.42bn, its profit grew 36.7% and work in hand rose 17% to A$5.9bn.

The data centre link is fibre. SSM is a principal contractor on the nbn fibre upgrade program, including recent ACT work, and fibre increasingly underpins connectivity around data centre precincts. As AI infrastructure scales, low‑latency fibre into and between facilities becomes essential. The document notes that “SSM’s capabilities in network design, construction, and ongoing maintenance make it a logical beneficiary.”

Its utilities division, with 38% EBITDA growth in the latest half, also services electrical and grid infrastructure – an area that becomes more important as data centre corridors strain distribution networks. Yet the market still prices SSM on an industrials multiple. That gap should narrow.

4. Ventia Services (ASX:VNT) — 12‑Month Return: ~45%

Ventia is arguably the most overlooked name in the entire thematic. The company manages maintenance, facilities, cooling, electrical and mechanical systems across critical national assets including defence sites and the nbn. FY25 results were strong: A$6.1bn revenue, ~12.8% NPATA growth and 91.4% cash conversion, with 87% of FY26 revenue already secured.

The data centre thesis is simple: recurring revenue. Hyperscale and sovereign data centres require continuous cooling, electrical, mechanical and facilities management over decades. If Australia builds AI infrastructure at scale, the maintenance tail becomes meaningful. As the document puts it, “Ventia’s scale… positions it as one of very few companies capable of servicing such assets.”

The investment community barely discusses Ventia in this context. That is precisely why it matters.

5. Maas Group (ASX:MGH) — 12‑Month Return: ~27%

MGH is the most speculative of the group but remains relevant. The company provides construction materials, plant hire, civil contracting and equipment manufacturing, primarily in regional NSW with expansion into Illawarra, Greater Melbourne and the Hunter Valley.

The data centre link is indirect but credible. Hyperscale campuses require aggregate, concrete, earthworks, plant hire and sub‑base construction. As precincts develop in fringe‑metro and regional corridors—where land and power are available—MGH’s civil and materials capabilities become strategically useful. The document notes that “large-scale hyperscale campus development requires substantial civil and materials inputs.”

At a 27% return and EV/EBITDA below 12x, its valuation still leaves room for recognition.