3 ASX Data Centre Stocks Set to Benefit From Goodman’s A$14.4 Billion Pipeline

Goodman Group (ASX: GMG) reported A$1.2 billion in operating profit for the first half of FY26, with data centres now making up 73% of its A$14.4 billion development pipeline, up from 40% just 18 months ago. Its power bank has grown to 6.0 GW across 16 cities, a resource becoming harder for competitors to match.

But here is the challenge for investors. GMG shares trade around A$30 at roughly 36 times earnings, and the stock fell 6% on results day. The market appears to be saying the data centre story is already priced in. That opens the door for smaller ASX names riding the same wave at better valuations.

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Why Goodman’s Result Confirms a Structural Shift

The data centre buildout underway in Australia is not just hype. Amazon has committed A$20 billion to Australian data centres by 2029, the largest technology investment in the country’s history, and Microsoft has pledged A$5 billion. Industry estimates suggest Australia needs roughly A$26 billion in new investment this decade.

What makes Goodman’s result significant is not just the profit figure but what it reveals about the supply side. CEO Greg Goodman noted that power, sites, and capital are the three ingredients needed to deliver projects and that demand for digital infrastructure is expected to “materially exceed supply” for years to come. Goodman has established a A$14 billion data centre partnership in Europe and is progressing a similar vehicle in Australia, signalling that institutional capital is flowing into the sector at scale.

This is a powerful backdrop for smaller companies that have secured power connections and customer contracts in a market where both are becoming harder to get.

3 ASX Small Caps Riding the Data Centre Boom

Macquarie Technology Group (ASX: MAQ) stands out because of something money cannot easily buy: trust. With a market cap of around A$1.7 billion, Macquarie operates government-certified data centres serving 42% of Australian Federal Government agencies. Its new 47 MW facility in Sydney is on track for September 2026, while a 150 MW campus provides a development runway of 7 to 10 years. We believe this sovereign security moat becomes increasingly valuable as data regulations tighten.

DigiCo Infrastructure REIT (ASX: DGT) offers pure-play data centre landlord exposure across 13 facilities in Australia and North America. Listed at A$5.00 in December 2024, shares have fallen to around A$2.28, which looks overdone in our view. The company recently appointed Michael Juniper as CEO, a former deputy CEO at AirTrunk who helped build that business before its A$24 billion sale to Blackstone. With long-term hyperscaler leases and a 6.0 cent half-year distribution, DigiCo gives income-focused investors a way into the theme at a steep discount.

Megaport (ASX: MP1) takes a different approach. Rather than owning data centres, Megaport connects over 1,000 of them across 26 countries through its networking platform. Every new facility needs connectivity, making Megaport an indirect beneficiary. This is a higher-risk pick given ongoing losses, but it offers unique exposure to the buildout without betting on a single operator.

The Investor’s Takeaway

Goodman’s pipeline validates the data centre theme, but at 36 times earnings, much of the upside is already in the price. Macquarie Technology, DigiCo, and Megaport each offer different entry points into the same trend. The key risk is a slowdown in hyperscaler spending, with Microsoft already pulling back on some global plans. For investors looking to enter, focus on companies with secured power and contracted customers, as these provide the clearest path to revenue.