Infratil jumps to NZX’s third‑largest stock after CDC 555 MW deal

Infratil’s share price rocketed more than 13% after CDC Data Centres secured a 555‑megawatt contract with a U.S. customer, pushing the company’s market capitalisation to about $14.5 billion and briefly making it the third‑largest stock on the New Zealand exchange [4].

Key takeaways

• Infratil’s stake in CDC is 49.72%, giving it exposure to the new 555 MW data‑centre contract [2]
• The contract represents roughly 40 % of Australia’s operating data‑centre capacity in 2025 [3]
• Infratil’s market capitalisation rose to $14.54 bn, overtaking Auckland International Airport as the NZX’s third‑biggest listed company [2]
• CDC expects EBITDA‑F to exceed A$1 bn in FY28 and about A$2 bn when fully deployed [4]
• Share price gains added roughly $1.7 bn to Infratil’s market value [3]

CDC’s 555 MW contract lifts Infratil’s valuation

On 5 May 2026 CDC Data Centres announced a 30‑year deal for a 555 MW data centre, the largest contract in Australian history. The contract, signed with an unnamed high‑grade U.S. customer, includes renewal options that could extend the agreement to 30 years [4]. CDC’s total contracted capacity is set to exceed 1 GW by FY29, effectively doubling its FY26 levels [4]. The deal is expected to generate more than A$1 bn in underlying profit for CDC by FY28, with annualised underlying profit projected at about A$2 bn once the full capacity is operational [3].

Infratil, which holds a 49.72 % stake in CDC, saw its share price surge 13.23 % to $14.55 on 6 May and climb another 4.1 % the following day, adding roughly $1.7 bn to its market capitalisation [4]. The boost lifted Infratil’s market value to $14.54 bn, moving it ahead of Auckland International Airport and making it the third‑largest stock on the NZX [2].

Market reaction and broader context

The market’s response was swift, with Infratil’s rise lifting the broader New Zealand share market. Other notable movers included Fisher & Paykel Healthcare, Meridian Energy, and a range of tech‑related stocks, reflecting heightened investor interest in data‑centre and AI‑linked assets [2]. Analysts highlighted that the CDC deal “derisks its growth path” and aligns Infratil with peers that have already capitalised on overseas data‑centre expansion [2]. Moody’s assigned CDC a Baa2 stable outlook rating, underscoring the credit quality of the underlying contracts [4].

Why it matters

The CDC contract ties Infratil’s fortunes to the rapid expansion of data‑centre capacity, a sector increasingly described as the “factory” for artificial‑intelligence workloads. By securing a long‑term, investment‑grade contract, Infratil gains exposure to a high‑margin, low‑volatility revenue stream, distinguishing it from speculative AI‑related equities. The added market capitalisation and elevated ranking on the NZX may attract further institutional interest, while the forthcoming operational phases in FY28‑29 will test CDC’s ability to deliver the promised EBITDA‑F targets. Continued capital investment, including the A$500 m equity contribution made in February, suggests the growth trajectory will rely on disciplined funding rather than additional shareholder capital [3].