NEXTDC S4 Sydney: Construction, Power and the Next Phase

Project stage Under construction

Published and evidence reviewed October 31, 2026 · Construction and proposed expansion

365 MW campus IT target; 250 MW in progress and 115 MW planning per NEXTDC FY26. Not operating IT load.

NEXTDC research · FJI evidence · Compare · Track milestones · Map

Investment takeaway

NEXTDC’s S4 campus is a test of delivery sequencing. The company is building capacity at Horsley Park while pursuing a further phase through planning. Investors need to distinguish the campus IT target from the power permitted for particular developments—and both from capacity accepted by customers.

What is being built

NEXTDC’s FY26 results identify 250 MW at S4 in progress and a further 115 MW in planning. Its current facility page labels the full 365 MW as IT capacity. Multiplex reported groundbreaking on March 17, 2026. These disclosures support construction activity; they do not establish commissioned IT load.

One campus, different planning scopes

The signed December 24, 2025 consent for SSD-63741210 names NEXTDC Limited and covers 294 MW of power consumption, substations and associated transmission works. Its site includes Lot 305 at 16 Johnston Crescent. August and September modifications address design and acoustic matters. The government portal’s older summary differs from the signed instrument; this profile uses the instrument for its permitted-power description.

The next phase is still proposed

The separate Phase 2 application, SSD-108864209, is on exhibition from October 13 to November 10, 2026. It proposes two data-centre buildings with maximum power consumption of 134.4 MW. That is a facility-power proposal, not an additional amount of operating IT capacity. We do not add it to the 365 MW IT target or treat exhibition as approval.

Water approval is a delivery milestone

IPART’s Rosehill decision statement takes effect October 6, 2026. It permits the water-network activity subject to conditions, including construction management plans, further applicable authorisations and compliance oversight. coNEXA describes remaining permits and a construction programme of roughly 17–18 months. Those statements do not establish that recycled supply is commissioned or available to every S4 hall. The date water reaches the relevant halls remains a checkpoint.

Capital and company exposure

NEXTDC (ASX:NXT) is the developer/operator and consent applicant. Multiplex reports the construction role; Rosehill Network/coNEXA is associated with the recycled-water network. A documented role does not establish a supplier’s attributable revenue or margin. NEXTDC’s FY26 report provides group financial context, not an allocation of S4 revenue or paid capital expenditure. Its discussion of asset-level financing and partnerships is not evidence that a specific S4 transaction has closed.

What would change the assessment

A Phase 2 determination would establish the next planning outcome. Electrical energization, commissioned cooling supply and customer acceptance would establish different parts of delivery. Site billing and actual capital outlays would then make the financial analysis more concrete. Until that evidence is available, operating IT load, utilization, project earnings and returns remain unavailable.

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Sources and claim boundaries

Government records, company filings, contractor statements and original trade reporting establish different facts. Multiple documents from one issuer are not independent confirmations. Source dates are not delivery dates.

1. NEXTDC S4 facility page

   Facility overview: 365 MW IT capacity, 124,000 square metres technical space, in development.

   Live page, facility specifications · Marketing design envelope; not operating or accepted load.

2. NSW DPHI SSD-63741210 assessment

   Lot 305/DP1275011 and associated connection works; assessed two-building development, 294 MW total power, two 330 kV lines.

   Printed pp 2,8-10 · Earlier facility-power assessment differs in scope from the current campus IT target. The signed consent and separate Phase 2 application are listed below.

3. NEXTDC FY26 results announcement

   At June 30 S4 had 250 MW in progress and 115 MW in planning. Management reports Transgrid policy exemption. Group net revenue A$405 million and capex A$3.397 billion.

   pp 1-3 · Issuer claims; group finances are not S4 spending/revenue. Exemption is not energization evidence.

4. NEXTDC FY26 results presentation

   First slab reported; asset-level finance and capital partnership processes described as prospective.

   slides 6,14,29,32 · Not a closed project financing or independent construction acceptance.

5. NEXTDC FY26 Annual Report & Appendix 4E

   Consolidated entity disclosure lists S4 Holdings and MidCo and S4 trusts at 100% ownership.

   printed p 154, consolidated entity disclosure · Does not alone identify parcel title, borrower/security package or completed JV.

6. IPART Rosehill approval media release

   Variation permits approximately 15.7 km of recycled-water pipe and associated pumping/storage for S4, subject to conditions.

   body paragraphs 1-6 · Approval is not built or commissioned supply; same regulatory action as decision statement, not independent corroboration.

7. IPART decision statement landing page

   Regulator describes conditional approval, environmental management requirements and supporting review.

   landing-page description · This page summarizes the conditional approval; the complete decision statement is listed below.

8. coNEXA AquaNet expansion

   Additional permits remain; major works expected November; FAQ says 17 months and another section 18 months. Names western and eastern construction packages.

   FAQ and construction packages · Undated live page. Timelines need reconciliation with late 2027 first-water reporting; contractors are water-network roles only.

9. DCD: NextDC secures 250 MW deals and equity raise

   Reports capital raising and earlier S4 groundbreaking, using then-current 350 MW scope.

   article body · Original trade reporting, but contracting/finance numbers remain attributed company disclosures. Older 350 MW must not replace latest 365 MW target.

10. NSW DPHI: signed SSD-63741210 consent

    Signed consent covers 294 MW facility power consumption, Lot 305 and associated transmission works.

    Schedule 1, PDFp 1 · Conditional consent; neither operating IT load nor approval of the entire current IT target.

11. NSW Planning Portal: S4 Phase 2 SSD-108864209

    Phase 2 remains on exhibition October 13–November 10, 2026; proposal states 134.4 MW maximum power consumption.

    Current status, description and exhibition dates · A proposed facility-power figure, not approved or delivered IT capacity.

12. NSW Planning Portal: SSD-63741210-Mod-1

    Approved modifications concern pump/fire buildings, tanks, acoustic walls, fuel and landscaping.

    Determination and description · No inference of current delivered IT load or broad capacity upgrade.

13. NSW Planning Portal: SSD-63741210-Mod-2

    Approved changes concern transformer and HVSB noise walls.

    Determination and description · Not customer acceptance or an IT-capacity certification.

14. IPART: Rosehill decision statement 26_055DS

    Decision takes effect October 6; requires approved construction management plans, residual authorisations, compliance reporting and independent audits.

    PDFpp 2,5–7; conditions 2,5–7 · Filename September 30 is not the effective date; approval does not establish commissioned water.

15. Multiplex: S4 groundbreaking

    Contractor reports groundbreaking and its construction role, using the then-current 350 MW description.

    News release body · Participant corroboration, not independent inspection. Historical 350 MW not substituted for latest 365 MW IT target.

16. JKE: Surface Water and Groundwater Assessment

    Site table identifies Lot 305 at 16 Johnston Crescent and approximate coordinates -33.828417,150.829011.

    Site information table, section 2.3 · Consultant location evidence only; representative phase 1 marker, not a campus boundary or phase 2 centroid.

AI-assisted public-source research by Fjord Journal. No site visit or independent metering. This is scoped research, not whole-project certification. Planned and permitted power remain excluded from operating-IT aggregates.