Beyond NEXTDC: The Lesser-Known ASX Stocks Riding Australia’s Data Centre Boom

The Supply Chain Behind the Data Centre Headlines

When investors think of Australia’s AI infrastructure boom, the conversation typically centres on NEXTDC and Goodman Group. But beneath these headline names lies a broader ecosystem of ASX-listed companies providing the electrical infrastructure, connectivity, and specialised services that make large-scale data centre development possible. These are the picks and shovels of the AI gold rush.

Megaport: The Connectivity Backbone

Megaport (ASX: MP1) has been one of the standout performers of 2026, with its share price up over 75 per cent for the year as investors responded to a series of major AI infrastructure contract wins. The company operates a global software-defined network that allows enterprises to connect to cloud providers, data centres, and AI compute platforms on demand.

Megaport’s strategic positioning is unique. It does not own data centres or GPUs; instead, it provides the interconnection fabric that ties them together. Through its Latitude.sh compute subsidiary, Megaport has secured AI infrastructure contracts with sizeable customer prepayments attached. As AI workloads become more distributed — spanning multiple data centres, cloud regions, and edge locations — the value of Megaport’s connectivity layer increases.

Maas Group: The Indirect Play on Firmus

Maas Group Holdings (ASX: MGH) offers one of the most interesting indirect exposures to the AI infrastructure theme. The company made a strategic investment in Firmus Grid Limited, securing significant electrical infrastructure work supporting the development of AI and data infrastructure in Australia through its JLE Group subsidiary.

Firmus is one of the eight NVIDIA partners building AI factories in Australia, and its Project Southgate initiative is expanding NVIDIA-powered capacity. While Firmus itself is not yet publicly listed, Maas Group provides a listed vehicle for investors seeking exposure to the electrical infrastructure layer of the build-out. This is a classic “picks and shovels” play — Maas Group profits from the construction and electrical work regardless of which AI company ultimately succeeds.

Macquarie Technology Group: The Integrated Operator

Macquarie Technology Group (ASX: MAQ) operates a portfolio of data centres and cloud services, with its Super West Data Centre drawing investor attention in late 2026. Unlike pure-play data centre REITs, Macquarie Technology combines colocation, cloud, and telecommunications services, giving it multiple revenue streams from the AI infrastructure theme.

The company’s integrated model positions it to capture value across the stack — from physical colocation to managed cloud services to network connectivity. This diversification may appeal to investors seeking exposure to the data centre theme with less concentration risk than a pure-play operator.

The Broader Opportunity Set

Beyond these names, the AI infrastructure supply chain extends to construction companies, cooling specialists, and power equipment providers. Dicker Data (ASX: DDR) , a technology distributor, has been highlighted as an overlooked beneficiary of AI infrastructure spending. As data centre operators procure servers, networking equipment, and storage, distributors capture a share of that spending.

The scale of the opportunity is substantial. PwC forecasts annual Australian data centre capital expenditure will rise from US$16.5 billion in 2026** to **US$41.6 billion by 2050. A significant portion of that spending will flow to the supply chain — electrical contractors, cooling specialists, construction firms, and equipment distributors. For investors willing to look beyond the headline names, these lesser-known ASX stocks may offer compelling risk-adjusted exposure to Australia’s AI infrastructure supercycle.