Australian data center operators raised at least AU$35 billion in 2026 to date, equivalent to 16% of the funding raised by Australian non-financial corporates, and up from AU$24 billion in 2025, according to a Wednesday note by Reserve Bank of Australia (RBA) analyst Bradley Speed.

The estimates cover only syndicated lending, bond issuance, and equity issuance, as well as some private deals. Data centers have received 17% of the new syndicated lending, surging from only 6% in 2025.

Data center operators in Australia are mostly funded using debt, representing 85% of new funding raised so far in 2026. Syndicated lending represents AU$25 billion of the funding so far this year, while corporate bonds account for AU$5 billion. An additional AU$13 billion of syndicated deals have been announced but are yet to be completed.

Among the firms included in the analysis, only Nextdc (ASX:NXT) conducted a share issuance in 2026 to date.

There is little evidence that growth in the domestic sector has materially affected financing conditions for other borrowers, the note said. Even as funding requirements are likely to increase further as the sector expands, data center financing remains small relative to Australian capital markets.

Nextdc's shares were up nearly 2% in recent Wednesday trade. Infratil's (ASX:IFT, NZE:IFT) Australian and New Zealand shares each added 2%. Macquarie Technology Group's (ASX:MAQ) shares jumped 4%.