Brandon How
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Reporter at www.capitalbrief.com/ @CapitalBrief in Sydney. Email: brandon.how@capitalbrief.com
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Articles by Brandon How
The Queensland farm unlocking Anthropic’s first data centre
Wambo Cattle Company has been pushing for years to realise the full capacity of its feedlot. In the end, it's giving it up for Zerra DC. Anthropic has signed on as an anchor tenant at Zerra DC’s proposed Western Downs Digital Park data centre campus. Reuters/Dado Ruvic. Anthropic’s first new data centre development, proposed at a gateway to the outback in regional Queensland, partly owes its existence to a two-decade battle between companies from some of Australia’s oldest industries.
SMEs could unlock $93b in economic gains by adopting AI: Tech Council
Make us a preferred source Make us a preferred source on Google 12:01am on 22 October 2026 The news: Australian small and medium-sized businesses could generate an additional $93 billion in economic value if AI is adopted more widely, according to new research published by the Tech Council of Australia. The numbers: The report is based on the estimate that the average SME going from no AI use to adopting it “broadly across operations” would deliver productivity gains worth $136,000.
Equinix opens liquid cooling test site at Sydney data centre
Make us a preferred source Make us a preferred source on Google 12:01am on 22 October 2026 The news: Equinix has launched an Enhanced Performance Innovation Center in Australia, a facility that enables prospective customers to test whether their AI infrastructure and chips are suited to the company’s liquid cooling environment. The context: The facility is currently available in Sydney, Frankfurt, London, Osaka and Paris. Other locations are expected to open in 2027.
Current affairs
NextDC’s Melbourne electricity woes have sent its shares tumbling, in a stark demonstration of the growing financial risks of community opposition to Australia’s data centre boom. NextDC chief Craig Scroggie. AAP Image/James Ross. Already a subscriber? Sign in Choose plan (Required) Let me know about Capital Brief updates and subscription offers. or pay with credit card The jobs marketplace is hoping to reel in $700m by selling non-core parts of its investment portfolio.
💪 Lean machines
Australian founders are building global businesses with smaller teams and less capital, as AI reshapes the economics of startups. Renee Zhang and Jason Zhou with Airtree partner Jackie Vullinghs discussing how AI coding is transforming product/design/growth/ops. Airtree. Already a subscriber? Sign in Choose plan (Required) Let me know about Capital Brief updates and subscription offers.
Seek Growth Fund targets $840m in liquidity
Seek expects to spend $17 million in management fees to the fund manager. The $5 million per annum fee relating to management of Seek-owned assets is no longer applicable as this role has moved back to Seek.
IREN, AirTrunk tout track record as market sifts 'winners and losers' post-Firmus shock
Two of Australia's established data centre companies insist there is still strong support for proven players in their industries in the wake of Firmus' pulled IPO. IREN’s Tribeni Lodh, AirTrunk’s Hugh Baggie and Citi’s head of real estate Ben Connolly Supplied.
PolyNovo CFO Jan Gielen to join Vitrafy Life Sciences
Make us a preferred source Make us a preferred source on Google 9:50am on 20 October 2026 The news: PolyNovo chief financial officer Jan Gielen will step down to join Vitrafy Life Sciences after eight years with the company. Gielen will stay on until 15 January 2027, with an external firm engaged to look for an interim chief financial officer. The context: During his time at the company, PolyNovo’s annual revenue grew from $13.7 million in FY19 to $150 million in FY26.
BHP copper production slides 19% in first quarter
Steelmaking coal production came in at 4.9 million tonnes, up 1% compared to the previous corresponding period and energy coal production came in at 4.4 million tonnes, up 26% compared to the previous corresponding period. The context: BHP also announced that the mineral resource base at its Olympic Dam site in South Australia is planned for growth of 500 kilotonnes per annum by 2035 to up to 650 kilotonnes per annum by 2040.
GreenSquare DC brings 15MW online at Sydney data centre leased by Sharon AI
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GreenSquare DC brings 15MW online at Sydney data centre leased by Sharon AI
Briefing Facility Upgrade Make us a preferred source Make us a preferred source on Google 10:32am on 19 October 2026 The news: GreenSquare DC has brought 15MW of capacity online at the first stage of its SYD1 data centre in Western Sydney, which has been fully leased to Nasdaq-listed neocloud Sharon AI. The context: The site was formerly a data centre run by IBM and its spin-off, IT infrastructure services provider Kyndryl, first opened in 1995.
NextDC enters trading halt as Melbourne M3 data centre faces power delays
Make us a preferred source Make us a preferred source on Google 10:12am on 19 October 2026 The news: NextDC has entered a trading halt ahead of a material announcement on the delay of power at its M3 data centre in Melbourne, potentially impacting the company’s FY27 financial guidance. The context: The company’s board has not met “to consider the M3 power delay and its implications”, according to an announcement to the exchange.
Cleanaway agrees to $9.3b takeover by EQT
The context: EQT first made the offer in mid-August and was granted exclusive due diligence. The deal is subject to Australian Competition and Consumer Commission as well as Foreign Investment Review Board approval. Approval is also required by the competition authorities of Kuwait and Saudi Arabia as well as an independent expert declaring the scheme is in the best interests of Cleanaway shareholders and that they vote in favour of the scheme.
New Hope, Malabar enter $6.3b merger
Make us a preferred source Make us a preferred source on Google 9:17am on 19 October 2026 The news: Coal miners New Hope Corporation and Malabar Resources have entered a binding scheme of implementation to merge at a pro forma market capitalisation of about $6.3 billion. The numbers: The merged company will have a pathway to about 19 million tonnes per annum of saleable production, according to New Hope.
Data centres face a rising price for social licence
Anthropic is the latest to pledge community grants as data centre developers grapple with the cost of securing local support. Graphic of IREN’s proposed data centre development in Wagga Wagga. LinkedIn/IREN. Anthropic’s pledge to spend tens of millions of dollars in local communities that host its data centres was the third such announcement this week from a sector finding it increasingly expensive to be a good neighbour.
Opportunity knocks
Australia’s AI opportunity looks enormous, but so does the risk of a backlash. The Albanese government appears increasingly willing to bet on the boom. The Joint Select Committee on Artificial Intelligence, at Parliament House in Canberra on Friday. AAP Image/Hilary Wardhaugh. Already a subscriber? Sign in Choose plan (Required) Let me know about Capital Brief updates and subscription offers. or pay with credit card
Anthropic pledges billions to communities hosting its data centres
Briefing Frontier Investment Make us a preferred source Make us a preferred source on Google 9:27am on 16 October 2026 The news: Anthropic will invest “tens of millions of dollars” in community benefits agreements for each of its data centres across the world, for a total in the billions, alongside several other commitments intended to deliver public benefit.
Warburg Pincus says Ingenia takeover bid is ‘best and final’ after initial due diligence
Make us a preferred source Make us a preferred source on Google 11:20am on 15 October 2026 The news: US private equity firm Warburg Pincus has reaffirmed its $5.25-per-share offer to acquire Ingenia Communities Group following a period of non-exclusive due diligence, and declared the bid best and final.
AMP shares fall as mortgage book drops $400m over Q3
However, for superannuation and investments, excluding pension payments, net cash outflows were $138 million in the third quarter. This was narrower than the $241 million worth of outflows in the previous corresponding period. Total assets under management across the Australia and New Zealand wealth business were $168 billion.
Neara acquires electrical network modelling software business Zepben
Both companies are Australian, with Neara currently servicing global customers including in California and Ireland. What they said: “Neara established the global benchmark for physics modelling and engineering-grade analysis,” Neara chief strategy officer Karamvir Singh said.
IREN will
While Firmus’ botched IPO attempt has captured attention over the past week, another Australian-founded bitcoin miner turned AI infrastructure player has just leapfrogged the ambitions of Oliver Curtis’ company. IREN on Wednesday confirmed plans for a data centre facility costing more than $10 billion at Wagga Wagga in regional New South Wales.
IREN to spend more than $10b on Wagga Wagga data centre
The news: Nasdaq-listed neocloud IREN has announced plans for a 900 megawatt data centre in Wagga Wagga, its second proposed development in Australia. It is also the second large-scale facility proposed for the area following CDC Data Centres’ announcement last month.
⚡️ Power sharing
A new investment model could help Australian AI startups secure compute without draining their cash. The price? A stake in the business. Australian AI startups could stretch their cash further by swapping equity for computing power. Shutterstock/Adam Smigielski. Already a subscriber? Sign in Choose plan (Required) Let me know about Capital Brief updates and subscription offers. or pay with credit card Ideas AI can help lawyers work faster and make justice more accessible.
Stockland’s Sydney data centre is now in the crosshairs of the anti-AI movement
Community angst forced a data centre in Sydney’s north to be scrapped. Now on the other side of the city, another project is facing a different type of opposition. The launch of the Stop the Cooks River AI Project campaign drew interest from a broad range of left-wing groups. Capital Brief/Brandon How.
The deep tensions at the heart of the $175b data centre boom
“CDC is very much about critical infrastructure, very significant resilience ... 100% availability, and that comes with a certain degree of assurance, a certain degree of rigour and a certain degree of process, which probably was — or could have been construed — as being a little bit too heavy for a more commercial type development.” The split, which blindsided the market right in the middle of Firmus’ IPO bookbuild, was one of the many factors behind the spectacular collapse of that transaction.
Maas Group enters trading pause after Firmus pulls IPO
Make us a preferred source Make us a preferred source on Google 10:31am on 9 October 2026 The news: Construction company Maas Group has entered a trading pause after Firmus, which the company holds a 3.2% stake in, withdrew its application to list on the ASX. The stock last closed 28.2% lower at $4.96 per share as media reports tracked the fate of the IPO.
Diraq unlocks up to $430m in funding by reaching to final stage of US defence program
Make us a preferred source Make us a preferred source on Google 8:30am on 8 October 2026 The news: UNSW spinout Diraq has secured up to USD300 million ($430 million) in US government funding by advancing to the final stage of a defence program testing whether a utility scale quantum computer can be built by 2033.
Australia’s ‘AI darling’ Heidi Health set to strike compute-for-equity deal
Believed to be the first of its kind in Australia, the deal with Innovation Victoria and Reset Data is part of a program designed by chip giant Nvidia. Heidi Health founders Yu Liu, Thomas Kelly and Waleed Mussa. Supplied. As businesses of all kinds grapple with soaring AI spending, one of Australia’s billion dollar tech companies is on the brink of securing an innovative deal to contain its compute costs.
Home advantage
The biggest American companies — Anthropic, OpenAI and Google — dominated the first two days of this week’s parliamentary hearing into AI in Sydney, as expected. But while they fielded questions on everything from extinction threats to cybersecurity risks and copyright reform, local companies delivered a markedly different warning.
AirTrunk secures $1.4b loan to deploy liquid cooling at Tokyo data centre
Briefing Infrastructure Funding Make us a preferred source Make us a preferred source on Google 2:09pm on 7 October 2026 The news: Blackstone-owned data centre builder AirTrunk has secured a USD1 billion ($1.43 billion) green loan to deploy liquid cooling technology at its TOK1 data centre in Tokyo, Japan. The numbers: The latest green loan follows a USD1.24 billion green loan earlier in the year for the development of TOK1.
☢️ Firmus fallout
Firmus is becoming something of a Rorschach test for Australian venture capital. To the private capital investors backing the AI infrastructure developer’s extraordinary rise, Firmus looks like the opportunity of the cycle: enormous customer contracts, Nvidia at the centre of the ecosystem, billions in available debt and seemingly insatiable demand for compute. To a surprising number of Australian venture capitalists, however, it looks like “vapourware”.
CDC Data Centres loses $78m in value in September quarter
Make us a preferred source Make us a preferred source on Google 9:48am on 7 October 2026 The news: An independent valuation of Infratil and Future Fund owned CDC Data Centres has lowered its value by $78 million in the three months to 30 September 2026 amid higher interest costs.
Not in 66 million years: OpenAI’s half-baked mea culpa
Apologetic executives flown in from the US were as transparent as they could be. But the team back in San Francisco are still trawling through petabytes of logs. OpenAI chief strategy officer Jason Kwon greeted by Australian media on his way into the NSW Parliament building. Capital Brief/Brandon How.
OpenAI’s Jason Kwon promises faster notification of unauthorised access
Kwon’s statement largely reiterates points made in an OpenAI blog post and promises that “when we identify additional incidents, as we did recently with the New South Wales National Parks and Wildlife Service, we will notify affected parties promptly and directly, and provide updates as further facts emerge”. Fire history records not intended to be public were accessed by OpenAI agents in June, but the company only became aware of this incident on 29 September.
DroneShield hires Regal’s company secretary Candice Driver
Make us a preferred source Make us a preferred source on Google 9:54am on 6 October 2026 The news: DroneShield has poached Regal Partners’ company secretary Candice Driver amid a push to improve governance and transparency. The context: Driver resigned from Regal on Friday and was replaced at the investment manager by Alexandra Rose, who joined from Steadfast Group. Driver had been company secretary for Regal since February 2023.
New Greens leader’s AI agenda finds support from tech sector
Tech industry figures and digital rights advocates have praised David Shoebridge’s measured and informed approach to AI policymaking. David Shoebridge was named Greens leader on 30 September. AAP Image/George Chan. With the ascension of Greens Senator David Shoebridge to the leadership of the party, local tech and digital rights groups are confident he will help improve Australia’s political attitudes towards both the risks and opportunities of AI.
Federal government commits $12m to fund quantum projects
Make us a preferred source Make us a preferred source on Google 10:00pm on 1 October 2026 The news: The federal government has awarded $12.3 million in grants to six quantum technology companies to lead new research and development projects, with Silicon Quantum Computing receiving the largest commitment.
Electric feel
Ampol’s bet on Evie Networks continues the fuel retailer’s transformation under Matt Halliday and comes just as EV adoption rates in Australia hit a tipping point. The merger of Ampol’s AmpCharge and Evie Networks will make the fuel supplier the single biggest public fast EV charger owner by volume. Supplied. Already a subscriber? Sign in Choose plan (Required) Let me know about Capital Brief updates and subscription offers.
Data centre boom could create hidden risks to financial stability: RBA
The growing use of off-balance sheet financing though special purpose vehicles, particularly for data centre build, is increasingly common and “could create hidden exposures and opaque interlinkages”. “These arrangements predominately reside outside of hyperscalers’ balance sheets at present, however their financial obligations to these projects are becoming significant, with estimates ranging from USD1 [$1.44 trillion] to 1.5 trillion,” the report reads.
Iain Ross to lead AI Royal Commission alongside Kate Pounder, Chris Manning
Commission chair Iain Ross is currently also chair of the federal Net Zero Economy Authority and was formerly president of the Fair Work Commission, a Federal Court Judge, a Victorian Supreme Court Judge and assistant secretary of the Australian Council of Trade Unions.
Ampol to acquire Evie Networks for $225m
The deal is still subject to clearance from the ACCC watchdog. What they said: “Evie Networks is a highly complementary business that significantly expands the scale, reach and capability of our charging offer to support consumer and fleet customer choice of charging providers and location,” Ampol CEO and managing director Matt Halliday said.
APA Group completes majority stake acquisition in CS Energy’s $1.3b Brigalow gas plant project
The plant will deliver power equivalent to supporting more than 150,000 homes through fast-start dispatchable energy generation. APA is also delivering a new gas lateral and storage pipeline that will connect its Roma to Brisbane pipeline under separate agreement with CS energy. The Brigalow project is targeted for completion in early 2029 with early works already complete. GE Vernova is delivering the gas turbines and contractor Monadelphous is working on delivering main construction works.
ūü•® Policy pretzel
Startups were collateral damage of the changes. Founders, employees and early investors often acquire equity with a tiny or zero cost base, so indexation would offer them little protection. Round two arrived on 18 June, when the government proposed the Innovative Business CGT Concession (IBCC), preserving the 50% discount for qualifying startup investments.
DroneShield secures indefinite US contract worth up to $716m
Make us a preferred source Make us a preferred source on Google 10:16am on 30 September 2026 The news: DroneShield has been awarded a three-year indefinite quantity contract with the US government under the Joint Interagency Task Force 401 Domestic Shield program, although there is no guarantee that orders will be made.
Persons of interest
Hiking interest rates to a 15-year high was never likely to be Michele Bullock’s most popular decision. Even before she announced the highly anticipated 25-basis-point increase to 4.60%, the headlines were excoriating. News Corp warned that a “dire” mortgage reality was setting in, with the “wrong people” being punished. Nine newspapers warned the increase would leave Australia with the highest policy rate in the developed world, bar one.
Goodman Group’s Lane Cove surrender could be just the start of a data centre slowdown
The $53 billion property group and the data centre lobby both cited the emerging regulatory environment as blockers to investment. Goodman Group has withdrawn plans for a $1.2 billion data centre in Sydney’s Lane Cove after fierce opposition from residents and senators. Capital Brief/Brandon How.
OpenAI apologises for unauthorised access to Australian government data, outlines remediation measures
The frontier AI lab will also establish a “taskforce with independent Australian expertise to develop practical policy recommendations for managing risks from increasingly capable AI agents”. It is expected to complete its work by the end of the year. It also outlined that it has already introduced “strengthened research safeguards, including additional network restrictions and expanded monitoring” following the Hugging Face incident.
Megaport shares surge 14% after landing $1b in AI infrastructure contracts
The company has increased its FY27 group revenue guidance to between $720 million and $810 million, up from between $620 million and $730 million. EBITDA margin increased to between 42% and 44%, from a previous 38% and 40%. Capital investment guidance has also increased to between $1.78 billion and $1.88 billion, up from $1.28 billion and $1.38 billion.
Goodman Group abandons plans for Lane Cove data centre
Make us a preferred source Make us a preferred source on Google 8:14pm on 28 September 2026 The news: Goodman Group has withdrawn its development application for a controversial $1.2 billion data centre in Sydney’s Lane Cove. In a letter to the NSW planning authority on Monday, the property firm said it would not progress Project Mars, a 90-megawatt facility bordering a residential area.
Supper intelligence
A reported private dinner with Trump has given Anthropic CEO Dario Amodei a chance to repair fractured ties. Australian politicians have a longer list of questions. Anthropic CEO Dario Amodei. Reuters/Priyanshu Singh. Already a subscriber? Sign in Choose plan (Required) Let me know about Capital Brief updates and subscription offers.
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