The numbers are staggering.
Amazon Web Services will invest $20 billion in Australian data centres by 2029.
Microsoft went further, committing $25 billion to Australian AI and cloud infrastructure.
This is the largest single corporate technology investment in the Australia's history.
Yet three ASX-listed companies sitting directly in the path of that investment remain surprisingly under-owned by retail investors.
Image source: Getty Images
Goodman Group (ASX: GMG)
The data centre story starts with land, power, and location.
Goodman Group controls all three.
The industrial property giant has transformed itself from a logistics warehouse owner into one of the most important data centre developer in the Asia-Pacific region.
Data centres now make up 73% of Goodman's development pipeline.
This is on track to reach $18 billion by June 2026, up from $14.5 billion at 31 March.
The company has assembled a power bank of 6.4 gigawatts across its global network, a resource that has become extraordinarily difficult to replicate as power access emerges as the key constraint on data centre expansion worldwide.
Morgans this week retained its buy rating on Goodman with a $36 price target, highlighting that its work in progress is expected to be ahead of consensus forecasts at the end of June.
Crucially, Morgans noted that management believes industry data centre capital expenditure requirements likely exceed global capital market funding capacity.
This view points to a sustained period of pricing power for those who already hold secured power, sites, and locked-in capital partners.
Goodman is positioned beautifully here.
NextDC Ltd (ASX: NXT)
If Goodman builds the shells, NextDC Ltd operates what goes inside them.
The company is Australia's largest independent data centre operator, providing colocation, cloud connectivity, and managed services to enterprises, cloud providers, and government agencies across 14 facilities nationally.
In the first half of FY2026, NextDC reported net revenue growth of 13% to $189.2 million, with contracted utilisation surging 137% to 416.6MW and a forward order book of 296.8MW expected to convert into revenue through to FY2029.
Management guides billing utilisation to grow 2.7 times by FY2027 and 3.4 times by FY2028, underpinned by its existing forward order book of contracted but not yet billed capacity.
NextDC has raised its FY2026 capital expenditure guidance to between $2.7 billion and $3.0 billion, up from $2.4 billion previously.
Contracted utilisation surged 60% to 667MW in the March 2026 quarter alone, driven by massive wins at its S4 Sydney development
A compounded annual growth rate in operating earnings of more than 40% is expected between FY2025 and FY2028 as that contracted capacity converts to revenue.
Dicker Data Ltd (ASX: DDR)
The third name in this list is the least obvious but arguably the most interesting from a valuation standpoint.
Dicker Data is Australia's largest technology distributor, connecting more than 10,000 reseller partners with leading technology vendors across hardware, software, cybersecurity, and AI infrastructure.
Every data centre that gets built creates demand for the racks, servers, networking equipment, and software licences that Dicker Data distributes.
For the first four months of FY2026, Dicker Data reported gross revenue growth of 13.4% to $1.27 billion and a 45.5% jump in net profit before tax to $47.3 million.
This was driven by elevated data centre refresh and AI infrastructure demand.
Despite that momentum, Dicker Data trades on approximately 20 times earnings.
This is a steep discount to the global technology distribution peer average of 41 times.
As a result, the company pays a fully franked quarterly dividend yielding approximately 4.7%.
Jarden carries a buy rating with an $11.00 price target, implying good upside from current levels.
The risks
None of these three ASX shares are risk-free.
Goodman and NextDC both carry significant capital expenditure commitments and are sensitive to interest rate movements given their asset-heavy models.
Dicker Data operates on thin margins and is exposed to any slowdown in enterprise technology spending.
All three have already run hard in recent years, which limits the margin of safety at current prices.
Foolish takeaway
The data centre boom is happening right now, with $25 billion of committed investment flowing into Australian digital infrastructure over the next five years.
Goodman owns the land and the power, NextDC operates the facilities, and Dicker Data distributes the technology that fills them. For investors who believe AI-driven data centre investment will keep accelerating, all three of these ASX shares deserve serious attention.
