Megaport is going big on AI infrastructure.

The ASX-listed technology company has launched one of Australia’s biggest equity raises of 2026 — a fully underwritten $827m entitlement offer, priced at $14.30 per share. The proceeds will fund four new AI infrastructure contracts and build a pool of Nvidia GPUs to be rented out to customers processing AI queries.

Gilbert + Tobin acted as lead legal counsel across all aspects of the transaction.

Megaport has built a virtual network connecting more than 1,100 data centres worldwide. The GPU pool will sit across that network, giving technology giants access to AI chips for inference — letting AI models answer queries and act on prompts, rather than training them.

Proceeds are split across $370m in capex tied to the four new US-based AI customer contracts, collectively worth $458.9m, a further $350m on the GPU pool, with up to $90m held as balance sheet cash. Those contracts are expected to deliver around $200m in annualised revenue from mid-2027.

At $827m, it’s the second biggest follow-on equity sale by an Australian company this year, behind NextDC’s $1.1bn raise in April. The raise lands as Australia cements itself as a global data centre destination, with companies investing $8.7bn in data centres in the March quarter alone.

The raise follows Megaport’s acquisition of Latitude.sh, which gave the company the compute, storage and network foundations underpinning the new deals.

Gilbert + Tobin advised Megaport across all aspects of the transaction, led by partner Adam D’Andreti, with support from Sean Meehan, Laura Worrad, Matthew Harrington, Hayden Rayen and Francis Burfitt. G+T also advised on the Latitude.sh acquisition and its associated raise.

D’Andreti said: “This is a huge moment for Megaport and a clear signal of how quickly capital is moving into AI infrastructure globally.”

Source: Gilbert + Tobin, AFR, Bloomberg