Figure 1: Digital infrastructure share price changes December 2025

Source: Firehawk. Only includes top 10 movers.

Key developments

Overall, listed digital infrastructure stocks in the region did well in 2024 as demand for AI infrastructure saw growing interest in the sector.  Over 2025, a gradual investor turn against tech stocks and “AI hype” has weighed on stock prices.

NEXTDC

NEXTDC’s stock dropped by around 9% during December, despite news from the company on 22nd December that it has received continued momentum in customer demand, with pro forma contracted utilisation increasing by 96MW (30%) to 412MW (since its prior update on 1 December). This will lift the company’s pro forma forward order book to 301MW and expected to convert to billings, revenue and EBITDA over FY26–FY29; FY26 guidance remains unchanged. The company also announced on the 24th of December that it has received NSW State Significant Development approval for its S4 Sydney data centre at Horsley Park, progressing its Sydney capacity expansion.

DigitalBridge

DigitalBridge’s stock skyrocketed nearly 70% during December, after news that Japan’s SoftBank has agreed to acquire the data-centre investor for US$4.0bn, offering US$16 per share in cash (a 15% premium to the 26 December close), as part of its AI infrastructure strategy. The transaction, approved by a special DigitalBridge board committee, is expected to close in 2H next year. SoftBank says the deal strengthens foundations for next-generation AI data centres. DigitalBridge CEO Marc Ganzi said in a statement that SoftBank’s “vision, capital strength, and global network will allow us to accelerate our mission with greater flexibility, invest with a longer-term horizon on behalf of our investors, and better serve the world’s leading technology companies as they scale their AI ambitions,”

Cogent Communications

Cogent Communications’ stock had a slight rebound in December, rising around 11% after the stock had plummeted nearly 54% during November. This came after the company reported disappointing third-quarter results that fell short of revenue and EBITDA expectations. The internet service provider posted revenue of US$241.9 million, representing a 5.9% decrease year-on-year and missing Wall Street’s forecasts. Investors appeared to focus on the declining sales and weaker-than-expected profitability, signalling concerns about the company’s near-term business outlook.

Figure 2: Digital infrastructure valuation multiples

Source: Firehawk. Blank results are due to a lack of equity research analyst coverage, the EV/Revenue multiple being above 25x, or the EV/EBITDA and EV/EBIT multiple being less than zero or above 60x.

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