Figure 1: Digital infrastructure share price changes October 2025

Source: Firehawk

Key developments

Overall, listed digital infrastructure stocks in the region have seen wide spreads in performance among the group. Growth in cloud and AI is improving sentiment towards DC stocks, but economic growth is expected to be sluggish relative to previous years, creating uncertain performance for Digital Infrastructure equities. More recently, an investor turn against tech stocks and “AI hype” has weighed on the sector.

Uniti Group (USA)

Uniti Group’s stock declined by 0.5% during the month, with the most material announcement from the company being its pricing of a US$250 million fibre securitisation notes offering, bringing its total issuance to US$839 million. The offering, consisting of three classes of notes, has a weighted average coupon rate of approximately 5.671% and an anticipated repayment date of January 2031. The notes are secured by fibre network assets and customer contracts in six U.S. states. Net proceeds are intended for general corporate purposes, which may include capital expenditures or debt repayment.

Adisyn

Adisyn’s stock rose by 26% during the month and reversed the prior month’s decline. This is despite there being no price sensitive announcements by the micro-cap stock. On September 30 the company released its FY25 annual report where the company’s directors highlighted the acquisition of 2D Generation Limited as a major milestone for the company. The report noted that the acquisition strengthened the company’s position in advanced semiconductor technologies. The deal, supported by an equity raise, provides access to 2DG’s innovative graphene-based interconnect solutions, enhancing Adisyn’s expertise in AI, cybersecurity, and next-generation semiconductor applications.

Equinix

Equinix’s stock lifted by 9% during October after the company reported strong third-quarter 2025 results, with revenues rising 5% year-over-year to US$2.316 billion. Operating income grew 12% to US$474 million, while net income increased 26% to US$374 million, or $3.81 per share. Adjusted EBITDA saw a 10% increase to US$1.148 billion, and AFFO per share grew 9% to US$9.83. Strategically, the company is accelerating its ‘Build Bolder’ plan, with 58 projects underway. It recently acquired land in several metros, planning to double its total data centre capacity to approximately 3 gigawatts by 2029.

Figure 2: Digital infrastructure valuation multiples

Source: Firehawk

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