Residents calling a data centre 'Mordor' just cost NEXTDC $2bn

NEXTDC shares fell as much as 44% after the company admitted its M3 Melbourne facility won't get the power it needs because local opposition to 22-metre electricity poles has stalled the grid upgrade, with distributor Jemena now saying work won't resume before February 2027 and the next capacity increase slips to 2028. FY2027 revenue guidance was cut from up to A$640 million down to A$500 million, EBITDA guidance fell by more than a third, and the company is slashing A$750 million in planned capex while putting new land deals on hold indefinitely, as the Australian Financial Review reported. The share price clawed back some losses, but the underlying problem hasn't moved: you can have all the AI demand in the world and still not get the poles built. Australia's data-centre boom just discovered that social licence is now a harder constraint than capital.