Updated

Macquarie hopes for AirTrunk redux with $8b AI data centre bet

Paul Smith and Timothy Moore

Updated Jan 15, 2025 – 11.02am, first published at 2.58am

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Macquarie will invest up to $8 billion in Nasdaq-listed Applied Digital, funding the construction of a major data centre to service the fast-growing demand for artificial intelligence processing in the United States.

The investment, through its Macquarie Asset Management division, comes months after the sale of Australian data centre giant AirTrunk delivered a windfall for the firm. AirTrunk, which runs a network of data centres across Asia, had been mooted for a $10 billion ASX listing in 2023. By September last year, when it sold, the company had a $23.5 billion valuation.

Paul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy.

Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog.