It's good to finally see them get some use out of M2.
I'd prefer a wait and see approach but personally.
There are major issues extrapolating demand out based on these contracts. * These are Hyperscaler contracts, unlikely you will see all Hyperscalers end up in M2 and there are only a handful of Hyperscalers. * This will also result in some demand shift from Sydney (existing and future).
Hyperscalers have a large base buildout committment, meaning that typically that initial committment could last them years before coming back to market. (Could be quicker with COVID-19)
I would extrapolate future demand based on historical and then apply an increased growth curve from COVID-19 going forward, not based on bulky contracts.
The build it and they will come is leading to a lot of dilutive raisings.
I like the idea of campus style, multi-building setups that have been employed by Airtrunk & overseas Datacentre providers as they moved into the Hyperscale space.
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