For me the story is all about Sydney & Melbourne. Melbourne had some really good early momentum, but it seems like Sydney is going to overtake it .
I'm still trying to get my head around what might be happening at M2.
* No annoucements around contracts (unlike M1, S1, S2).
* Opened with Single Data Hall / 2MW Capacity only.
* On Cloudscene doesn't seem to be a lot of initial interest from service providers, comparing:
- M2 (2 Service Providers) - https://cloudscene.com/data-center/australia/melbourne/nextdc-m2
- B2 (23 Service Providers) - https://cloudscene.com/data-center/australia/brisbane/nextdc-b2
* Only 0.3MW listed as contracted in 1HFY18 presentation. (vs 5.4MW listed @ S2 which is still ~9-12months away).
* Plus some other indicator's that Melbourne isn't growing at the same rate as Sydney.
To me this seem's like Service Provider's must still have capacity within M1 to market.
Then we hear NextDC are fitting out 3 more Data Hall's/Capacity in M2. Hard to know for certain if they are just making use of the new capital or something else is in the works but that's just purely speculation.
Something that could have some credence, is if S1/S2 did receive a big single contract. Would the customer be looking to replicate/stage a Melbourne rollout of similar size?
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