Nomura Anchoring Report: Indonesia Data Centers — In the Early Stages of Growth
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Nomura publishes an anchoring report on Indonesia's data center industry, arguing it is still in the early stages of growth. The report benchmarks Indonesia's data center capacity in gigawatts against the global total, situating the country's pipeline within the worldwide buildout. Demand context comes from a chart comparing the big-four hyperscalers' capital expenditure with Nvidia's data center revenue, shown quarterly from 2022 through 2026, which frames the global compute investment cycle. At the asset level, the report tracks marketing and leasing trends by operator across West Java's industrial parks. It also documents a shift in the contract mix, with utilities, hotels and industrial customers taking a rising share of signings, broadening demand beyond technology tenants. On capital allocation, Nomura highlights that lean balance sheets leave room for high payout ratios, framing shareholder returns as a durable feature of the business model alongside continued growth investment.
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