Australia's X2M Connect rises to over 8-month high on data centre deal

X2M Connect

01/09/2026 01:50

** Shares of X2M Connect X2M.AX rise as much as 44.4% to A$0.013, their highest level since December 15, 2025
** Stock posts its strongest intraday trading session since August 27
** The smart city technology company entered a non-binding partnership agreement to develop high-density GPU data centre and energy precincts of between 10 megawatt (MW) and 100MW capacity in regional Queensland
** Partnership agreement lifts company's prospective data centre pipeline above 200MW
** Agreement follows binding data centre agreement announced on August 27, which carries estimated project cost in excess of A$250 million ($179.38 million)
** Stock up 37.5%, YTD, including session gains

($1 = 1.3937 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))