Top ASX AI Stocks to Watch in 2026

The three AI firms listed on ASX are becoming popular in 2026 due to their growth from data centers, artificial intelligence infrastructure and AI services. Recent updates from them reveal growth in terms of contracts and revenue generation.

NEXTDC Limited (ASX: NXT)

NEXTDC Limited (ASX: NXT) reported on 21 July 2026 that its contracted utilization went up by 73MW to reach 740MW as of 30 June 2026 due to wins in the contracts from new customers. Its forward order book also grew to 565MW. The company expects this to gradually add to billings, revenue and EBITDA from FY26 to FY30. FY26 guidance remained unchanged.

On 10 July 2026, the company secured new senior debt facilities worth A$2.3 billion, higher than the A$1.8 billion announced earlier. After financial close, total available senior debt facilities are expected to increase from A$6.4 billion to A$8.7 billion.

On 7 May 2026, NEXTDC completed its A$1.7 billion Hybrid Securities Offer, including the Initial Series and Delayed Draw Series. The securities have no equity conversion features and are treated as debt for accounting purposes.

The Delayed Draw Series can be issued within 12 months from 6 May 2026. Estimated liquidity at 30 June 2026 is expected to be about A$8.4 billion including cash and undrawn facilities.

Megaport Limited (ASX: MP1)

Megaport Limited (ASX: MP1) announced a capital raise to build a globally distributed AI inference cloud using software managed GPU, CPU, network, storage, data centre space and power. The funding supports new long term customer agreements with total contract value of A$458.9 million for GPU, CPU, network and storage services.

The update explains that AI training uses large GPU clusters in one location with high power, liquid cooling, and advanced networking. AI inference works differently because GPUs can operate across multiple sites, use existing air cooled data centres and stay closer to customers through connected networks.

There is increased demand for inference infrastructure as the CAGR forecasted from 2025 to 2030 stands at 35%. Megaport signed eight compute contracts worth A$747.8 million in TCV during the past two months, while GPU delivery times have extended beyond 12 weeks.

MP1 plans to invest US$252.0 million (A$350.0 million) in GPUs, CPUs, networking and storage for an on demand AI inference pool supporting hourly, monthly and future contract growth.

Appen Limited (ASX: APX)

Appen Limited (ASX: APX) announced its Q2 FY26 Quarterly Activity Report on 29 July 2026 for the quarter ended 30 June 2026. Revenue reached US$65.1 million, rising 26% from the prior corresponding period and 19% from Q1 FY26. Firsthalf FY26 revenue was US$119.9 million, improved 17%. Underlying EBITDA before FX was US$4.4 million, improving by US$5.0 million, while first half underlying EBITDA increased to US$5.3 million, up US$7.5 million.

Appen China delivered revenue of US$41.3 million, an increase of 75% from the prior corresponding period. Its annualised revenue run rate exceeded US$175 million in June driven by continued business with Chinese AI model builders.

APX Global reported quarterly revenue of US$23.8 million, 20% higher than Q1 FY26. The business expanded existing projects, added new customers, improved its revenue mix and increased AI use across operations to reduce costs.

The company reiterated the FY26 revenue guidance range of US$270-300 million, underlying EBITDA before FX margin of roughly 5-10% and US$44.7 million in cash.

(source: Company Report)