Key Highlights

  • X2M signed a non-binding, non-exclusive two-year MOU with Gateway Datacentres Pty Ltd, which is extendable.
  • X2M proposes providing environmental and energy management capability to Gateway DC projects, moving from 120MW to 2GW+, and introducing customers.
  • Gateway DC proposes providing delivery services to X2M for its pipeline of above 200MW of potential data centres.
  • Fees, commissions and Revenue sharing are to be agreed separately in binding agreements, and none are yet agreed.

X2M Connect Limited (ASX:X2M) has entered into a non-binding Memorandum of Understanding (MOU) with Gateway Datacentres Pty Ltd (Gateway DC), an Australian data centre infrastructure development and Investment company developing sovereign, hyperscale-ready data centre campuses in Darwin. The initial two-year MOU is extendable and covers collaboration on the marketing, sale and delivery of data centre capability within specific regions of Australia, and potentially South East Asia.

Roles Under the MOU

X2M proposes providing its data centre environmental and energy management expertise to support Gateway DC's projects and introducing potential customers and development partners. This may include green energy, carbon and other emissions tracking across multiple energy sources. Gateway DC proposes providing X2M with services such as design oversight, project management planning, Supply chain management, management of RFQ activity and management of the build-out program. Gateway DC is currently delivering Due Diligence services on X2M's 200MW prospective pipeline of sites, helping to validate and prioritise them.

Commercial Terms and Limits

The MOU is non-exclusive and non-binding. It allows for referral fees, commissions, revenue sharing, service fees and other compensation to be separately agreed in binding agreements, and the release states no such terms have been set. Each party is legally bound to retain ownership and control of its customer relationships and cannot bind the other without written consent. X2M says its platform could connect energy generation, storage, distribution and data centre environment sensors into a single AI-enabled management system, with recurring platform revenue potential subject to binding agreements. The release gives no financial forecast or revenue figure.

Gateway DC Profile

Gateway DC has an initial 120MW of capacity and a five-phase regional roadmap extending to a long-term 2GW+ northern digital platform with integrated energy. It is positioned in Darwin at the landing point of a subsea cable corridor to Asia. The company says its campuses are designed for scrutiny of energy and water use through staged development, renewable energy and water-efficient design. Its Leadership team has designed, built and operated data centres for hyperscalers, carriers, governments and enterprise customers.

Context From Recent X2M Agreements

The MOU follows a binding data centre agreement with an estimated project cost in excess of $250 million and two non-binding Partnership agreements, announced between 27 August and 10 September 2026. X2M describes its Business model as earning delivery fees for the design and construction of data centres, plus recurring platform and management revenue across each facility's life. Its core platform supports more than 90 customers across five geographies and has connected over 500,000 devices, according to the company's description.

Key Insights

X2M's MOU with Gateway DC sets a framework for collaboration but creates no binding revenue: it is non-binding, non-exclusive and leaves all fees and revenue sharing to future agreements. Gateway DC is already providing due diligence on X2M's 200MW pipeline. The MOU follows a binding data centre agreement with an estimated project cost above $250 million, and the release contains no financial forecast.