Can't build quick enough, page-3

I think there are some mixed results/signals.

If Perth demand is booming, why is it not being reflected at P1.

If Melbourne Demand is booming, why isn't activity higher at M2.

B2's activity looks positive, but it remains to be seen if it can be sustained. It's also a less significant operation for NextDC.

Sydney is the shining light, but as you say S2 is still a long way off opening and achieving those contracted revenue's (the significant number & size of contracts, even if they don't all follow through, greatly de-risks the project).

Assuming they start developing S3/M3 promptly, how will they fund it? It's going to require another capital raising and dilution. 

Could do some real damage to sentiment and momentum if Melbourne M2 activity doesn't pick up.