Never saw a prospectus that didn't shout the merits of the...

Never saw a prospectus that didn't shout the merits of the business from the rooftop. A prospectus is by definition a one-sided sales pitch (with some risks thrown in to satisfy ASIC / balance).

I don't think anybody is suggesting there isn't a market for low cost, very small data centres. It's just not where 99% of the industry is going, or where the big returns are. The industry is moving in the complete opposite direction as evidenced by NXT's announcement yesterday. The best operators in the DC business are building at capex intensity of ~$10m per MW.. NXT is talking about 2x 80 MW DC's (and more), that's in the order of $2bn+ capital when fully deployed (including the sites).

DXN, with its modest capital deployment plans, is aiming to be the corner convenience store when a Coles, Woolworths and Aldi all-in-one has moved in to the block next door. That's fine, but the returns are way lower. Just be aware what you are hoping for with this is all the sceptics are saying. This biz is unlikely to pump out much cash in any forseeable time horizon, it's a very, very long road ahead