The AI infrastructure story is getting bigger, and Indonesia is starting to become part of it. Nebius posted US$582mn in 2Q26 revenue, up 454% YoY, while adjusted EBITDA turned positive at US$236mn. CoreWeave was not far behind, posting US$2.6bn in revenue, up 112% YoY. The global numbers are already showing what happens when AI demand translates into actual computing capacity, and Indonesia is now entering the same build-out phase.
 

The next question is how much of this opportunity Indonesia can capture. We continue to see Indosat (ISAT) as one of the clearest proxies for this story. Our analyst sees ISAT moving beyond connectivity into cloud and compute, with Lintasarta Neo Cloud and Zankore emerging as new growth engines. Zankore is targeting up to 1GW of AI compute capacity, while its initial 200MW phase targeted for 1H27 is already fully contracted.
 

What makes the opportunity more interesting now is the size of the market developing behind it. Indonesia’s data center capacity is projected to increase from around 630MW today to 11GW by 2030, as demand for computing power continues to grow. This gives Zankore a much larger runway to scale beyond its initial 200MW phase. More importantly, the project is backed by Ooredoo Group as the founding shareholder and lead investor, while ISAT brings the local infrastructure and execution capabilities needed to make the project work in Indonesia. Permits, land, power contracts and connectivity remain important pieces of the puzzle, where local know-how can matter.

The good part is that ISAT does not need to rely on AI alone for the story to work. Its connectivity business remains solid, supported by resilient margins, healthy 2Q26 performance, rising data traffic and ARPU momentum. That leaves Zankore and the broader AI opportunity as additional growth rather than a bet on a completely new business. As Indonesia starts building the infrastructure needed for its AI cycle, we think ISAT is in a good position to capture the next leg of the story.