AI infrastructure is no longer a promise. It is already generating real revenue and real profits. Nebius’ latest results show just how quickly the opportunity is scaling, with Q2 2026 revenue surging 454% YoY to US$582mn and adjusted EBITDA turning positive at US$236mn. Meanwhile, CoreWeave nearly doubled its Q2 revenue YoY, highlighting how quickly AI infrastructure is becoming a real growth opportunity.
 

In Indonesia, we see Indosat as one of the clearest proxies for this opportunity. Our analyst highlights ISAT’s shift beyond connectivity into cloud and compute, with Lintasarta Neo Cloud and Zankore emerging as key catalysts. Zankore is targeting up to 1GW of AI compute capacity, with the first 200MW already contracted.

The bigger opportunity could be ownership. We believe Indosat could hold a significant stake in Zankore, given that it is the only domestic shareholder. NVIDIA’s stake, meanwhile, could be more of a token of ownership, potentially capped at around 10%, in line with its ownership in Nebius and CoreWeave. More importantly, local execution could be ISAT’s real competitive edge. Permits, land, power contracts and connectivity all require local know how that global technology players cannot easily replicate.
 

What makes the AI pivot more compelling is that ISAT is building it on top of a solid core business. Its connectivity business continues to deliver healthy earnings, supported by resilient margins and strong 2Q26 performance. Data traffic continues to grow, while healthy ARPU momentum supports pricing power and monetization.
 

As AI infrastructure moves from hype to a proven business model, Zankore could give ISAT meaningful optionality that is not yet fully reflected in its valuation. Our analyst maintains BUY with a Rp5,000 TP. With a core business this solid and all that AI optionality still ahead, our analyst is just being humble with that target price.