BDx's 640MW campus is an 845MVA grid trade

BDx Data Centers has broken ground on a 640MW AI campus at Jatiluhur in West Java, where the first 120MW building is due to enter service in early 2027 and five more halls are to follow over the next three years.

What BDx secured before it broke ground is the part worth underwriting. Construction started a few months after the company signed power agreements with Indonesian utility PT Perusahaan Listrik Negara covering 1.2GW nationwide, a commitment the company describes as the largest any data center operator has secured in the country, and this campus is backed by 845MVA of grid capacity. PWD has argued that grid permission is the underwriting asset in digital infrastructure; BDx went and got it first.

The plant is specified well ahead of the equipment that will populate it: direct-to-chip liquid cooling engineered for up to 500kW per rack suggests the building is sized for the next accelerator generation rather than the one shipping today. CGK4 also holds certification under Nvidia's DGX-Ready Colocation Data Center program, which the company says it achieved last year, and it sits about five kilometers from the Jatiluhur Dam — BDx's second campus in the area after one launched there in 2024.

The arithmetic around the parent is worth sitting with. BDx was founded in 2019, is headquartered in Singapore, and has said it is seeking to grow its APAC portfolio to 1GW across Singapore, Indonesia, Hong Kong, Mainland China and Taiwan, having announced last year that it had secured funding for a first hyperscale project in Hong Kong. CGK4 alone accounts for 640MW of that 1GW, so either the portfolio target counts something other than announced pipeline or this single Indonesian campus is now most of the company's growth story; the coverage does not say which, and the gap between those two readings is the difference between a target and a plan.

BDx's shareholder list is what makes the utility contract legible: Indosat Ooredoo Hutchison and Lintasarta are partners in the venture, and Indosat is also the shareholder behind the RAIA Grid fiber buildout, the toll-road economics of which need a data center tenant to work. Indonesia's AI infrastructure is settling into a recognizable financing shape: fiber underwritten like a toll road, Zankore's $3.1 billion loan priced against a shareholder list, and now colocation anchored to an 845MVA grid contract.

No named offtaker appears in the coverage of the groundbreaking. Early 2027 is therefore the moment of proof: the first 120MW either energizes against signed demand or reveals that the grid capacity was a bet on an Indonesian AI market still being assembled by the same shareholders building the fiber and the cloud beneath it.