Goodman TYO05 Tsukuba
FJI qualification held or pending: the full four-document gate, including project-specific government evidence, has not yet been accepted. Qualification evidence and decisions →
Project status: First 50 MW phase under construction and leased; full 1 GW envelope is not delivered capacity. Capacity scope: 50 MW leased first phase; 1,000 MW power-secured campus envelope reported by developer. How we verify evidence.
Project and ownership
Goodman Group; hyperscale tenant undisclosed. One named campus or explicitly bounded multi-campus development; reported envelopes are not operating IT load.
Power, permits and delivery
First 50 MW phase under construction and leased; full 1 GW envelope is not delivered capacity
Financing and economics
A 20-year 50 MW lease is reported; tenant identity and campus-level returns are undisclosed.
Investor implications · Our analysis
Public-record evidence narrows development uncertainty but does not establish utilized compute, billable capacity, attributable earnings or a stock recommendation.
What to watch next
First-phase completion, grid energization and tenant acceptance
Risks and unknowns
Tenant identity, delivered IT load, construction acceptance, later-phase commitments and full-campus funding remain unverified.
Sources and verification
Four project-specific sources reviewed, including at least one public-agency record.
- Developer capacity disclosureGoodman Group
Goodman’s pipeline identifies TYO05 with 50 MW leased and a 1,000 MW full-campus power envelope.
- Local government development recordTsukuba City
Tsukuba records a decision to construct the first data-centre building and associated infrastructure.
- Independent specialist reportingDatacenterDynamics
DCD reports a 20-year lease for the 50 MW first phase and distinguishes it from the 1 GW plan.
- Independent reportingReuters
Reuters reports construction of the first 50 MW phase and community opposition.
Reviewed October 7, 2026 · Source audit
Company investor information & quarterly statements
Corporate-disclosure certification held: GMG: Actual official half-year statements read, PDF83pages, but quarterly financial statements not established. Do not relabel half-year financials as quarterly.; Research packet retains a corporate disclosure hold.
Goodman Group
Named developer; hyperscale tenant undisclosed, do not infer Microsoft/Google.
Disclosure verification held: Actual official half-year statements read, PDF83pages, but quarterly financial statements not established. Do not relabel half-year financials as quarterly.
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →