Swan.my.id - Jakarta, PT Indosat Tbk (ISAT) holds a 37% stake in Zankore, the company’s vehicle for developing an Indosat Zankore AI data center business. The ownership level exceeds earlier estimates and could increase Zankore’s contribution to Indosat’s profit.
Investment Analyst at Stockbit Group Christian William Munaba said the potential profit contribution could reach Rp2.9 trillion when Zankore reaches 200 megawatts (MW) of capacity. He shared the estimate after a closed-door meeting with Indosat on Thursday, September 17, 2026.
The latest projection stands above the previous estimate of Rp1.6 trillion to Rp2.4 trillion. However, the calculation does not yet include the potential loss of interest income from funds that Indosat uses to invest in Zankore.
Indosat Holds 37% of Zankore
Zankore’s ownership structure consists of Indosat with 37%, Ooredoo Group with 49%, Nvidia with 11%, and Nokia with 3%. Through this structure, Indosat is positioning Zankore as the main platform for its next AI data center expansion.
Indosat’s existing AI neocloud business records a net profit margin of around 15%. The business could generate approximately US$45 million, or Rp805 billion, in net profit from annual contract revenue of around US$300 million starting in 2027.
That projection exceeds the estimated 2026 net profit of approximately US$15 million, or Rp268 billion. Indosat’s current AI neocloud business will reach a final capacity of 28 MW, while the company plans to develop its subsequent AI data center capacity through Zankore.
Zankore Targets Demand-Backed AI Capacity
Zankore prioritizes demand certainty, high-quality customers, and its partnership with Nvidia as it develops AI data center capacity. Every Zankore customer has a five-year take-or-pay contract. Under this arrangement, customers remain responsible for payments throughout the contract period.
The target customers include overseas AI developers and hyperscaler companies with strong payment capabilities. This approach allows Zankore to align capacity development with confirmed demand rather than building infrastructure without a clear customer base.
Indosat also limits investment risk by purchasing GPUs only after securing firm demand. Its strategic partnership with Nvidia, which began in 2024, provides faster access to GPUs. The waiting period can reach around two to three months, compared with the general waiting period of two to three years.
Equity Method Helps Preserve Financial Flexibility
Indosat plans to invest in Zankore through the equity method. The company selected this approach to maintain financial flexibility while it faces significant capital expenditure needs for its 5G network.
Indosat has prepared around Rp10 trillion in capital expenditure for 5G development. The plan includes activating the 700 MHz and 2.6 GHz spectrum bands. The company expects the network investment to improve performance, enhance customer experience, and support higher average revenue per user, or ARPU.
In Zankore’s business model, Indosat only funds capital expenditure for GPUs and servers. Meanwhile, vendors provide data center infrastructure, including land, electricity, and water. This structure can help the company manage its investment requirements as it expands its AI-related business.
With a 37% stake, confirmed-demand contracts, and access to Nvidia’s GPU supply, Zankore has become an important part of Indosat’s AI data center strategy. Nevertheless, the potential contribution to profit remains linked to capacity development and the financial impact of Indosat’s investment funding.
