PT Telkom Indonesia is advancing talks with potential strategic partners for NeutraDC, opening the door to a majority stake sale as the Indonesian telecommunications group looks to accelerate its data-center expansion. The process has reached the evaluation of binding offers, with Telkom targeting completion by the end of 2026. Management has not disclosed the size of the stake under consideration or an official transaction value. The move places one of Indonesia’s expanding digital-infrastructure platforms at the center of a broader push to bring outside capital and operating expertise into the business.

Telkom Moves NeutraDC Partnership Into Binding Offers

Telkom’s search for a strategic partner has moved beyond preliminary interest and into a more advanced phase of negotiations. Budi Satria Dharma Purba, Telkom’s Director of Wholesale and International Service, said during the company’s Public Expose Live 2026 that the process had entered the evaluation stage for binding offers. “The process has entered the evaluation stage for binding offers and may involve the divestment of a majority stake,” Budi said, according to reporting cited by The Jakarta Post. Telkom expects the strategic-partnership process to reach completion by the end of 2026.

The company has stopped short of confirming how much of NeutraDC it ultimately intends to sell. Market estimates around both the potential ownership percentage and valuation therefore remain external rather than official company figures. Earlier reporting said Telkom had been working with financial advisers on a potential majority transaction that could value NeutraDC at between $1 billion and $1.5 billion. Those discussions remain subject to negotiation, and Telkom has not publicly adopted that valuation range as its own.

Strategic Partner Could Help Fund Faster Expansion

Telkom is looking beyond the cash proceeds that a transaction could generate. The company wants a partner capable of contributing operating expertise, wider market access and relationships that can help NeutraDC serve large-scale customers. “Kemudian bisa memberikan akses ke market yang lebih luas, dan yang terakhir tentunya terkait dengan funding,” Budi said while describing the advantages that a strategic partner could bring. The structure could allow NeutraDC to expand without requiring Telkom to finance every stage of capacity growth itself.

That distinction matters because data-center growth increasingly depends on the ability to fund new capacity while converting infrastructure into contracted customer demand. Moreover, bringing in a strategic investor could give NeutraDC access to capabilities that extend beyond Telkom’s balance sheet, particularly as the company develops larger hyperscale facilities. Telkom has said its partnership criteria include operational capabilities, access to a broader market and the ability to accelerate development and utilization of existing capacity. The potential transaction therefore represents both a capital decision and a strategic operating decision for the group.

NeutraDC Revenue Climbs as Capacity Tightens

NeutraDC enters the process with growing revenue and high utilization at its flagship hyperscale site. Telkom reported first-half 2026 NeutraDC revenue of Rp867 billion, an increase of 11% from a year earlier, while effective data-center capacity across the group reached 49.9 megawatts. The Cikarang hyperscale data center recorded 96% occupancy, highlighting limited immediately available room at one of the company’s core facilities. Those operating figures strengthen the strategic importance of additional capacity as NeutraDC pursues further growth.

Telkom is already adding infrastructure beyond Cikarang. Its Batam hyperscale data center is targeted to begin operations during the second half of 2026 with an initial 6 MW of capacity, according to the company. Batam also gives NeutraDC another location within an important Southeast Asian connectivity corridor while the group develops its broader data-center footprint. The expansion means a prospective strategic partner would enter while NeutraDC is still building capacity rather than after the platform has reached a mature operating footprint.

Cikarang Expansion Adds to Capital Requirements

Cikarang remains central to NeutraDC’s growth plans. Telkom plans to expand effective capacity at the facility to 21.5 MW in its first development phase, while another phase is expected to start in 2027. Existing capacity, including space under development, has attracted strong customer commitments, putting additional pressure on the company to keep its construction pipeline moving. A strategic investor with funding and data-center operating capabilities could help Telkom spread the financial requirements associated with that expansion.

NeutraDC’s position inside Telkom also reflects a wider effort to extract more value from the group’s infrastructure assets. Telkom has described the consolidation and development of its data-center operations as part of its strategy to create growth opportunities alongside strategic partners. Meanwhile, management continues to pursue organic capacity additions rather than relying exclusively on a transaction to drive growth. That combination could leave NeutraDC pursuing new facilities and customers even as its future ownership structure changes.

Sale Proceeds Could Give Telkom More Financial Flexibility

A completed transaction could also reshape capital allocation at the parent company. Budi said Telkom would assess several potential uses for any proceeds rather than committing the funds exclusively to one purpose. “We will evaluate the use of the transaction proceeds holistically, whether for investment, strengthening the balance sheet, or potentially providing additional shareholder returns,” he said. That flexibility could allow Telkom to recycle capital from the data-center transaction while continuing to invest across its broader digital-infrastructure portfolio.

The strategic question now shifts from whether NeutraDC can attract outside interest to what ownership and investment structure Telkom ultimately accepts. A majority transaction would give the incoming partner a substantially different role from the minority-investor structures Telkom had considered in earlier years. Yet management has not confirmed the percentage on offer, the identity of shortlisted bidders or an official valuation, leaving those details unresolved as binding offers undergo evaluation. The eventual agreement will show how Telkom balances immediate monetization against retaining exposure to NeutraDC’s expanding data-center business.

NeutraDC Deal Enters a Decisive Stage

For customers and infrastructure buyers, the most important outcome may be what a strategic partner brings to NeutraDC after the transaction rather than simply how much it pays for equity. Additional funding capacity, operating expertise and customer access could influence how quickly the platform turns planned capacity into usable infrastructure. Telkom has explicitly framed the partnership around accelerating growth while reducing the need for the parent company to carry the full expansion burden. That makes the transaction a potentially important step in NeutraDC’s transition from a predominantly Telkom-backed platform toward a broader strategic partnership model.

With binding offers now under evaluation, the remaining variables include the buyer, ownership percentage, final valuation and commitments attached to future expansion. Telkom’s year-end 2026 target gives the process a defined timetable, although a completed transaction has not yet been guaranteed. NeutraDC will continue expanding its capacity while those negotiations proceed, including the planned Batam opening and further development around Cikarang. The outcome could determine not only who controls the data-center platform, but also how aggressively it can fund its next phase of growth across Indonesia and the wider regional market.