ASX AI Stocks: 5 Biggest Companies in 2026

Artificial intelligence (AI) continues to evolve and advance rapidly, becoming increasingly integrated in the automation of everyday life and a focal point of growth in the technology sector.

Although the AI market is relatively small in Australia, it’s growing.

According to a September 2023 report from IDC on worldwide AI spending, Australia is leading the Asia-Pacific region in spending on AI solutions along with Korea and India. The three countries are also leading when it comes to AI adoption in the area. Spending in the region, excluding Japan and China, is expected to reach US$28.2 billion by 2027.

To help investors understand the options available, the Investing News Network used TradingView’s stock screener to find the top AI stocks on ASX by market cap. All ASX AI stocks data was retrieved on February 25, 2026. Companies whose businesses are focused mainly on AI were considered.

​1. NEXTDC (ASX:NXT)

Market cap: AU$8.51 billion
Share price: AU$14.00

NEXTDC is Australia’s leading data centre operator, with 16 functioning centres and 10 more in various stages of development throughout Oceania. New centers in Adelaide and Darwin came online in early 2025.

The company has also forged several business and academic partnerships to enhance Australia’s digital infrastructure, including a collaboration with La Trobe Business School’s Research Centre for Data Analytics and Cognition to research theoretical and practical applications of AI across a range of industries.

In December 2025, NEXTDC signed an memorandum of understanding MOU with OpenAI to develop a sovereign AI hyperscale campus and GPU supercluster at its S7 site in Sydney, valued at around AU$7 billion. The company has also secured approval from the Victorian government to build an AU$2 billion M4 tech campus in Port Melbourne.

NEXTDC’s international expansion efforts include planned data centres in Kuala Lumpur, Malaysia; and Auckland, New Zealand. The Malaysian data centre is expected to launch in H1 2026.

2. Dicker Data (ASX:DDR)

Market cap: AU$1.83 billion
Share price: AU$10.28

Dicker Data is an Australian IT distributor, specialising in hardware, software, cloud and related products. It has rapidly expanded its AI business through partnerships with a range of companies, including Cisco Systems (NASDAQ:CSCO) and Dell Technologies (NYSE:DELL), to deliver AI-ready infrastructure, GPU-as-a-service offerings and channel-focused practices like AI Accelerate for resellers to deploy enterprise-grade AI solutions.

Dicker Data’s recent visibility spike stems from its role as the lead technology supplier for Australia’s first sovereign AI factory, ResetData’s AI-F1, and the launch of AI Accelerate in September 2025.

3. Megaport (ASX:MP1)

Market cap: AU$1.31 billion
Share price: AU$8.10

Megaport is a software-defined network service provider that allows enterprise customers to connect between data centres. The company offers a marketplace where customers can find and connect with various service providers within the Megaport ecosystem. Headquartered in Queensland, Australia, the company operates in 26 countries.

Megaport expanded its reach in South America and Europe in 2024, launching services in Spain, Italy and Brazil. As of August 7, 2025, Megaport’s network-as-a-service platform is directly accessible to over 1,000 enabled locations worldwide.

The firm’s customer base includes cloud service providers like Amazon’s (NASDAQ:AMZN) Amazon Web Services and Microsoft’s (NASDAQ:MSFT) Microsoft Azure. Megaport’s service also allows customers to link their own equipment across different sites and connect to internet exchange points.

Its Megaport Virtual Edge allows the deployment of virtual network devices like routers and firewalls without needing physical hardware in a data centre. In 2025, the company purchased a fast-deploy compute provider for AI tasks for US$70 million, funded by raising AU$200 million from investors. It also acquired Indian internet exchange operator Extreme IX to support its expansion into India.

4. Weebit Nano (ASX:WBT)

Market cap: AU$989.14 million
Share price: AU$4.71

While Weebit Nano isn’t directly developing AI applications or algorithms, its core technology, Resistive Random-Access Memory (ReRAM), is positioned to be a crucial enabler for the future of AI, particularly in the realm of edge AI and neuromorphic computing. ReRAM’s low-power operation and potential for high-density make it a promising memory technology for building neuromorphic chips.

Weebit Nano’s target markets are heavily driven by AI, such as autonomous vehicles, robotics and advanced Internet of Things devices. In 2025, it secured licencing deals with ON Semiconductor (NASDAQ:ON) and Texas Instruments (NASDAQ:TXN), plus progressed GlobalFoundries (NASDAQ:GFS) 22FDX integration for automotive and edge AI.

The second half of 2025 also saw Weebit establish its first US subsidiary to support growing North American customer sales and business development.

5. NUIX (ASX:NXL)

Market cap: AU$579.13 million
Share price: AU$1.82

Nuix specializes in investigative analytics and intelligence software, with tools to help organizations analyze and understand copious amounts of data using AI. Nuix’s Natural Language Processing capabilities allow it to read unstructured formats, including emails and social media posts. Its machine learning algorithms include advanced abilities like semantic search and risk scoring to identify patterns and connections within the data.

Nuix can handle extremely large data sets, and its software is designed to operate at a forensic level, ensuring that data is collected and analyzed in a way that is legally sound and defensible in court, giving it a significant market share within the law enforcement and legal communities.

In 2025, the company won a multiyear contract to supply forensic analysis software to the tax authority of the German state of Rhineland-Palatinate. Later that year, the company agreed to acquire Linkurious, a graph AI visualization software provider, adding roughly AU$12 million to its annualised contract value and enhancing its data intelligence platform, Neo.

FAQs for investing in AI

What is artificial intelligence?

AI is defined as human intelligence exhibited by machines. The development of graphics processing units with faster and more powerful chips has supported the emergence of AI technologies.

Where is AI used?

AI has been heralded as a technology of the fourth industrial revolution, with heavy investment from industries including transportation, manufacturing, education and agriculture. Some of the sectors that will likely see the fastest AI investment growth in the coming years are healthcare, pharmaceutical research, retail, industrial automation, finance and intelligent process automation.

How to invest in AI stocks?

Investors looking to capitalise on AI’s growth potential have a number of entry points when it comes to stocks. It’s key for each person to practise due diligence and speak to their broker to determine the most suitable investments.

The companies listed above have a strong focus on AI, but investing in companies that are using AI as part of a larger business model is one way to gain indirect exposure to the sector. Examples of stocks like this on the ASX include Block (ASX:SQ2), WiseTech Global (ASX:WTC), Seek (ASX:SEK) and Xero (ASX:XRO).

For a more diversified approach, the Betashares Global Robotics and Artificial Intelligence ETF (ASX:RBTZ) invests in companies involved in the development of AI applications all across the globe. Investing in an exchange-traded fund is a low-cost way to benefit from a sector without directly buying individual stocks.

This is an updated version of an article first published by the Investing News Network in 2020.

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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.