DCI Indonesia Surges To Record High Amid AI Boom, Adds $2 Billion To Founders’ Wealth

The fortunes of the billionaire cofounders of DCI Indonesia—Otto Toto Sugiri, Marina Budiman and Han Arming Hanafia—climbed over $2 billion in the past week as shares of the country’s top data center operator surged to record levels amid increasing demand for cloud computing and artificial intelligence.

DCI shares jumped 20% on Thursday to 67,225 rupiah ($4.1), hitting the upper limit of allowable daily share price fluctuation for the second consecutive day. That brings this week’s gains to about 47% as investors snapped up the shares amid optimism earnings will continue to grow as the company scales up its digital footprint across Indonesia, one of Southeast Asia’s hottest data center markets.

“We like the fundamentals of the company but the valuation is expensive,” said Harry Su, managing director of Samuel Sekuritas Indonesia.

The rally boosted the net worth of Sugiri, DCI’s largest shareholder, by $939 million to $3.1 billion, according to Forbes’ real-time data. Budiman added $707 million to $2 billion, while Hanafia gained over $444 million to $1.5 billion, the data showed.

With the company becoming the Jakarta bourse’s most expensive with a current market cap of $9.8 billion, DCI is considering a stock split to make the stock more affordable. “We are still reviewing,” said Sugiri, the company’s president director.

Founded in 2011, DCI has grown to become Indonesia’s biggest data center operator with a total capacity of about 83 megawatts currently. The company has been building an additional capacity of 36 megawatts since last year, which will come online in the first half of this year, making DCI Indonesia the first data center player with a capacity of over 100 megawatts, according to research by Samuel Sekuritas Indonesia published in September.

Among its multiple facilities across the country is an 18-megawatt data center that went live in South Jakarta in December 2023. Jointly developed with the Salim Group, the 11-story structure is equipped with 4,000 racks across an area of 30,000 square meters. Billionaire Anthoni Salim is also a shareholder of DCI.

Sugiri told Forbes Asia the company is continuing to expand and expects total capacity to reach 128 megawatts by early next year. The company is also investing 1.2 trillion rupiah ($72 million) to building a 9-megawatt facility in Surabaya, nearly 800 kilometers east of Jakarta.

With global tech giants Amazon, Google and Microsoft scaling up their digital footprint in Indonesia, DCI’s business has grown exponentially in recent years, posting a record profit of 514 billion rupiah in 2023, up 40% from the previous year.

DCI doesn’t disclose who their tenants are due to confidentiality agreements. Of the four cloud computing vendors operating in Indonesia—Alibaba, Amazon Web Services, Google Cloud and Microsoft—three are clients, as are some of Southeast Asia’s largest e-commerce companies, according to the company It also counts among its clients over 40 telecom firms and more than 120 financial services providers across Indonesia, Southeast Asia and the U.S.