Climate Transition Risk

2026 Reasoning (CAPEX)

Notes explaining the evidence, interpretation, assumptions for the selected year.

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3MPartial documented area sum = 2,020,552 m² (company has not published a consolidated m² footprint for 2026; the aggregated partial figure is carried forward as documented facility areas remain publicly listed). Financial_value: forward-looking CAPEX guidance — 3M states it expects 2026 capital spending to be approximately $1.1 billion (USD) in its 2025/2026 SEC filings and investor materials. Source is consolidated company guidance; CAPEX figure is already USD. Entities: consolidated 3M (parent + subsidiaries).

AtlassianProduction: Dexus (development co-owner) and related project material state Atlassian Central (new global HQ) building area = 58,000 m² (building area at 100%) and Atlassian will occupy the office accommodation; construction expected practical completion late 2026. Therefore set production_value = 58,000 m² for 2026 (Atlassian Central area). Sources: Dexus investor day slides and Dexus press release. Financial/CAPEX: Project cost estimate reported by Dexus = 1.45 billion (project cost; Dexus presentation, assumed AUD). Atlassian ownership on completion approx. 35–40% (Dexus slide). Using the project cost (AUD 1.45bn) × Atlassian ownership midpoint 37.5% = AUD 543.75m. Converted to USD using 2023 annual-average AUD→USD ≈ 0.66 (source: Macrotrends historical annual averages) because the Dexus cost estimate and presentation date are 2023; AUD 543.75m × 0.66 = USD 358,875,000 (reported here as the single CAPEX projection figure). Notes: original currency = AUD; conversion rate used = 0.66 USD per 1 AUD (annual average 2023). Entities: Atlassian (parent consolidated / tenant/co-owner) and Dexus (co-owner/developer). Sources provided above. This value represents Atlassian’s implied share of the Atlassian Central development cost (midpoint); Dexus reports the 100% project cost and Atlassian’s approximate ownership share—Atlassian has not published a firm, year-by-year CAPEX schedule; therefore this is a derived/projected CAPEX (see reasoning and sources).

CloudflareNo m²-renovation area reported. Forward financial_value provided as CAPEX projection for 2026: Cloudflare guided network CapEx as a percentage of revenue at 12%–15% for FY2026 (management commentary on the Q4 2025 earnings call). Company provided FY2026 revenue guidance of $2,785M–$2,795M. Using the midpoint revenue ($2,790,000,000) and the midpoint of the capex% range (13.5%), projected CAPEX = $2,790,000,000 * 13.5% = $376,650,000. This is a company-level projection for network CAPEX; Cloudflare does not publish m² renovation targets. Sources: Q4 FY2025 press release (revenue guidance) and earnings call transcript (network CapEx % guidance).

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