Australian AI data center operator Firmus Grid Ltd. has finalized the institutional bookbuild for its initial public offering. The company set the share price at AUD 11, aiming to raise approximately AUD 7 billion, with a potential increase to AUD 7.7 billion if the over-allotment option is exercised.
The IPO implies an equity valuation of AUD 43.7 billion, or $30.3 billion. Trading is expected to commence around October 22–23, 2026, pending regulatory approvals. The listing is positioned as the second-largest in Australian history, following the 1997 Telstra float.
The company currently operates two data centers and targets a capacity of over 900 MW. Financial reports indicate a projected loss of $77 million for the first half of FY2027 and total borrowings estimated at $30 billion. Half of the shares in the offering are expected to go to existing investors, including Nvidia, Blackstone, Coatue, and Jane Street.
Investor demand reportedly weakened toward the end of the bookbuild, particularly among foreign institutions. This decline led to market speculation regarding a potential price cut or cancellation of the deal. Critics have highlighted concerns over aggressive valuation metrics and the balance between the company's debt and equity.
