Firmus Technologies, an operator of AI data centers founded in 2019, is preparing for an IPO on the Australian Securities Exchange. The company has set a share price of AUD 11, aiming to raise up to AUD 7.1 billion, which is approximately $5 billion. The listing is scheduled for October 22–23, 2026.
The company is seeking an equity valuation of approximately AUD 43.7 billion. Including debt of roughly AUD 30 billion, the enterprise value is estimated at around AUD 60 billion. If successful, this would mark the second-largest IPO in Australian history, trailing only the 1997 debut of Telstra.
Firmus operates facilities in Australia and Singapore, with ongoing developments in Indonesia and plans for Malaysia. The company utilizes Nvidia GPUs to power its AI infrastructure. Major clients include Meta and OpenAI, while its list of backers features Nvidia, Blackstone, Coatue, and Jane Street.
Despite the scale, the company anticipates a loss of AUD 77 million for the first half of its fiscal year. Projections suggest annual earnings could reach $5 billion within five years once all sites are operational. Analysts are monitoring the debt load, execution risks for unbuilt sites, and customer concentration.
