Firmus Technologies, a developer of AI data centers based in Singapore, plans an initial public offering on the Australian Securities Exchange. The company aims to raise up to $5 billion, which is approximately AUD 7 billion. This listing could become one of the largest technology IPOs in the history of the Australian market.
The company was founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee. Originally focused on Bitcoin mining, Firmus has transitioned its business model to AI-focused data center operations. It now constructs liquid-cooled AI factories utilizing Nvidia reference architectures. Nvidia and Blackstone are among the company's investors.
In April 2026, Firmus raised $505 million at a valuation of $5.5 billion. By August 2026, the company's valuation exceeded $10.5 billion. Additionally, in February 2026, the firm secured a $10 billion debt facility led by Blackstone to support its infrastructure projects.
The company's expansion strategy includes Project Southgate, which targets 1.6 gigawatts of AI compute capacity in Australia. Firmus has also entered into new agreements with Nvidia and is expanding its operations into Indonesia and Malaysia. These developments contributed to the decision to increase the IPO target from the initial $2 billion.
