Firmus Eyes $7B IPO for AI Data Centers on ASX

Sydney-based Firmus Technologies is preparing for a significant debut on the Australian Securities Exchange (ASX), aiming to raise approximately $7 billion USD (A$10.5 billion) in an Initial Public Offering scheduled for next month. The company, which has rapidly evolved from a cryptocurrency miner to a prominent player in energy-efficient AI data center development, is targeting a valuation of $50 billion USD (A$75 billion) post-listing. This ambitious move underscores the intense investor appetite for infrastructure supporting the artificial intelligence revolution.

The proposed IPO, with institutional bookbuilding set for October 6-7 and retail subscriptions opening October 12-19, follows a series of substantial funding rounds that have propelled Firmus's valuation skyward. Just last month, the company secured $2 billion USD (A$2.85 billion) for its expansive national data center initiative, Project Southgate. This recent capital injection dwarfs its valuation of $1.85 billion USD (A$2.78 billion) in September 2025, when it raised $330 million USD (A$495 million) with backing from semiconductor giant Nvidia for a Tasmanian data center project. Prior to that, Firmus raised $505 million USD (A$725 million) at an A$8 billion valuation in April, and $100 million USD (A$150 million) at a $6 billion valuation shortly before that.

Firmus's strategic pivot towards AI infrastructure aligns with a broader market trend. The global data center market is projected to grow substantially, driven by the escalating demand for computing power required for AI model training and deployment. Companies like NextDC and AirTrunk, the latter having been acquired for $20 billion two years ago, highlight the lucrative nature of this sector. Furthermore, the potential ASX listing of Sydney-based GPU provider SharonAI, currently valued at $3 billion, signals a growing interest in local tech companies within the AI ecosystem.

The company's rapid ascent is significantly bolstered by its strategic partnerships, notably with Nvidia, which has not only supplied critical hardware but also participated as an investor. Nvidia CEO Jensen Huang has publicly acknowledged Firmus, reinforcing the startup's credibility. Firmus has also forged alliances with key players such as CDC Data Centres and Megaport. The company's ambitious plans include a significant expansion in Tasmania, with three data centers planned, though these projects have encountered some local opposition.

A diverse group of sophisticated investors has backed Firmus's growth trajectory. Notable participants include Regal Funds Management, Archibald Capital, Tectonic Investment Management, Melbourne billionaires Alex Waislitz and the Pratt family, and Ellerston Capital. The company's founders, including co-CEOs Tim Rosenfield and Oliver Curtis, will have their shares subject to escrow arrangements, with portions released over two years post-IPO. Curtis, who previously served a prison sentence for insider trading, has seen his initial investment in Firmus transform into a substantial paper fortune.

The proposed IPO size, potentially reaching up to $7.7 billion USD (A$11.5 billion) with an over-allotment option, would rank among the largest floats on the ASX, rivaling historical listings like Telstra's 1997 IPO. Firmus's valuation target of $50 billion USD also surpasses that of prominent Australian tech company Canva. The company's aggressive growth strategy, including a reported $30 billion USD (A$43 billion) deal with Nvidia for data center construction in Asia-Pacific, positions it as a key infrastructure provider for the burgeoning AI economy.