Firmus Technologies Seeks Up to $5 Billion in Australian IPO, Sources Say
Key Points
- Firmus seeks up to $5B in an Australian IPO, targeting late October.
- Would be Australia's 2nd-largest IPO ever, behind Telstra in 1997.
- Follows a $2B raise in August that valued Firmus above $10.5B.
Firmus Technologies, an Australian AI infrastructure company, is seeking to raise up to $5 billion in an initial public offering, according to people familiar with the matter. The company is targeting a launch in October, with a debut on the Australian Securities Exchange possible as early as late October. A Firmus spokesperson declined to comment on the plans.
What materially changed
At $5 billion, the offering would be the fourth-largest IPO globally this year, behind SpaceX, CXMT Corp, and Cerebras Systems, and the second-largest ever listed in Australia, behind Telstra's $10 billion listing in 1997. Firmus has started investor meetings in Asia, with Europe, the United States, and Australia to follow over a roadshow expected to last about two weeks before the Australian leg begins.
Essential context
The IPO follows a $2 billion funding round Firmus closed in August, which pushed its post-money valuation above $10.5 billion. That round included participation from Nvidia, Coatue Management, Blackstone funds, and Jane Street. Firmus has also signed a deal to supply OpenAI with computing power from two data center sites in Malaysia. The company is one of several AI-linked firms pursuing large listings this year, alongside Anthropic's planned offering and Moonshot AI's reported $5 billion Hong Kong IPO plan.
Why it matters
The listing would be a direct market test of investor demand for AI data center infrastructure, separate from the model companies that have dominated AI investment headlines. It comes as some industry leaders have urged caution on the pace of AI investment and model development, even as capital continues to flow into the infrastructure layer supporting that buildout. A successful listing at this scale would also mark a substantial boost to Australia's IPO market, where total proceeds this year have been just over $1 billion.
What happens next
Firmus is expected to begin its international investor roadshow in Asia before moving to Europe, the U.S., and finally Australia. The size and timing of the offering could still change, according to people familiar with the matter, with a debut targeted for late October pending market conditions and investor response.