Firmus

Data Centers · AI Infrastructure · Capital Markets

IPO

Firmus plans $5B ASX IPO, Australia's second-largest listing ever

The debut will test whether investors still trust the AI data-center buildout to outrun its own power and water costs.

• Firmus will open an institutional bookbuild on October 6-7 to raise A$7 billion (about $5 billion, up to $5.5 billion with a greenshoe), with ASX trading set to begin October 22.
• Firmus, founded in 2019 by Oliver Curtis, Tim Rosenfield and Jonathan Levee, rents out high-end processing chips for AI and cloud computing, with two live data centers in Australia and Singapore and five more under development.
• The offer carries a 10% over-allotment option worth up to an extra $500 million, and founders' shares are locked up in escrow, with only 10% released after one year and a further 39.9% after two.
• The float would peg Firmus near a $10.5 billion valuation, roughly double the $5.5 billion it carried in April after an August raise of $2 billion, and ranks as the world's fourth-largest IPO of 2026 per Dealogic.
• Only Telstra's A$10 billion 1997 listing has raised more on the ASX, and the deal arrives as local communities push back against data centers over power and water use.
• A listing this size shows public markets, not just venture and private-credit money, are now underwriting the AI infrastructure buildout, raising the stakes if demand for compute cools.