Firmus Technologies

AI Infrastructure · Data Centers

IPO

Firmus reportedly targets $5B Australian IPO for AI data centers

Public markets, not just private funds, are about to be tested on their appetite for capital-hungry AI infrastructure bets.

• Firmus Technologies is seeking to raise up to $5 billion (about A$7 billion) in an IPO on the Australian Securities Exchange, with a listing targeted for as early as late October 2026, according to Bloomberg and Reuters citing sources.
• Founded in 2019 and originally focused on crypto and immersion cooling for high-performance computing, Firmus now builds 'AI factory' data centers across Australia, Singapore, Indonesia and Malaysia.
• The IPO follows a $2 billion private equity raise the company announced in August 2026, which pushed its post-money valuation above $10.5 billion, up from $505 million raised in April at a roughly $5.5 billion valuation.
• Backers in the August round included Nvidia, Coatue Management, Blackstone's funds and Jane Street, alongside a separate $10 billion Blackstone-led debt facility financing its data center buildout.
• At $5 billion, the offering would rank as the fourth-largest global IPO of 2026 and Australia's second-biggest listing ever, trailing only Telstra's $10 billion 1997 float.
• Growth has been driven by a multi-year compute deal with OpenAI across two Malaysian sites and Project Southgate, a planned 1.6-gigawatt, five-site Australian buildout costed at $73.3 billion over its full program.
• A clean IPO pricing near Firmus's recent private valuation would signal public markets are still willing to fund capital-intensive AI infrastructure, while a discounted or scaled-back deal would raise the bar for similar AI listings.