Firmus seeks A$43.7 billion valuation in landmark Australian IPO

Firmus Technologies wants Australian investors to put a A$43.7 billion price tag on its AI data centres. That is a big ask for a company founded in 2019 that still expects to post a loss. The AI infrastructure operator has set its IPO share price at A$11 and aims to raise up to A$7.1 billion, or about US$5 billion, on the ASX. The listing is slated for around October 22–23, 2026. If it gets done, it would be the second-largest IPO in Australian history, behind only Telstra’s 1997 debut. The numbers behind the pitch The headline equity valuation is approximately A$43.7 billion. The enterprise value sits at around A$60 billion once you add roughly A$30 billion in debt. Firmus anticipates a A$77 million loss in the first half of its fiscal year ahead of the IPO. Projected earnings from its sites could reach about US$5 billion annually within five years, once those centres are fully operational. What Firmus actually does Firmus builds and runs what it calls AI “factories.” These are advanced data centres powered mainly by Nvidia GPUs, the chips that train and run modern AI models. The company already operates in Australia and Singapore. It is developing additional sites across Indonesi...