Firmus seeks to raise $5B in IPO on Australian Securities Exchange

Firmus Technologies is planning an initial public offering on the Australian Securities Exchange that could raise up to US$5 billion, roughly A$7 billion. If successful, the listing would rank among the largest tech IPOs Australia has ever seen. The Singapore-headquartered AI data center developer has already begun investor meetings across Asia as of mid-September 2026, with Australian roadshows expected to follow. The company’s valuation has ballooned past US$10.5 billion, a number that would have seemed absurd even a year ago when Firmus initially targeted a more modest US$2 billion raise by mid-2026. From Bitcoin mining roots to Nvidia-backed AI giant Firmus was founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee. The company’s early technology drew from Bitcoin mining infrastructure, but it has since made a complete transition to AI-focused data center operations. The company now builds liquid-cooled AI factories using Nvidia’s reference architectures. Nvidia is also a backer, part of an investor roster that includes Blackstone. In April 2026, Firmus raised US$505 million at a post-money valuation of US$5.5 billion. By August, that valuation had nearly doubled ...