AI Data Center Operator Firmus Targets Up to $5 Billion IPO in Australia
Firmus Technologies, an Australia-registered AI data center operator, is seeking to raise up to $5 billion in an initial public offering on the Australian exchange, according to people familiar with the matter. The company aims to complete the listing by the end of October 2026, though deal details could still change.
If priced at the upper end, the offering would rank among Australia's largest IPOs, comparable to Medibank Private's 2014 listing, which raised just under $5 billion. Australia's new stock market has raised only slightly more than $1 billion so far this year, after two consecutive years above $2 billion.
Founded in 2019 and operationally headquartered in Singapore, Firmus started in Bitcoin mining in Tasmania before pivoting to high-density liquid-cooled data centers for AI workloads, describing its facilities as "AI factories." In August 2026, the company secured $2 billion in funding commitments at a valuation exceeding $10.5 billion, from investors including Jane Street, Nvidia, Coatue Management and a Blackstone fund. That came after a $505 million funding round in April 2026 that valued the company at $5.5 billion.
On September 8, 2026, Firmus announced a multi-year agreement with OpenAI to provide dedicated computing capacity from two data center sites in Malaysia, making OpenAI an anchor customer. After the deal, signed capacity for all customers rose above 900 megawatts. The company's portfolio spans seven AI factories across Australia, Singapore, Indonesia and Malaysia, with two operational and five under construction expected to come online over the next 24 months. Firmus also plans to deploy Nvidia's next-generation Vera Rubin computing platform across the Asia-Pacific region.
The listing push comes as AI supply-chain companies raise capital intensively worldwide, boosting new stock markets from the U.S. to mainland China and Hong Kong, according to media reports.
