Firmus Technologies, an Australian AI data center operator, is reportedly seeking to raise up to $5 billion in an Australian IPO, targeting a listing by the end of October 2026. If successful, it would become the largest IPO in Australia's history. The company secured $2 billion in funding commitments in August 2026 at a valuation exceeding $10.5 billion, and has signed a multi-year compute agreement with OpenAI.