Firmus to Launch $5 Billion IPO on October 6, Second-Largest in Australian History

Data centre operator Firmus will launch its A$7 billion ($5 billion) initial public offering to institutional investors on October 6, with shares set to begin trading on the ASX on October 22 in what would be Australia's second-largest IPO ever.

Australian data centre operator Firmus is set to launch one of the largest initial public offerings in the nation's history, seeking to raise A$7 billion ($5 billion) from institutional investors starting October 6, according to a term sheet review. The institutional book build will run from October 6 to October 7, with the formal prospectus expected to be lodged on October 8. Retail investors will have the opportunity to subscribe from October 12 to October 19, and the company's shares will begin trading on the Australian Securities Exchange on October 22.

A Landmark Listing for Australian Markets

The IPO represents the second-largest in Australian history, behind only the record-setting listing of HMC Digital Infrastructure in December 2024, which raised A$1.99 billion. With an overallotment option of up to 10% of the base offering, the total could stretch to approximately A$7.7 billion ($5.5 billion). Firmus has positioned itself as a key player in Australia's AI infrastructure buildout. The company, founded in 2019, operates what it calls "AI factories" purpose-built data centres designed specifically for artificial intelligence workloads, equipped with Nvidia GPUs and advanced liquid cooling systems.

Backed by Nvidia, Blackstone and Coatue

The company has raised more than US$3 billion (A$4.25 billion) over the past 12 months, with investors including Nvidia, Blackstone Tactical Opportunities, Coatue and Jane Street. In August 2026, Firmus completed a US$2 billion equity round that valued the company at approximately US$10.5 billion (A$14.5 billion). The company has signed significant customer agreements, including a multi-year deal with OpenAI to purchase compute capacity from two of Firmus's data centres in Malaysia. The company is also reportedly working with Meta for its Australian sites.

Leadership and Project Pipeline

Firmus was co-founded by Oliver Curtis, Tim Rosen field and Jonathan Levee. The company's flagship project, Project Southgate, is a planned AI infrastructure rollout across Australia, with ambitions to reach 1.6GW of capacity by 2028. Firmus operates AI factories in Australia, Singapore, Indonesia and Malaysia, with two sites currently operational and five under development. The company has faced challenges with some of its projects, particularly in Tasmania, where power priority issues and community resistance have slowed progress. Firmus has since accelerated its South Australian development, signing a 600MW power deal with Gunvor in July 2026.

Here is the question this IPO raises. Firmus is seeking to raise $5 billion on the promise of AI infrastructure that largely does not yet exist, with most of its planned data centres still on drawing boards. When investors are being asked to value a company based on contracts and construction plans rather than operating assets, does this IPO represent confidence in Australia's AI future or a speculative bet on a boom that has yet to deliver?

FAQ:

Q: When is Firmus launching its IPO?
A: Firmus will launch its IPO to institutional investors on October 6, 2026, with the bookbuild running through October 7. Retail investors can subscribe from October 12 to 19.

Q: When will Firmus shares begin trading on the ASX?
A: Firmus shares will start trading on the Australian Securities Exchange on October 22, 2026.

Q: How much is Firmus seeking to rise in its IPO?
A: Firmus is seeking to raise A$7 billion ($5 billion) from institutional investors, with an overallotment option that could bring the total to approximately A$7.7 billion ($5.5 billion).

Q: Who are Firmus's major investors?
A: Firmus is backed by Nvidia, Blackstone Tactical Opportunities, Coatue and Jane Street. The company has raised over US$3 billion (A$4.25 billion) in the past 12 months.

Q: What does Firmus do?
A: Firmus builds and operates AI factories purpose-built data centres designed for artificial intelligence workloads, equipped with Nvidia GPUs and liquid cooling systems. The company sells access to this computing capacity to customers including OpenAI.

Q: Is Firmus profitable?
A: Firmus's future profitability depends heavily on projects that have not yet been completed. The company has told investors it is targeting US$5 billion in EBIT in the 2028 financial year, based largely on signed contracts and development plans.

Q: Who founded Firmus?
A: Firmus was founded in 2019 by Oliver Curtis, Tim Rosen field and Jonathan Levee.