Firmus seeks to raise up to $5 billion in Australian IPO, sources say
Australian AI infrastructure firm Firmus Technologies is planning to launch its initial public offering (IPO) with a potential raise of up to $5 billion, sources reveal. Ranking as the fourth-largest IPO globally so far this year, the offering would surpass SpaceX, CXMT Corp, and Cerebras Systems in size. The IPO would also be the second-largest Australia-listed IPO, following Telstra Corp's $10 billion flotation in 1997.
Firmus aims to list on the Australian Securities Exchange (ASX) as early as late October, with a potential debut within the same month. The company has been meeting investors in Asia and plans to expand this investor roadshow to Europe and the United States before focusing on Australia. The IPO is expected to test investor interest in firms building data centers and related systems for AI, despite ongoing concerns about the sustainability of the AI boom.
Firmus raised $2 billion in equity last month, with participation from Nvidia, Coatue Management, Blackstone's funds, and Jane Street, indicating continued investor appetite for AI investments.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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