Firmus Technologies is preparing an initial public offering on the Australian Securities Exchange that could raise as much as US$5 billion, equivalent to roughly A$7 billion, in what would rank among the largest technology listings in Australian history. The Singapore-headquartered AI data center developer has begun investor meetings across Asia as of mid-September 2026, with Australian roadshows expected to follow in the coming weeks.
The company's valuation has surged past US$10.5 billion, a figure that would have appeared implausible even a year ago, when Firmus initially targeted a more modest US$2 billion raise by mid-2026. The decision to substantially upsize the offering stems from a rapid expansion in contracted revenue pipelines, bolstered by new agreements with Nvidia and market entries into Southeast Asian economies including Indonesia and Malaysia.
Founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, Firmus drew its early technology from Bitcoin mining infrastructure before executing a complete transition to AI-focused data center operations. The company now builds liquid-cooled AI factories based on Nvidia's reference architectures, with Nvidia itself among its backers alongside investment giant 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 to over US$10.5 billion.
The centerpiece of Firmus's Australian ambitions is Project Southgate, an initiative targeting 1.6 gigawatts of AI compute capacity across the country. In February 2026, the company secured a US$10 billion debt facility led by Blackstone. Combined with the planned IPO proceeds, Firmus would command a substantial capital base to fund its infrastructure buildout at a time when demand for AI compute capacity continues to outpace supply across major markets.
Firmus's trajectory reflects a broader pattern emerging in the technology sector, where companies that developed expertise in energy-intensive computing for cryptocurrency mining have found that those same capabilities—advanced cooling systems, power management, and large-scale hardware deployment—translate directly to AI infrastructure. Bitcoin mining margins are acutely sensitive to cryptocurrency price volatility and the four-year halving cycle that cuts miner rewards in half, whereas AI compute contracts typically come with long-term agreements from deep-pocketed hyperscale customers. Firmus appears to have gone further than most former Bitcoin miners by completing a full business model transformation rather than hedging between both sectors.
If the IPO proceeds at the upper end of its range, Firmus would enter the ASX as one of its largest technology constituents, capping a remarkable period of growth from a US$5.5 billion valuation in April 2026 to over US$10.5 billion by August. The listing would also underscore Australia's growing prominence as a destination for AI infrastructure investment, as global demand for compute capacity continues to reshape data center markets across the Asia-Pacific region.
Firmus Technologies Seeks Up to $5B in ASX IPO to Fund 1.6GW AI Data Center Buildout
By: IDCNOVARegion: Southeast Asia