Australian AI infrastructure company Firmus Technologies is seeking to raise as much as $5 billion through an initial public offering, according to people familiar with the plans cited by Reuters. The company is aiming for an Australian Securities Exchange debut as early as late October, although both the timing and transaction size could change.
A $5 billion offering would rank among the largest IPOs globally in 2026 and would be Australia's second-largest listing on record, behind Telstra's 1997 flotation, based on Dealogic data reported by Reuters. The proposed deal would provide public-market access to a company building AI factories and related infrastructure across Australia and the Asia-Pacific region.
Firmus said in August that it had raised $2 billion in equity, lifting its post-money valuation above $10.5 billion. Nvidia and technology investor Coatue Management participated in that round, with support from Blackstone funds and Jane Street.
The potential IPO comes as investors continue to fund high-cost AI infrastructure while scrutinizing the capital requirements and long-term economics of data centers and computing platforms. Firmus declined to comment on the reported listing plans.
