Firmus Technologies Targets Up to $30B Valuation for Potential ASX Float
Synopsis
AI infrastructure company Firmus Technologies is reportedly targeting a valuation of up to $30 billion for a potential ASX listing, as new data-centre deals and Nvidia backing strengthen its case for a landmark Australian IPO.
Australian AI infrastructure company Firmus Technologies is reportedly targeting a valuation of up to $30 billion for a potential Australian Securities Exchange listing, setting the stage for what could become the country’s biggest stock market float this decade.
The Sydney-based company is preparing for a potential October IPO after being valued at about $15.5 billion in a July capital raising.
Multiple sources cited by The Australian said Firmus could seek a valuation between $20 billion and $30 billion as it builds out new data-centre projects and secures long-term customer commitments.
AI Infrastructure Fuels Valuation Ambitions
Firmus’ growth strategy centres on developing large-scale AI factories designed to provide computing capacity to hyperscalers, enterprises and AI-native companies.
Its most significant expansion came in June when Firmus announced a strategic partnership with Nvidia covering a 360MW AI factory in Batam, Indonesia, with infrastructure supporting up to 170,000 Nvidia AI accelerators. Based on customer commitments, Firmus expects the partnership to generate between US$25 billion and US$30 billion in committed offtake revenue during its first six years.
The company has also continued strengthening its balance sheet. In August, Firmus announced a fully subscribed US$2 billion strategic equity investment, involving Coatue, Nvidia, Blackstone and Jane Street, to accelerate its AI factory rollout across Australia and the wider Asia-Pacific region.
A Potential Landmark ASX Listing
Firmus is expected to position itself alongside US-listed AI infrastructure companies such as CoreWeave when presenting its valuation to investors. The reported target would place the company among Australia’s largest listed businesses if achieved.
The proposed float comes as global investor appetite for AI infrastructure remains strong, with data centres becoming a critical part of the AI economy. Firmus is also developing Project Southgate in Tasmania, which it describes as Australia’s first sovereign, renewable-powered AI factory campus. The project is planned around 36,000 Nvidia GPUs across two stages.
Firmus says its infrastructure technology is designed to reduce energy and water consumption while supporting high-density AI computing.
For the ASX, the proposed listing could provide a major test of investor appetite for AI infrastructure in Australia. For Firmus, however, achieving a valuation near $30 billion will depend on how convincingly it can translate its ambitious data-centre pipeline, customer commitments and Nvidia relationship into sustainable earnings.
Source: Stockhead
Vishal is an experienced Editor at Inspirepreneur Magazine with key interests in artificial intelligence, eCommerce, entrepreneurship, lifestyle and startup sector. Prior to joining Inspirepreneur, he was a Content Writer cum Correspondent at Siliconindia Magazine, where he worked on Company Profiles, Cover Stories, Executive Profiles, Feature Articles and Thought Leadership content.
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