Firmus books October 22 ASX debut for $7B IPO aimed at $50bn valuation

Institutional bidding runs October 6–7 and the prospectus is due October 8, with retail subscriptions opening October 12–19, according to a term sheet seen by Reuters.

Firmus Technologies plans to launch a $7B (US$5bn) initial public offering on October 6, targeting an ASX debut on October 22, according to a term sheet seen by Reuters.

The Australian AI data centre infrastructure builder is chasing a $50bn ASX debut on AI data-centre dreams. The company is led by cofounders Tim Rosenfield and Oliver Curtis, and operates in the same space as listed data centre players NextDC and AirTrunk.

The timetable is tight. Institutional bidding runs October 6–7, a prospectus is due October 8, and retail subscriptions open October 12–19. An option to issue additional shares could lift proceeds to US$5.5bn (A$7.7bn) — a meaningful step up from the headline number if exercised.

The float lands in a sector that has already produced Australia's biggest infrastructure exits. AirTrunk, a rival data centre operator, sold two years ago for $20bn, while Nasdaq-listed Sydney GPU provider SharonAI, worth $3bn, is also contemplating an ASX listing. Earlier attempts to float in this corner of the market this year failed to spark initial investor interest, absent a track record to point to.

Firmus is betting that the appetite for AI compute capacity — and the physical infrastructure required to serve it — now outweighs the scepticism that greeted earlier listings. Whether public market investors agree will be tested across two weeks in October, starting with the term sheet's institutional bookbuild and ending with the October 22 debut.

The term sheet does not specify what the proceeds will be used for.