Firmus AI Data-Centre IPO Kicks Off Australia’s Biggest Float

The Firmus AI data-centre IPO has begun its investor roadshow this week, targeting close to A$7 billion (about US$5 billion) in what could become Australia’s largest listing since Telstra. A potential listing date of October 6 has been floated by people close to the deal.

Firmus Technologies, founded in 2019 by Oliver Curtis, Tim Rosenfield and Jonathan Levee, builds and operates data centres purpose-built for AI workloads. Nvidia has backed the company, and OpenAI is reported to be anchoring the float, lending weight to a listing that will test investor appetite for AI infrastructure bets.

Why the Firmus AI Data-Centre IPO Matters

Global demand for AI compute has outpaced the supply of data centres capable of running the largest models efficiently. Firmus has positioned itself around high-density, liquid-cooled facilities designed specifically for that workload, rather than retrofitting older server farms.

The float arrives in a week when AI infrastructure spending dominated headlines elsewhere too. DeepSeek disclosed a roughly $1 billion annualised revenue run rate and a fresh funding round near a $74 billion valuation, while Microsoft committed more than $10 billion toward Middle East AI infrastructure through 2030.

Skeptics of the AI investment boom point out that many data-centre projects rely on optimistic assumptions about how long current-generation chips stay useful, and how much power grids can absorb. Firmus will need to convince public-market investors, not just venture backers, that its facilities can be repriced and repurposed as hardware cycles turn over.

If the listing succeeds near its target range, it would mark one of the clearest signs yet that AI infrastructure investment has moved from private funding rounds into mainstream equity markets. A weak reception, conversely, would raise fresh questions about how much of the AI buildout is durable demand versus speculative excess.

Firmus has not yet confirmed a final price range ahead of the roadshow’s conclusion.

Read our coverage of AI risk reaching the UN Security Council for the policy side of this build-out.

Fact basis: reporting from Tekedia, corroborated by Startup Fortune and Caproasia, September 2026.