Firmus Technologies is preparing to launch a reported $5 billion IPO on Oct. 6, with an Australian Securities Exchange debut targeted for Oct. 22, Startup Daily reported, citing a term sheet seen by Reuters. The Sydney company builds large data centers around Nvidia computing systems for AI developers and other customers that need heavy processing capacity.
Institutional bidding is scheduled for Oct. 6 and 7, followed by a prospectus on Oct. 8 and retail subscriptions from Oct. 12 through Oct. 19, according to the report. An option to sell additional shares could lift total proceeds to $5.5 billion.
Founded in 2019, Firmus began as a bitcoin miner before repositioning itself as an AI infrastructure provider. Rather than develop frontier models, it supplies the physical computing layer: powered sites and Nvidia systems that customers use for AI workloads. The commercial work is securing large accounts, building capacity and bringing those facilities online.
On Sept. 8, Firmus named OpenAI as the anchor customer for two planned Malaysian facilities and said contracted capacity had climbed above 900 megawatts. Across the seven sites described by Startup Daily, however, only two were operating; five remained under development, with completion planned within two years.
The proposed IPO would follow a reported $2 billion raise last month that valued Firmus at $10.5 billion. That is a striking capital ramp for a business whose physical network remains mostly unfinished. A public listing would bring that construction plan—and the work of converting announced demand into operating capacity—to investors within weeks.