Economy & Markets

Landmark Australian data center operator Firmus is preparing to launch an initial public offering targeting up to A$7 billion (approximately US$5.5 billion), which would rank as the second-largest listing in Australia's history. The company has issued term sheets indicating that the institutional bookbuild will commence on October 6 and conclude on October 7, with the prospectus expected to be lodged shortly thereafter. Retail investors are scheduled to bid for shares between October 12 and 19, while the company aims for its debut on the Australian Securities Exchange around late October. Founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, Firmus operates two data centers in Australia and Singapore, with five additional facilities under development across the Asia-Pacific region. The offering includes a greenshoe option allowing for an extra US$500 million in capital raising. To ensure market stability post-listing, founders' shares are subject to strict escrow arrangements, releasing only 10 percent after one year and an additional 39.9 percent after two years. The IPO positions Firmus within a broader wave of massive fundraising by artificial intelligence supply chain firms globally, competing alongside major listings such as Anthropic and Moonshot AI. The company has secured significant backing, including a US$2 billion commitment from a group including Jane Street and Nvidia Corp., and contracts to provide computing power to OpenAI from sites in Malaysia. However, the expansion faces local community opposition regarding resource consumption and industry concerns about the sustainability of rapid infrastructure investment