Firmus Technologies Eyes Multi-Billion-Dollar IPO on Australian Securities Exchange
AI data centre developer Firmus Technologies is courting investors in Asia and Australia ahead of a widely expected multi-billion-dollar share market float. The company's aggressive expansion plans, including projects in Tasmania and partnerships with major players like OpenAI, are generating significant interest in its anticipated initial public offering.
Firmus Technologies, a leading AI data centre developer, is currently courting investors in Asia and Australia in anticipation of a highly anticipated multi-billion-dollar initial public offering (IPO) on the Australian Securities Exchange.
The company has been making headlines recently due to its rapid expansions, partnerships, and community concerns. Last week, Firmus announced a multi-year deal with OpenAI for two new AI factory sites in Malaysia. This move is part of Firmus's aggressive expansion plans, which include growing its presence in northern Tasmania with three data centre projects and various sports sponsorships, including with the Tasmania Devils AFL team.
Expansion Plans
One AI data centre is currently under construction in Launceston, where its parent company is headquartered, and another near George Town has council approval, while a site at Wesley Vale is still awaiting approval. Plans are also underway for projects in South Australia, Victoria, New South Wales, Western Australia, and the ACT. Firmus already has significant operations in Singapore and aims to have seven AI data centres across four countries within the next 24 months.
This narrative of aggressive expansion is expected to generate significant interest in its anticipated float on the Australian share market. Reports suggest Firmus intends to raise up to $7 billion from institutional and retail investors, which could value the company at over $50 billion, depending on the proportion of the company sold.
Potential IPO Valuation
If successful, this could make Firmus the second-largest float in Australian history, after the federal government raised $14 billion by selling a third of Telstra three decades ago, valuing the entire company at $42 billion. Based on its current share price, Telstra has a market value of $53 billion.
An important consideration for the figures being discussed in the financial press regarding Firmus's float is that they are based on speculation and hype. The company's public offer document, the prospectus that potential investors will review, has yet to be lodged with the Australian Securities Exchange (ASX).
Investor Interest
A spokesperson for Firmus declined to comment on the likely size of the capital raising or how much of the company might be sold, which will depend on demand. However, Sam Baker, a private wealth adviser at Shadforth Financial Group, noted that it is widely known that Firmus has been looking to debut on the ASX this year.
"It now appears as if the company is fronting investors both in Asia, and soon to be Australia, as a preamble to looking to do an initial public offering of up to $7 billion," Mr Baker said.
"They're telling the story of the business, providing details, which will largely be provided in any prospectus for the initial public offering. But it's about sort of gauging interest as to what or whether investors would be interested and at what price they would be potentially prepared to pay for any shares in an initial public offering."
Mr Baker also mentioned that investors in Australia and overseas would likely be interested, and that the IPO would likely attract both institutional and retail investors.
"In an initial public offering, they tend to have cornerstone or institutional investors, but I would expect a raising of this size will also be looking to attract retail, or mum and dad, investors," he said.
Company Background
Firmus began as a bitcoin miner in 2019 and subsequently pivoted to data centre development. Its co-CEO Oliver Curtis was sentenced to two years' jail in 2016 for conspiring to commit insider trading.
"The experience of the past presents an opportunity for the future," Mr Curtis told Radio Hobart in October 2025.
"It's all about resilience, it's all about how you get back on the horse, and it's all about basically making sure that you are completing what you believe you need to complete. For me, this is about more than an individual; this is about a company. I'm so fortunate we have a hugely amazing, talented team around us — and that's the story."