Nvidia-backed AI firm Firmus plans IPO to raise $5.5 billion at a valuation of about $30.6 billion

PANews reported on October 5, citing TechStartups, that Australian AI infrastructure company Firmus plans to raise up to $5.5 billion through an IPO at a valuation of about $30.6 billion, with investor demand already exceeding the offering size. Firmus intends to allocate about half of the shares on offer (including the over-allotment option) to selected existing strategic and financial investors. Investors previously disclosed by the company include Nvidia, Coatue, Blackstone and Jane Street. The offering will become the second-largest IPO in Australian history. Underwriting banks expect institutional subscriptions to close on Thursday, one day earlier than originally planned; the prospectus is expected to be filed on October 12, with trading to begin on the Australian Securities Exchange on October 23.

After completing a $2 billion strategic equity financing in August, Firmus was valued at about $10.5 billion. Based on the proposed offering price, the company's valuation has nearly tripled within two months. Firmus develops and operates modular AI factories, currently operating data centers in Melbourne and Singapore, and continues to expand in the Asia-Pacific market.