Nvidia-backed Firmus Targets $2bn ASX IPO After Raising $505m and Securing $10bn Debt
Australian AI data centre company Firmus has raised $505m at a $5.5bn valuation in its final pre-IPO round, eyeing a $2bn listing on the ASX in June or July. Backed by a $10bn Blackstone-led debt facility secured earlier this year and plans to deploy 1.6 gigawatts of liquid-cooled AI compute across Australia by 2028, Firmus is building what it calls AI Factories.
Firmus Technologies, an Nvidia-backed company, aims to revolutionize the industry with its AI Factories powered by renewable energy. They have raised $1.35bn in equity over six months through three rounds of funding.
The anticipated IPO, facilitated by Bank of America, JPMorgan, Morgans Financial, and Morgan Stanley, is one of the largest technology listings in Australian history if it raises the planned $2bn.
From Tasmania to a National Grid
Firmus’s flagship project, Project Southgate, is a $4.5bn initiative centered in Launceston, Tasmania. This campus will host 36,000 Nvidia GB300 Grace Blackwell chips across modular, liquid-cooled AI Factories, with the first stage completing in 2026.
Tasmania’s hydroelectric grid gives Firmus a low-carbon advantage. Their liquid-cooling technology promises 60% energy reduction compared to air-cooled facilities and cuts construction costs by half, significantly benefiting large AI training runs.
Expanding Nationally
Project Southgate is just the beginning. Firmus plans to expand nationally with sites in Melbourne, Sydney, Canberra, and Perth, reaching a total capacity of 1.6 gigawatts by 2028. The ambitious national rollout’s projected build cost stands at $73.3bn.