Firmus Technologies targets up to $7 billion IPO as it expands AI data centres across Asia-Pacific

Firmus Technologies, an AI data-centre developer, is seeking investor interest ahead of an anticipated initial public offering next month that could generate up to $7 billion, possibly valuing the company at more than $50 billion. The firm aims to have seven AI-focused data centres operating in Australia, Singapore, Indonesia and Malaysia within the next 24 months, with construction already underway in Launceston and council approval for a site near George Town, while a third Tasmanian project awaits consent.

Recent announcements include a multi-year agreement with OpenAI for two new AI factories in Malaysia and a series of sports sponsorships in Tasmania. A company spokesperson did not disclose the expected capital raise size or the proportion of equity to be offered. Financial advisers suggest the IPO will target both cornerstone institutional investors and “mum-and-dad” retail buyers, making it potentially the second-largest float on the Australian Securities Exchange after the historic Telstra sale. Despite past controversies surrounding co-CEO Oliver Curtis’s insider-trading conviction, the company emphasizes its growth strategy and resilience.