Australian artificial intelligence infrastructure company Firmus is preparing to raise about A$7.1 billion in what could become one of the largest initial public offerings in Australian history.
The data centre operator is reportedly seeking to price shares at around A$11 each, implying an equity valuation of approximately A$30.6 billion.
When debt is included, Firmus could command an enterprise value approaching A$60 billion, reflecting investor enthusiasm for infrastructure supporting the rapid expansion of artificial intelligence.
If completed at the proposed size, the float would rank behind only Telstra’s 1997 privatisation among Australian IPOs.
AI infrastructure demand accelerates
Firmus has expanded rapidly as technology companies seek access to the enormous computing capacity needed to train and operate increasingly sophisticated AI models.
Australia has emerged as a major destination for data centre investment because of its developed capital markets, renewable energy potential and proximity to fast-growing Asian technology markets.
Australian-focused data centre companies have already raised tens of billions of dollars this year to fund new facilities, power infrastructure and specialised computing equipment.
The scale of Firmus’ proposed listing highlights how dramatically AI investment is reshaping Australia’s technology sector.
Rather than software companies alone attracting large valuations, the physical infrastructure required to support AI is increasingly becoming a major investment theme.
The IPO would also provide an important test of investor appetite for highly capital-intensive AI infrastructure at a time when global markets are scrutinising whether enormous expenditure on chips and data centres can ultimately generate sufficient returns.
