Firmus Aims for Record-Breaking A$7 Billion IPO with OpenAI and Nvidia Anchor Contracts
Firmus Technologies is gearing up for an initial public offering (IPO) that could raise as much as A$7 billion on the Australian Securities Exchange. The company, which operates AI factories across Australia, Singapore, Indonesia, and Malaysia, is targeting a listing at the end of October.
The IPO would be the largest Australian float since Telstra's privatisation in 1997, and Firmus claims to have already secured anchor contracts with major customers including OpenAI. The company has contracted more than 900 megawatts of capacity across its portfolio, with OpenAI set to take up dedicated space at two sites in Malaysia.
Firmus' partnership with Nvidia is another key pillar of the business, with the two companies collaborating on a 360 MW campus in Batam, Indonesia. The facility will provide access to 170,000 Nvidia accelerators and has been expected to generate US$25-30 billion in revenue over six years.
The company's HyperCube modules are designed to reduce energy use by 60% compared to traditional air-cooled builds, allowing Firmus to scale its operations quickly. The firm is also pursuing a national plan to deploy 1.6 GW of compute capacity across five Australian cities by 2028, backed by up to 5.1 GW of new renewable generation and storage.
The IPO comes as some of Firmus' major customers are cautioning against the rapid growth of the AI industry. OpenAI's CEO recently stated that the industry should pace itself and not rush to list publicly, citing concerns about over-capacity and market volatility.