Australian AI data center operator Firmus Grid Ltd completed its IPO bookbuild on October 8, 2026, raising approximately A$7 billion at A$11 per share, implying an equity valuation of A$43.7 billion (US$30.3 billion), making it the second-largest IPO in Australian history after Telstra’s 1997 float. The company projects a loss of approximately US$77 million for the first half of FY2027 and carries estimated borrowings of US$30 billion, nearly matching its equity valuation. Demand faded noticeably during the final stretch of the bookbuild, particularly from foreign investors, sparking speculation the deal could be cut or pulled. Trading is expected to begin around October 22-23, 2026, pending regulatory approvals.
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