Firmus Technologies, a Singapore-based AI data center developer, plans an initial public offering on the Australian Securities Exchange to raise up to US$5 billion, approximately A$7 billion. The company, valued at over US$10.5 billion, would rank among the largest tech IPOs ever in Australia. Founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, Firmus has undergone a complete transformation from Bitcoin mining to building liquid-cooled AI factories using Nvidia’s reference architectures. Project Southgate, targeting 1.6 gigawatts of AI compute capacity across Australia, will be funded through this IPO and a US$10 billion debt facility secured from Blackstone in February 2026.
Source: Read the original article
