Firmus, an Australian AI data center builder, prepares public float with IPO allocating 50% of shares to existing investors.

Australian data centre operator Firmus plans to allocate approximately half of its up to US$5.5 billion initial public offering, including the over-allotment option, to selected existing strategic and financial investors. The specific shareholders set to receive allocations were not identified.

Firmus has disclosed that its investors include Nvidia, Coatue, Blackstone and Jane Street. In an August US$2 billion strategic equity round, Nvidia and Coatue made follow-on investments, while Blackstone and Jane Street also participated.

The planned share sale would be the second-largest Australian-listed IPO on record, behind only Telstra's US$10 billion offering in 1997. Indications of interest have exceeded the shares available.

Bookbuilding began on Tuesday, with the stock due to start trading on the Australian Securities Exchange on October 23. The company has fixed the share price at A$11, giving it a valuation of approximately US$30.6 billion. Banks leading the IPO — Bank of America, JPMorgan, Morgan Stanley and Morgans — expect to close the institutional bookbuild on Thursday, a day earlier than originally scheduled.

Firmus' valuation has nearly tripled since its August funding round, which valued the company at around US$10.5 billion post-money. The company is scheduled to lodge its prospectus on October 12.

Sydney-headquartered Firmus is an AI-infrastructure and cloud-services company that designs and operates modular AI factories using proprietary energy and cooling technology. It currently operates one data centre in Melbourne and one in Singapore.