October 2, 2026
Firmus prepares major IPO for future AI factories: 5 sites still under construction
Firmus plans to raise up to A$7 billion through an IPO in October 2026, which would make it Australia's second-largest IPO.
Of Firmus's 7 AI factories, 2 are operational, according to the company as of Sep 8. The remaining 5 are under construction, with launches targeted within the next 24 months.
Contracts for future capacity. Firmus reported more than 900 MW of contracted capacity: these are customer commitments, rather than capacity at sites already operating. OpenAI became an anchor customer and signed a multiyear agreement for dedicated compute at two future AI factories in Malaysia.
The connection to the vibe coding market is direct. Fireworks, whose named customers include Cursor and Vercel, signed a multiyear agreement on Oct 2 for Firmus infrastructure in Asia. The company said it would use NVIDIA GB300 and Vera Rubin GPUs.
Projected profit. In a draft prospectus reviewed by The Guardian, Firmus projects A$5 billion in annual profit once its planned sites are developed. An investment manager interviewed by the publication questioned whether that forecast was realistic. In Launceston, residents learned about the data center plans after construction had already begun.
Firmus started in 2019 with Bitcoin mining, then shifted to data center development. In August 2026, the company secured US$2 billion in investor commitments at a post-money valuation above US$10.5 billion. Participants included NVIDIA and Coatue, as well as Blackstone and Jane Street.
To request Firmus infrastructure, use the Enquire form on the company's website. Enter your name, work email and country, followed by your job title, organization and inquiry type. Send the request using the Submit button.
Firmus is scheduled to list on Australia's ASX in October 2026.
