At a glance
Firmus has priced its ASX float at A$11.00 a share to raise A$7.1 billion, according to a term sheet reviewed by Reuters on 1 October 2026.
The price values the company at about A$44 billion, more than five times NEXTDC's value on the ASX.
Two of Firmus's AI factories are operating, in Melbourne and Singapore, and five more are under development, targeted for service by September 2028.
Its announced projects include a 360MW campus on Batam in Indonesia and about 430MW across three sites in northern Tasmania.
Large investors bid from 6 to 9 October, and trading on the ASX is due to start on 23 October.
Australian AI infrastructure company Firmus has priced its ASX float at A$11.00 a share as it seeks to raise A$7.1 billion, or about US$4.94 billion, Reuters reported on 1 October 2026, citing a term sheet sent to investors. The price gives the company an equity value of US$30.6 billion, about A$44 billion. The Australian Financial Review and Capital Brief also reported the term sheet. Firmus declined to comment.
At A$11 a share Firmus is valued at more than five times ASX-listed operator NEXTDC, with two of its seven AI factories running and more than 900MW of capacity under contract.
The term sheet sets A$11 and a 23 October debut
Bidding from large investors opens on Tuesday 6 October and closes on Friday 9 October, and the term sheet says their early orders exceed the size of the deal. Australian floats usually set the price before that bidding opens, after the roadshow meetings, Reuters reported. Firmus has room to sell a further US$500 million of shares if demand is strong.
Trading on the ASX is due to start on 23 October, a day later than the 22 October date in the term sheet Reuters reported on 21 September. At about US$5 billion the float would be the fourth largest in the world so far in 2026, behind SpaceX, CXMT and Cerebras Systems, and the second largest on the ASX after Telstra's 1997 share sale, according to Dealogic data cited by Reuters.
Analysts at the banks on the deal estimate Firmus carries about US$30 billion of debt, which values the whole business at about US$60 billion once that debt is counted, Reuters reported. The A$44 billion equity value sits below the near A$50 billion the Financial Review and The Australian reported in mid-September, and is close to three times the more than US$10.5 billion Firmus was valued at when it raised US$2 billion in August from NVIDIA, Blackstone, Jane Street and Coatue.
NEXTDC trades at A$11 million a contracted megawatt, the float at A$49 million
Both companies publish contracted capacity, the megawatts customers have signed for.
Company | Value | Per contracted MW |
|---|---|---|
Firmus, at the A$11 offer price | A$44.0B; more than 900MW contracted | Up to about A$49m |
NEXTDC, ASX close on 1 October 2026 | A$8.1B; 740.1MW contracted | About A$11m |
Source: Reuters, 1 October 2026; Firmus release, 8 September 2026; NEXTDC disclosure, 21 July 2026; Google Finance. Firmus's US dollar value converted at the rate implied in the Reuters report.
Firmus's figure is a ceiling, because its contracted capacity is "more than" 900MW. NEXTDC closed at A$10.60 on 1 October, and its 740.1MW includes contracts settled after 30 June, as reported with its FY26 results.
NEXTDC leases space, power and cooling, and its customers install their own servers. Firmus, one of the neocloud providers, buys the NVIDIA chips for its AI factories and rents out the computing, so its contracted megawatts include the chips.
Two AI factories operate and five more are targeted for September 2028
Firmus said on 8 September that two of its seven AI factories are operating, in Australia and Singapore, and that five are under development for service within 24 months, which puts the last of them at September 2028. The float proceeds will fund further capital spending, according to people familiar with the draft prospectus, Reuters reported in September.
On Batam, Firmus and data centre developer DayOne are building a 360MW campus, sized for up to 170,000 NVIDIA GPUs, and Firmus is seeking about US$10 billion to buy the chips, US$7.5 billion of it as debt. Capital Brief reported on 29 September that Meta will take one of three planned AI factories on the island.
Site | Capacity | Where it stands |
|---|---|---|
Melbourne, CDC Brooklyn campus | Not published | Operating; Meta runs NVIDIA GB300 racks |
Singapore | Not published | Operating |
Batam, Indonesia, with DayOne | 360MW | Due to operate from the first quarter of 2027 |
Two sites in Malaysia | Not published | OpenAI signed as anchor customer, 8 September 2026 |
Bell Bay, northern Tasmania | 288MW | Approved 25 August 2026; appeals lodged with the state tribunal |
St Leonards, Launceston | 90MW, 44MW in the first stage | Due to start operating in early 2027 |
Wesley Vale, northern Tasmania | About 52MW, from a first stage of about 26MW | Awaiting a planning decision |
Tailem Bend and Stirling North, South Australia | 2.7GW planned | 600MW, 12-year power supply agreed with Gunvor |
Source: Firmus releases, June to September 2026; George Town Council; ABC News; Launceston City Council via DCD. The table includes announced and planned sites beyond the seven Firmus counts, and Firmus has not said which are the five under development.
In Tasmania, the three sites add up to about 430MW. Firmus told Tasmania's parliamentary inquiry it expects to contract about 444MW of electricity across the three once they are fully built. Hydro Tasmania is assessing that request and expects an outcome by the end of 2026. St Leonards is supplied by Aurora Energy under a 104MW contract. Firmus builds its halls from HyperCube modules, factory-made units carrying the cooling, power and pipework, and in August agreed to buy the Benmax businesses that make them in regional New South Wales for A$300 million.
What to watch
The bidding. Large investors bid from 6 to 9 October. Whether Firmus sells the extra US$500 million of shares will show how far demand ran past the deal size.
The prospectus. It is expected to set out the revenue, customers and debt behind the float, and which sites make up the five targeted for September 2028.
Hydro Tasmania. Its decision on the 444MW request for the three Tasmanian sites is expected by the end of 2026.
The prediction. A debut on 23 October would settle the first of the six Australian predictions for the rest of 2026.