When is Sharon AI listing on the ASX?

Sharon AI is targeting an ASX listing in the second half of July 2026, according to the Australian Financial Review. As of late June, it had begun a non-deal roadshow, meeting Australian fund managers through Macquarie Capital. The price, the size of the raise and the prospectus had not been set, so the timing could move.

Why is Sharon AI listing on the ASX when it already trades on the Nasdaq?

Leopold Aschenbrenner is a former OpenAI researcher who wrote the 2024 essay “Situational Awareness” and built a hedge fund of the same name. His fund anchored Sharon AI’s US$1.6 billion raise in June 2026. He invests on the view that power and computing capacity are the binding constraints on AI, and the fund also holds the Sydney-founded operator IREN.

How does Sharon AI compare to Firmus and IREN?

All three are Australian-founded AI infrastructure companies. Sharon AI builds in Australian data centres and is targeting an ASX listing via CDIs in July. Firmus is the largest by planned capacity, with its Project Southgate build, but its ASX float has slipped past September. IREN, founded in Sydney, runs most of its capacity offshore and remains Nasdaq-only.

Sharon AI targets July ASX listing, backed by Aschenbrenner

At a glance

Sharon AI (NASDAQ:SHAZ), an Australian-founded AI cloud company, has begun meeting Australian fund managers ahead of an ASX listing targeted for the second half of July 2026, with Macquarie Capital running the roadshow.
The listing would be Sharon AI’s second. It listed on the Nasdaq in February and would dual-list on the ASX through CHESS Depositary Interests, letting Australian investors and super funds buy the stock locally.
It follows an oversubscribed US$1.6 billion raise on 17 June, anchored by Leopold Aschenbrenner’s Situational Awareness fund and Oaktree Capital Management.
Aschenbrenner, a former OpenAI researcher, runs Situational Awareness on the thesis that power and computing capacity, not software, are the binding constraint on AI. The fund also holds the Sydney-founded operator IREN.
Sharon AI builds its AI capacity in Australian data centres, with 102MW of its planned 132MW already contracted.

A roadshow ahead of a July listing

Sharon AI has started meeting Australian fund managers ahead of a planned ASX listing, the Australian Financial Review reported on 22 June. Macquarie Capital sent invitations for meetings with chief executive James Manning in what the AFR described as a non-deal roadshow, the round of investor meetings a company holds before a formal offer. No presentation, price or offer size has been set.

Manning is targeting an ASX debut in the second half of July, according to the AFR. Street Talk has put the Australian raise at upwards of US$200 million, a figure it expects to rise after Sharon AI’s recent contract and funding wins. A July listing would bring Sharon AI to the ASX ahead of the larger Firmus, whose float has slipped past September.

A second listing, on top of the Nasdaq

Sharon AI listed on the Nasdaq in February at US$30 a share, and this month raised an oversubscribed US$1.6 billion, the outside-capital leg of the neocloud financing model we have set out before. Coming to the ASX weeks later is less about the cash than the register. The listing uses CHESS Depositary Interests, units that trade in Australia and represent an underlying Nasdaq share, and it gives Australian investors and superannuation funds a way to buy a company that builds its AI capacity on home soil.

That capacity sits inside Australian data centres, anchored by its cluster at NEXTDC’s M3 in Melbourne. Its outstanding convertible notes will convert into CDIs immediately before the listing, according to its April filing with the SEC.

Date	Milestone
February 2026	Lists on the Nasdaq, ticker SHAZ
May 2026	Appoints Andrew Penn AO as chair ahead of the ASX move
12 June 2026	Signs a six-year compute collaboration with NVIDIA
17 June 2026	Raises an oversubscribed US$1.6 billion, anchored by Situational Awareness and Oaktree
22 June 2026	Macquarie Capital begins ASX roadshow meetings
Second half of July 2026 (target)	ASX debut via CHESS Depositary Interests

Source: Company disclosures and AFR reporting, June 2026.

The lead backer: Situational Awareness

Sharon AI’s US$1.6 billion raise was anchored by Situational Awareness L.P. and Oaktree Capital Management. Situational Awareness is the hedge fund of Leopold Aschenbrenner, a former OpenAI researcher with a devoted following in AI circles, whose 2024 essay “Situational Awareness: The Decade Ahead” argued that the binding constraint on advanced AI is physical, the power and computing capacity to run it, rather than the software. He built the fund around that essay, seeded by Nat Friedman and Stripe’s Patrick and John Collison. Fortune reported it ran more than US$1.5 billion in 2025 and about US$5.5 billion in disclosed US holdings by early 2026.

The fund invests in the suppliers of power and compute rather than the model developers. Its largest disclosed holding is the fuel-cell maker Bloom Energy, alongside power generators, the AI cloud provider CoreWeave and crypto miners, according to Fortune. It also holds IREN, the Sydney-founded operator, which gives Aschenbrenner two Australian-founded AI infrastructure positions once the Sharon AI placement settles. A fund built on the view that power gates AI, backing a neocloud building on Australian soil, fits the constraint we have tracked all year, where grid access more than capital sets the pace of the local buildout.

What to watch

Sharon AI lifted its capacity through the year, from a 100MW target for early 2027 to 132MW after the NVIDIA deal, and is one of the Australian-founded neoclouds heading for the ASX alongside Firmus. Of that 132MW, 102MW is contracted. The offer price, size and prospectus are still to be set, and the prospectus will carry the firm figures; the AFR expects the raise to exceed the earlier US$200 million mark, with the listing targeted for the second half of July. The next quarterly results and the listing documents are where site-level detail is due.