The company, backed by investors including Blackstone and counting major technology companies such as Nvidia, Meta and OpenAI among its customers, is preparing to list on the Australian Securities Exchange on October 22.
The proposed share sale would rank as the second-largest IPO in Australian history, behind telecommunications giant Telstra’s $10 billion listing in 1997, according to Dealogic data.
Local media reports have suggested that Firmus could be valued at as much as $60 billion following the listing, although the final valuation will depend on investor demand and the terms of the offering.
The planned IPO comes as demand for data centre capacity continues to grow alongside the rapid expansion of artificial intelligence, with technology companies requiring increasingly large amounts of computing infrastructure to train and operate AI systems.
Firmus is expected to report a pro forma loss after tax of $77 million for the six months ending December 31, 2026, within the financial year ending June 30, 2027, according to two people familiar with the draft prospectus.
The sources, who spoke on condition of anonymity because the document remains confidential, said the draft prospectus was circulated to prospective investors this week.
The document did not include financial forecasts beyond the first half of the 2027 financial year, the sources said.
Firmus declined to comment on the contents of the draft prospectus.
Growth comes ahead of profitability
The draft document describes Firmus, which was founded in 2019, as historically loss-making, according to one of the sources.
The company's losses have been attributed to the costs associated with developing and expanding its operations to a scale that would allow it to secure substantial agreements with major customers.
Proceeds from the planned IPO are expected to help fund further capital expenditure as Firmus expands its data centre footprint across the Asia-Pacific region.
The company currently operates two data centres in Australia and Singapore, while five additional facilities are under development, most of them still in the early stages.
One source said Firmus estimates that its completed data centre portfolio could generate combined annual earnings of about $5 billion within five years.
The projections underline the scale of the company's expansion plans and the investment required to build infrastructure capable of supporting the growing computing demands of AI.
Major test for AI infrastructure investors
The listing will provide a significant test of investor appetite for companies seeking to capitalise on the surge in spending on AI infrastructure.
The rapid development of generative AI has prompted technology companies and investors to commit billions of dollars to data centres, specialised computing equipment and related infrastructure.
Firmus' customer base, which includes Nvidia, Meta and OpenAI, places the company within a sector benefiting directly from that expansion.
At the same time, its expected losses highlight the substantial upfront costs involved in building and scaling data centre infrastructure before facilities become fully operational.
The company's ability to attract investors at its targeted valuation will therefore be closely watched as the Australian market prepares for one of its largest-ever listings.
According to a term sheet reviewed by Reuters, Firmus is scheduled to begin an institutional bookbuild on October 6, with the prospectus expected to be released publicly on October 8.
The company is due to commence trading on the ASX on October 22, subject to completion of the offering and listing requirements.