Firmus is about to become the second biggest float in Australian history. The only one bigger was Telstra in 1997, which raised A$14B.
The float
- Priced at A$11 a share
- Looking to raise about A$7B
- Institutions get first go from 6 October
- Retail can bid from 12 to 19 October
- Trading expected in late October
- Prospectus expected 8 October
The backers
Before the float, Firmus raised money from Nvidia, Blackstone and Coatue.
The build
Firmus runs data centres in Melbourne and Singapore, and is building in Tasmania, Malaysia and Indonesia. OpenAI has signed up for capacity at two of its Malaysian sites.
My read
The money in AI right now is going into buildings and power, more than the apps. Firmus started as a bitcoin miner in 2019. It is now one of the biggest bets on AI infrastructure in the region, and everyday Australians will be able to buy in.
Not financial advice. Always do your own research, and read the prospectus.