Nvidia-Backed Firmus Seeks Up to $5B in October Australia IPO to Fund 1.6GW Project Southgate

Australian AI data-center provider Firmus is targeting an ASX listing at end of October to raise up to A$7B (~US$5B), one of the largest tech IPOs in Australian history. Backed by Nvidia and Blackstone (via a US$10B debt facility signed in February), Firmus was valued at ~US$10.5B in August after a US$2B equity round. Proceeds fund Project Southgate, its 1.6GW AI compute buildout across Australia, plus Indonesia and Malaysia expansion. Investor meetings across Asia are underway.