Firmus seeks to raise up to $5 billion in Australian IPO, Bloomberg reports

Sept 14 : Australian AI infrastructure company Firmus Technologies is seeking to raise up to $5 billion in its initial public offering in the country, expected at the end of October, Bloomberg News reported Monday, citing people familiar with the matter.

Talks are ongoing, and the report added that details of the offering, including its size and timing, could change.

Last month, the company said it had raised $2 billion in equity in its latest funding round to ramp up the rollout of AI factories in Australia and Asia Pacific, bringing up Firmus' post-money valuation to above $10.5 billion.

August's funding round included participation from Nvidia and tech investor Coatue Management, with backing from Blackstone's funds and Jane Street, suggesting investors remain willing to back AI investments even as concerns mount over heavy spending and the sustainability of the AI boom.

Nvidia's investment follows a separate deal between the two companies under which the U.S.-listed chip giant will provide emerging AI firms with more cost-effective access to computing power.

Firmus declined a Reuters request to comment on the report.

Earlier on Monday, the Australian Financial Review first reported that Firmus was in discussions to raise up to A$7 billion ($5.00 billion) through an IPO.