Firmus Grid Limited

Firmus

Offer Price

A$11.000

per share

Offer Size

A$7,100,000,000

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Firmus

FIR2

Lead Manager

Contact - Kirwan Mactaggart

0448 237 054

kirwan@liquidity.com.au

Offer Price

A$11.000

per share

Offer Size

A$7,100,000,000

Australia’s second-largest IPO

A landmark opportunity to invest in an AI giant through the ASX

Firmus is an Australian AI infrastructure powerhouse, backed by NVIDIA and developing a substantial network of advanced data centres across Asia Pacific. With more than 900 megawatts of contracted capacity, its ambitions extend far beyond its two operating facilities. Its proposed ASX debut, at an implied A$43.7 billion valuation, would mark Australia’s second-largest IPO, bringing a major AI infrastructure business to public markets at a significant moment for the sector.

Offer Details

Issue Price (Per Share)

A$11.000

Offer Size

A$7,100,000,000

Shares Available

645,454,545

Why Invest in Firmus?

Firmus offers investors exposure to large-scale AI computing infrastructure, combining major technology relationships, proprietary engineering and an ambitious Asia-Pacific expansion strategy. Its proposed listing would be Australia’s second-largest IPO, a landmark opportunity to access this sector through the ASX.

  • Global backing. Firmus counts NVIDIA and Blackstone among its backers, alongside Australian investment managers Wilson Asset Management and Argo. These relationships bring significant institutional credibility, although they do not guarantee investment returns.
  • Major customers. Meta already uses Firmus’ Melbourne AI factory and has signed agreements for additional GPU computing capacity in Southeast Asia, including contracted capacity and expansion options to support AI research, model development and training.
  • Differentiated technology. Firmus’ proprietary HyperCube platform, co-designed with NVIDIA, integrates liquid cooling, power and mechanical systems into factory-built modules. The platform is designed to accelerate deployment and deliver more computing output per watt of energy.
  • Expansion potential. Existing facilities in Melbourne and Singapore provide a foundation for five planned Asia-Pacific data centres. Firmus projects approximately US$5 billion in annual earnings within five years from this expanded network; this is a company forecast, not established earnings.
  • IPO significance. The proposed float would bring a substantial Australian AI infrastructure business to public markets. Reuters reported that indicative investor orders already exceeded the offer size ahead of book-building, demonstrating considerable initial interest, not a guarantee of aftermarket performance.

Who are Firmus?

Firmus is an Australian AI infrastructure company building the computing backbone behind artificial intelligence. It designs, builds and operates specialised “AI factories”, integrating powerful NVIDIA processors, advanced liquid cooling, energy systems and proprietary software to support demanding AI workloads. Rather than backing a single AI application, investors gain exposure to the infrastructure that enables AI development and deployment.

Its ambitions are substantial. Firmus has announced more than 900 megawatts of contracted capacity, agreements with Meta and OpenAI, and a strategic NVIDIA partnership running through 2034. Its planned 360-megawatt campus in Batam, Indonesia, covers up to 170,000 NVIDIA AI accelerators, positioning it among Asia-Pacific’s largest AI infrastructure developments. These are contracted and planned commitments, not fully operational capacity.

The investment potential lies in combining major customer relationships with a scalable infrastructure platform. Firmus’ proprietary HyperCube technology is designed to bring computing capacity online faster and improve energy efficiency, supporting its ambition to become a significant supplier of AI computing across the region. Realising that potential depends on delivering the planned facilities and achieving attractive commercial returns.

Offer documentation

Please directly contact our broker below to access the offer documentation:

.

Kirwan Mactaggart

kirwan@liquidity.com.au
0448 237 054

Disclaimer

This site does not constitute an offer, recommendation, or invitation to any person, nor does it purport to provide all of the information an interested party may require in order to investigate the affairs of Firmus Grid Limited. This site is provided for information only and has not been prepared with the intention that the recipient should rely on it. Liquidity Technology Pty Ltd ("Liquidity") does not make any representation in relation to the contents of this site or give any assurances as to the accuracy or the degree of care or diligence used in preparing this document. The information, data, and advice herein is provided to recipients on the clear understanding that Liquidity nor any of its representatives, directors, officers, employees, agents, or advisers makes any representation or warranty about its accuracy, reliability, completeness, or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages, and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data, or advice contained in or for any omission or for any other information, statement, or representation provided to any recipient (including, but not limited to, as a result of information, data, or advice being inaccurate, unreliable, incomplete, or unsuitable in any way and for any reason whatsoever). Users of this site must conduct their own investigation and analysis regarding any information, statement, or representation contained or provided to any recipient or its associates by Liquidity or any of the Liquidity Personnel. Each recipient waives any right of action, which it has now or in the future against Liquidity or any of the Liquidity Personnel in respect of any errors or omissions on or from this site, however caused. All rights are reserved. If the whole or any part of a provision of this "Notice and Disclaimer" is invalid, illegal, or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.

Disclosure of Interest: Liquidity receives commission from dealing in securities and its introducers of business may directly share in this commission. Liquidity and its associates may hold shares in Firmus Grid Limited.

Firmus Grid Limited

IPO

Firmus

FIR2

Offer Price

A$11.000

per share

Offer Size

A$7,100,000,000

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