Firmus plans IPO in Australia on October 23 to raise at least $5 billion

Foresight News, according to Bloomberg, Firmus Grid Ltd., a Bitcoin miner-turned-AI infrastructure company, has priced its initial public offering at 11 Australian dollars per share, seeking to raise at least $5 billion through its initial public offering in Australia this month, which will be one of the largest IPOs in Australian history. The pricing means Firmus is valued at about A$43.7 billion ($30.3 billion), down from previous expectations of as much as A$50 billion. Its ASX listing date has been changed to October 23.

Firmus started as a Bitcoin mining business in Tasmania, Australia in 2019. It has benefited from the surge in demand for artificial intelligence infrastructure in the Asia-Pacific region and currently has multiple data center projects under construction in Australia and Singapore. In August, the company secured $2 billion in investment commitments from investors including Jane Street, Blackstone Group and Nvidia; it also raised $505 million in a funding round led by Coatue Management LLC in April.