# Firmus Plans to Hand About Half Its Up-to-$5.5B Australian IPO to Existing Investors

Times of AI Desk · 2026-10-05 · Work

[https://timesof.ai/2026/10/firmus-ipo-half-to-existing-investors](https://timesof.ai/2026/10/firmus-ipo-half-to-existing-investors)

> Two people told Reuters on Oct. 5 that Nvidia-backed Australian AI data-centre operator Firmus plans to allocate about half of its IPO — including the over-allotment — to selected existing strategic and financial investors. Bloomberg reported the allocation first; Bloomberg’s original was not inspected here. Per a term sheet Reuters reviewed, the price is fixed at A$11, raising about A$7.1 billion (~US$4.94 billion) plus a ~US$500 million greenshoe. Reuters puts the equity valuation at about $30.6 billion. Prospectus due Oct. 12; ASX trading Oct. 23.

The clearest public-market price yet for a non-U.S. AI-factory operator is also a float-tightening exercise: about **half the book** goes back to people who already own the stock.

**Two people** with knowledge of the matter told **Reuters** on **October 5, 2026** that **Firmus**, the Sydney-headquartered AI data-centre and modular “AI factory” operator, plans to allocate **about half** of its initial public offering — **including the over-allotment** — to **selected existing strategic and financial investors**. **Bloomberg** reported the allocation detail first; that Bloomberg original was **not inspected** for this piece. Firmus has previously named **Nvidia**, **Coatue**, **Blackstone** and **Jane Street** among its investors. Firmus told Reuters it had “no comment or further detail to provide at this time.”

## The money, in the currencies Reuters used

Per a **term sheet Reuters reviewed** (first in an **Oct. 1** pricing story, then again on Oct. 5):

| Item | Figure (as reported) |
| --- | --- |
| Offer price | **A$11** (~US$7.65) |
| Primary raise | **A$7.1 billion** (~**US$4.94 billion**) |
| Greenshoe / over-allotment | about **US$500 million** |
| “Up to $5.5 billion” | **USD**, including greenshoe |
| Equity valuation | Reuters: about **$30.6 billion** |
| Analyst debt estimate | about **$30 billion** → implied EV about **$60 billion** |
| Prospectus | **October 12** |
| ASX trading | **October 23** |

Indications of interest already exceed the offer, one of the people said. Bookbuilding starts **Tuesday**; banks now expect the institutional book to close **Thursday**, a day earlier than the Friday close in the term sheet. **Bank of America**, **JPMorgan**, **Morgan Stanley** and **Morgans** are leading. It would be Australia’s **second-largest IPO** after **Telstra** (1997).

## How to read the jump

Firmus was valued at about **$10.5 billion** post-money after a **$2 billion** strategic equity round in **August**, when Nvidia and Coatue followed on and Blackstone and Jane Street participated. Reuters’ ~$30.6 billion equity figure is roughly a **tripling in two months**. Handing half the IPO — including the greenshoe — to existing strategic and financial holders **tightens the free float** and can flatter early trading. It also deepens **Nvidia’s** pattern of financing its own infrastructure customers. The ~**$60 billion** enterprise-value line is **equity plus a bank-analyst debt estimate**, not a firm’s audited balance sheet, and the **prospectus is not out yet**.

## Limits

- Allocation plan rests on **two unnamed sources** to Reuters; **Bloomberg** broke it first but was not re-read here.
- Both pricing and allocation stories are **Reuters** (different reporters) — not independent corroboration of each other.
- **$30.6 billion** is how **Reuters** writes the valuation; state currencies as above rather than converting casually.
- **~$60 billion EV** depends on an **analyst ~$30 billion debt** estimate.
- Prospectus due **Oct. 12** — term-sheet figures are pre-prospectus.

## Sources

- [Reuters via StreetInsider: Australia’s Firmus to allocate half of up to $5.5 billion IPO to existing investors, sources say (October 5, 2026)](https://www.streetinsider.com/Reuters/Australias+Firmus+to+allocate+half+of+up+to+%245.5+billion+IPO+to+existing+investors%2C+sources+say/27144700.html)
- [Reuters via MarketScreener: Australia’s Firmus prices shares to raise $5 billion, term sheet shows (October 1, 2026)](https://www.marketscreener.com/news/australia-s-firmus-prices-shares-to-raise-5-billion-term-sheet-shows-ce785ad3d088f026)