Firmus Technologies expects a $77 million pro forma after-tax loss in the first half of the financial year ending June 30, 2027, as it prepares a potential $5 billion Australian Securities Exchange IPO. The company is negotiating approximately $10 billion in pre-listing financing, potentially comprising $7.5 billion of debt and $2.5 billion of equity, to purchase Nvidia systems and expand AI data centers across the Asia-Pacific region. The institutional bookbuild is scheduled for October 6, the prospectus for October 8 and trading for October 22. If completed at the projected size, the offering would be Australia’s second-largest IPO after Telstra’s $10 billion 1997 listing, while local media reports have said Firmus could be valued at up to $60 billion. Founded in 2019 as a cryptocurrency mining venture, Firmus remains historically loss-making but counts Nvidia, Meta and OpenAI among its customers and investors including Blackstone among its backers. It operates two data centers in Australia and Singapore, has five more under development across the region, and is developing a 360-megawatt Batam, Indonesia, project with DayOne Data Centers plus two planned Malaysian facilities with OpenAI as an anchor tenant. The latest financing account differs from an earlier report of a secured $10 billion Blackstone-and-Coatue debt facility, and the relationship between the arrangements remains unresolved.