Firmus has priced its planned ASX IPO at A$11 a share and is seeking to raise about US$5 billion, giving the AI data-centre operator an equity valuation of US$30.6 billion, or roughly A$44 billion. The valuation is nearly triple the US$10.5 billion achieved in an early-August fundraising round. The offering would be Australia’s second-largest IPO if completed, with trading scheduled to begin on October 23, 2026. Indicative investor orders already exceed the deal size, and bookbuilding is due to start on Tuesday. Firmus expects five planned Asia-Pacific data centres, together with existing facilities in Melbourne and Singapore, to generate about US$5 billion in annual earnings within five years. Investors remain divided over whether the company can execute its expansion plans, manage roughly US$30 billion of debt and justify the valuation. Backers and supporters cited across the reports include Blackstone, Nvidia, Wilson Asset Management, Argo, Coatue and Jane Street, while Meta and OpenAI are among its major customers.