Firmus will open the institutional bookbuild for its Australian listing on 6 October and begin trading on the ASX on 22 October, according to a term sheet reported by Reuters. The timetable appears in no public document, and no other outlet has it independently.
The rest of the schedule runs from there: bookbuilding on 6 and 7 October, a prospectus filed on 8 October, retail bidding from 12 to 19 October, then the debut. The raise is A$7bn, roughly US$5bn, rising to about US$5.5bn if the overallotment option is taken up.
Bloomberg reported the same target on the same day from its own sourcing, and Firmus confirmed the ambition a week earlier at a US$10.5bn valuation, roughly double the US$5.5bn it carried in April after a US$2bn raise in August.
Reuters reports that founders will see 10% of their holdings released after one year and a further 39.9% after two, settling an argument that has been running since April, when Capital Brief reported claims that the float carried no escrow at all, and a Firmus insider denied it.
Roger Montgomery of Montgomery Investment Management warned at the time that without a lock-up, early investors “don’t have to hang around”, leaving retail buyers exposed.
Morgan Stanley, Bank of America, JPMorgan and Morgans Financial were named as joint lead managers in April. The final syndicate for the book build has not been confirmed separately.
What investors are buying is largely contracted rather than built. Firmus has more than 900MW under contract across seven sites it calls AI factories. Two of them are operational.
The contracted figure exceeded 900MW this month after OpenAI signed as an anchor tenant for dedicated capacity at two Malaysian campuses.
Project Southgate, the Tasmanian flagship, will draw about 288MW on the site of the former Gunns pulp mill at Bell Bay, using direct-to-chip liquid cooling and employing 115 permanent staff.
A 360MW campus in Batam, Indonesia, is expected to house around 170,000 accelerators, with US$25bn to US$30bn in offtake over six years.
Nvidia sits on three sides of the company at once, as strategic investor, chip supplier and revenue-share partner, an arrangement worth watching given that Nvidia has paused parts of that program.
Blackstone provided a US$10bn debt facility in February, Coatue led the US$505m equity round, and Jane Street is also on the register.
Firmus has never published a revenue figure, and the prospectus due on 8 October would be the first document obliged to carry one.