Firmus Technologies targets $30 billion valuation ahead of October ASX float

Firmus Technologies is courting a valuation of up to $30 billion as it prepares for an Australian Securities Exchange (ASX) IPO scheduled for October. The Sydney-based company recently raised capital valued at $15.5 billion, with funding from Nvidia, Blackstone, Coatue, and the Maas Group. Multiple sources indicate discussions regarding a valuation between $20 billion and $30 billion are currently underway. To achieve this target, Firmus intends to assemble additional data-center deals, including a second AI factory in Asia that could be located in Malaysia, following its existing operations in Batam, Indonesia. A significant factor supporting these valuations is a five-year cashflow-backed agreement with Meta. The company compares itself to US-listed competitors like CoreWeave, Nebius, and Iren. Sources suggest Firmus could secure an EBITDA multiple of 12 to 13 times earnings, potentially resulting in annual profits of at least $3 billion.