Street Talk

AI dark horse Firmus in $280m pre-IPO raise; eyes 2026 ASX listing

Sarah Thompson, Kanika Sood and Emma Rapaport

Updated Jun 23, 2025 – 2.58pm, first published at 10.56am

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Like artificial intelligence and infrastructure? Welcome to the latest ASX-aspirant, Firmus Technologies, which is close to ruling off a $US180 million ($280 million) raising ahead of a sharemarket float next year.

Firmus, bootstrapped with funding from sovereign wealth fund Temasek and KKR-backed ST Telemedia Global Data Centres, is expected to use the pre-IPO proceeds to start construction of a 100MW “AI factory” in Tasmania.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.