Nvidia-Backed Firmus Targets $30B Valuation in October ASX Float

Firmus Technologies is targeting an October ASX listing that could value the data-center builder between $20B and $30B, nearly doubling its $15.5B valuation from a July capital raise. The company secured a $10B debt facility led by Blackstone for its Project Southgate expansion across Australia, targeting 1.6 gigawatts of operational capacity by 2028. OpenAI recently signed as an anchor customer for two Firmus factory sites in Malaysia, bringing total contracted capacity across all customers to over 900 megawatts. Firmus is also developing a 360 megawatt campus in Batam covering up to 170,000 Nvidia accelerators, projecting an expected committed offtake of $25B to $30B over its first six years. Prospective investors are weighing the massive hardware targets against the debt-heavy cost of building them and the background of founder Oliver Curtis, who previously served prison time for insider trading.