Firmus Raises $505M, Eyes Massive ASX IPO

Australian AI data center company Firmus Technologies has raised $505 million at a $5.5 billion valuation, led by Coatue Management with continued backing from Nvidia. The round is the third and final raise ahead of a planned IPO on the Australian Stock Exchange in June or July. Firmus aims to raise an additional $2 billion through the IPO, which would rank among Australia's largest tech listings ever. The company is building a $1.37 billion campus in Launceston, Tasmania, set to house 36,000 Nvidia GB300 chips powered by renewable hydroelectric energy.