Aussie neocloud Firmus is looking to raise up to $5 billion in an initial public offering (IPO).

As reported by Bloomberg and the Australian Financial Review and citing people familiar with the matter, the company is targeting a listing in Australia as soon as the end of October.

Details of the offering, including its size and timing, remain subject to change.

DCD has reached out to Firmus for further information, though the company has declined to comment to other publications.

The company began meeting with investors in Asia on Monday, and is planning to also visit Europe and the US for further meetings before returning to Australia.

Firmus raised $2bn via an equity sale in August 2026, following a previous $505m equity investment round in April. The August round gave the company a post-money valuation of more than $10.5 billion.

Should the company go through with an IPO, it will follow in the footsteps of fellow neoclouds. Nscale is reportedly looking to raise $3bn in an IPO some time this month, while CoreWeave went public at the end of March 2025.

Founded in 2019, Firmus was initially focused on crypto and high-performance compute, specializing in immersion cooling, but today describes itself as a pure AI factory builder.

It has projects under development in Australia, including in Tasmania (x3), as well as in Asia, in Singapore, Indonesia, and Malaysia. The Malaysia data centers will be used by OpenAI, with the two companies signing a capacity agreement earlier this month that brings Firmus’ total contracted capacity to more than 900MW.

In late August, the neocloud entered into a binding agreement to acquire HVAC and mechanical systems developer Benmax’s “Fabrication, Design, and Projects” business, the company behind Firmus’ HyperCube modular data center solution.