Reuters reported the offer implies an equity valuation of US$30.6 billion (A$44bn) for a company worth just $1bn 12 months ago.
Institutional bidding for an allocation runs October 6-9, with ASX trading scheduled for Oct 23.
Indicative orders already exceed the offer, the term sheet says, but Firmus declined to comment to Reuters.
The proposed listing will be Australia’s second largest IPO, behind Telstra’s 1997 privatisation.
Firmus began as a bitcoin miner in 2019 before shifting into data centres, or as it rebranded them “AI factories”. The company hopes to build seven sits in across, Singapore, Indonesia and Malaysia within two years.
So far just two are operating.
Its expansion includes projects in northern Tasmania, where construction, planning approvals and community concerns have accompanied the company’s growth. In Sydney this week, Goodman withdrew plans for a Northern Sydney data centre after community pushback and and broader changes to location rules by government.
The IPO pricing follows an announcement this week of a deal with Facebook parent Meta covering computing capacity at its Southeast Asian facilities. Firmus said the arrangements include committed capacity and options for further expansion to support Meta’s AI research and model training. Financial terms were not disclosed.
Meta already uses Nvidia systems at the Firmus Melbourne facility.
But for shareholders, the distinction between contracted demand and optional expansion will be central to assessing the valuation. The Firmus float will test whether public investors share its private backers’ appetite for financing AI infrastructure at scale.
