Firmus reportedly expects a $77 million first-half loss before $5 billion IPO

Reuters says the Australian data center operator’s draft prospectus attributes its losses to the cost of building capacity and landing large customers.

1 Source, 16d ago, first seen 16d ago

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Australian data center operator Firmus expects a $77 million after-tax loss for the first half of fiscal 2027 as it prepares a $5 billion IPO, Reuters reports, citing people familiar with a draft prospectus. The company, backed by investors including Blackstone, operates two data centers and is developing five more across Asia-Pacific. The draft reportedly describes Firmus as historically loss-making and says IPO proceeds would fund additional capital spending. Firmus declined to comment; the prospectus is due October 8 and trading is expected to begin October 22.

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Firmus reportedly expects a $77 million first-half loss before $5 billion IPO

Reuters says the Australian data center operator’s draft prospectus attributes its losses to the cost of building capacity and landing large customers.

1 Source, 16d ago, first seen 16d ago

Firmus executives in the company's global operations center.

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1 Source, first seen 16d ago

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Australian data center operator Firmus expects to report a $77 million after-tax loss for the first half of fiscal 2027 while preparing a $5 billion initial public offering, Reuters reported, citing people familiar with a draft prospectus circulated to investors.

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The loss is a pro forma estimate for the six months in the financial year ending June 30, 2027. Reuters says the draft includes no forecast beyond that period and describes the company as historically loss-making. Firmus declined to comment.

The IPO would finance another expansion phase

Firmus was founded in 2019, is backed by investors including Blackstone and counts Nvidia, Meta and OpenAI among its customers, according to Reuters. It currently operates two data centers in Australia and Singapore and has five more under development across the Asia-Pacific region, mostly at early stages.

The draft prospectus reportedly attributes past losses to the cost of developing the business and building enough capacity to secure large customer agreements. IPO proceeds would fund further capital spending. One source told Reuters that Firmus estimates its completed facilities could generate a combined $5 billion in annual earnings within five years; that remains a company projection rather than realized performance.

The institutional bookbuild is due to begin October 6, with the prospectus expected on October 8 and trading on the Australian Securities Exchange scheduled for October 22. Dealogic data cited by Reuters would make the offering Australia’s second-largest IPO after Telstra’s 1997 listing.

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