Australian AI data centre company Firmus Technologies, backed by Nvidia, has raised $505m in new equity at a $5.5bn valuation and is now targeting a $2bn listing on the Australian Securities Exchange (ASX) in June or July. The company is building what it calls AI Factories powered by renewable energy and plans to deploy 1.6 gigawatts of liquid-cooled AI compute across Australia by 2028. The third equity round Firmus has completed in six months, bringing total equity raised to approximately $1.35bn. If completed at that scale, it would rank among the largest technology listings in Australian history. Firmus’s flagship asset is Project Southgate, a $4.5 billion initial construction programme in Launceston, in northern Tasmania, which aims to provide a low-carbon compute footprint that most data centre operators cannot match.