Firmus Energy expects a 77 million dollar first-half loss as it moves ahead with plans for a 5 billion dollar IPO, sources say.

Australian data centre company Firmus is expecting a net loss of around $77 million in the first half of the 2027 financial year as it moves forward with plans for a major $5 billion initial public offering (IPO), according to people familiar with a draft prospectus. The company, which has backing from investors including Blackstone and counts Nvidia, Meta and OpenAI among its customers, is preparing to list on the Australian Securities Exchange on October 22.

If completed at the targeted size, Firmus' IPO would rank as Australia's second-largest share market debut, behind Telstra's roughly $10 billion listing in 1997, according to Dealogic data. Local media reports have suggested that the company could eventually command a valuation of as much as $60 billion following the listing.

The planned offering comes as investors closely watch the rapid expansion of artificial intelligence infrastructure. Data centres require significant computing capacity to support AI models and services, creating strong demand for specialised facilities and related infrastructure. According to two people who reviewed the confidential draft prospectus, Firmus expects a pro forma loss after tax of approximately $77 million for the six months ending December 31, 2026, within the financial year ending June 30, 2027. They requested anonymity because the document has not yet been made public.

The draft reportedly does not provide financial forecasts for the remainder of the 2027 financial year. It also describes Firmus, which was established in 2019, as having historically operated at a loss. The company's earlier losses have been linked to the substantial costs involved in building and expanding its operations and securing large-scale agreements with customers. Funds raised through the IPO are expected to support additional investment and capital expenditure as Firmus expands its data centre network.

A third person familiar with the document said Firmus estimates that its completed data centre portfolio could generate combined annual earnings of about $5 billion within five years. Firmus currently operates two data centres in Australia and Singapore, while five additional facilities are under development across the Asia-Pacific region. Most of those projects remain at relatively early stages.

The company is scheduled to begin its institutional bookbuild on October 6, according to a term sheet reviewed by Reuters. The prospectus is expected to be released publicly on October 8. Firmus has not commented on the reported financial projections or the details contained in the draft prospectus.