Firmus delays ASX float as Meta deal expands

By the Editorial Team · Wednesday, September 30, 2026

Firmus has postponed its IPO on the ASX by two weeks following an expanded five-year offtake agreement with major customer Meta for its Indonesian AI data center. This extended deal highlights Meta's central role in Firmus's growth as the company aims to raise $5 billion and scale data center capacity to 41 gigawatts across the Asia-Pacific region.

Firmus has delayed the timeline of its initial public offering (IPO) on the Australian Securities Exchange (ASX) following an expanded agreement with major customer Meta, according to a company announcement on Tuesday. The technology firm, which is developing data centers primarily in Southeast Asia and Australia, now plans to open its bookbuild on October 8 instead of October 6, closing on October 9. The prospectus is scheduled to be lodged on October 12, with the ASX listing postponed to October 23 from the originally intended October 22.

The updated prospectus and roadshow materials reflect a newly extended five-year offtake agreement with Meta for the Indonesian artificial-intelligence factory Firmus is building exclusively for the tech giant's use. This deal underscores Meta’s role as a key customer in the company’s growth strategy.

Speculation is also rising about potential investor escrow arrangements tied to the IPO, though details remain unconfirmed. Reports suggest some pre-IPO investors might be allowed to sell approximately 20% of their shares upon the first day of trading. This potential arrangement would be separate from the Australian Securities and Investments Commission (ASIC) mandated escrow restrictions applying to Firmus’ founders and their families, where family members are permitted to divest 10% of their stake initially. Firmus employees are reportedly allowed to sell up to 33% of their holdings on day one. Should these additional escrow agreements be confirmed, they would resemble the structure employed during SpaceX’s IPO, which included lock-up agreements on pre-IPO investor shares.

Firmus has yet to announce a final price for the offering, though market sources estimate the company’s valuation could range between $40 billion and $45 billion (USD). The IPO aims to raise approximately $5 billion (USD). The offering reportedly has secured around $38 billion in committed capital from U.S.-based partners including Nvidia, Blackstone, and Coatue Management, the latter a significant backer involved in Firmus’ data center construction projects.

Currently, Firmus holds $67.8 billion (USD) in contracted data center operations, with 57% located in Malaysia, 29% in Indonesia, and 14% in Australia. The company operates data centers in Melbourne, owned by CDC, as well as in Singapore, though it remains unprofitable at present. It projects reaching $5 billion (USD) in annual earnings before interest and tax (EBIT) by 2028, based on plans to bring its Malaysian and Indonesian data centers online, along with new developments in Tasmania. Meta is expected to be the leading client at the Launceston facility, while OpenAI is designated as the primary customer for the Malaysian site.

Looking ahead, Firmus targets a medium-term data center capacity of 41 gigawatts, positioning itself as a major infrastructure provider for artificial intelligence and cloud computing in the Asia-Pacific region.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.