Firmus targets an ASX valuation 3.3 times its August private mark

The August private round valued Firmus at roughly A$15 billion ^[11]. The float targets near A$50 billion, 3.3 times that mark about two months later ^[2][1]. The earlier climb was slower. Nvidia supported a $330 million round in September 2025 at $1.85 billion, and Coatue Management led $505 million in April 2026 at $5.5 billion. By August the figure was about $10.5 billion, 5.7 times in eleven months ^{[9][10][11][2]}.

Firmus raised $1.35 billion across the six months to April 2026 and another $2 billion for a project it calls Project Southgate, about $3.35 billion. The listing would add roughly $5 billion more ^{[10][11][4][4]}. The June 2026 contract with Nvidia is $30 billion to build a 360-megawatt site in Batam, Indonesia, using 170,000 Nvidia chips ^[12]. That prices the site at about $83 million a megawatt. At the same rate the more than 900 megawatts Firmus says it has contracted would be a roughly $75 billion build, nine times the equity in the company including the float ^[11][13][12].

Circular financing, in the definition Cryptopolitan gives, is Nvidia investing in a company that then spends the money on Nvidia products, and the practice can make revenue and demand look bigger ^[17]. Nvidia appears on both sides of the Firmus record. It supported the September 2025 round, and the April 2026 round was tied to its Vera Rubin DSX chip design. The Batam site runs on 170,000 of its chips ^[9][10][12]. The same account describes Firmus's biggest customers as also its biggest backers ^[19].

Founders' shares are restricted after the listing, with 10 percent sellable at 12 months and a further 39.9 percent at two years, so 50.1 percent stays locked past the second anniversary ^[16][7]. Co-CEO Oliver Curtis was jailed at 30 for insider trading that made him $1.43 million. He served 12 months and was released in 2017. He later put $250,000 into Firmus when the whole company was worth $81 million, about 0.31 percent of it ^[15][8].

Batam is 360 of more than 900 contracted megawatts, so around 40 percent of the book sits with a company that also holds equity ^[12][13][6]. I think that concentration is what a buyer near A$50 billion is underwriting, more than the jump in the multiple. The counter-case is real. A 360-megawatt contract with Nvidia and an OpenAI booking across two Malaysian sites are the strongest credits available in the sector, and a company founded in Sydney in 2019 as a bitcoin miner has gone from $81 million to a A$50 billion ask by selling capacity that keeps getting signed ^[7][13][15]. The prospectus settles the question if it shows the Indonesian and Malaysian capacity paid for in cash, on terms held by parties who are not also shareholders.