Australian AI infrastructure company Firmus plans to raise up to $5.5 billion through an initial public offering at a valuation of approximately $30.6 billion, with investor demand already exceeding the offering size. The listing would mark the second-largest IPO in Australian history, with underwriting banks expecting institutional subscriptions to close one day early due to strong interest. Firmus intends to allocate roughly half of the shares, including the over-allotment option, to existing strategic and financial investors such as Nvidia, Coatue, Blackstone, and Jane Street. The proposed offering price represents a near tripling of the company's valuation from $10.5 billion just two months ago following a $2 billion strategic equity financing round in August. The prospectus is expected to be filed on October 12, with trading scheduled to begin on the Australian Securities Exchange on October 23. Firmus develops and operates modular AI factories, currently running data centers in Melbourne and Singapore while continuing expansion across the Asia-Pacific market.