Artificial intelligence company Firmus has reportedly intensified its global IPO charm offensive, pitching a bold vision to investors that includes a transition towards a real estate investment trust model and ambitious sale-and-leaseback strategies.
Seeking to raise approximately US$3 billion ahead of a mooted June listing, the company’s pitch deck reveals a US$9.1 billion revenue pipeline.
However, this figure carries significant customer concentration risk, with nearly 90% of the contracted value tied to just two "cornerstone" clients: Nvidia and a US hyperscaler widely identified as Meta.
To mitigate concerns, co-chiefs Oliver Curtis and Tim Rosenfield have highlighted that these take-or-pay contracts boast a weighted-average duration of 4.8 years, providing a stable foundation for their projected expansion.
The "neocloud" contender aims to scale its operations more than 21 times to 3.3 gigawatts, eventually housing nearly one million Nvidia chips.
While currently operating only 5 megawatts of its contracted portfolio, Firmus claims a "dirt-to-token" timeline of just 12 months, with data centre construction costs purportedly less than half the industry standard.
The company is eyeing sales and leasebacks of its land and buildings, a mechanism often utilised in traditional infrastructure to unlock capital.