Firmus Targets Biggest ASX Listing Since Telstra

Australian AI startup Firmus is preparing for what could be the biggest debut on the ASX since Telstra, Nine.com.au reports.

The company, which specialises in AI-related technology, is weighing a listing that would place it among the most significant floats in the history of the Australian Securities Exchange. A debut of that scale has not been seen since Telstra's landmark privatisation listing.

According to the report, Firmus has been building momentum in the artificial intelligence sector, a field that has attracted intense investor interest globally. The startup's plans signal growing confidence among Australian technology firms that they can command headline-grabbing valuations on their home exchange rather than heading to Nasdaq or New York.

The comparison to Telstra carries weight in Australian markets. The telecom giant's privatisation-era listings remain a benchmark against which all subsequent ASX debuts are measured. A Firmus float approaching that scale would mark a watershed moment for local technology investment.

The move comes as artificial intelligence continues to dominate capital flows, with investors hunting for exposure to companies positioned in the sector. An ASX listing of Firmus's potential magnitude would give Australian retail and institutional investors direct access to a large-cap AI play on their own market.

Details of the listing, including timing and valuation, have not been disclosed, according to Nine.com.au. The report indicates the company is still in the early stages of preparing for the debut.

If Firmus proceeds, the float would test the depth of Australian investor appetite for AI assets at a time when global markets remain focused on the sector's growth prospects. The outcome could shape how other local tech startups approach their own listing decisions in the months ahead.