Sharon AI’s secondary listing on the ASX is in store after its $US731 million ($1 billion) Nasdaq debut, as investors continue to chase exposure to companies linked to data centres and digital infrastructure.
The Australian artificial intelligence infrastructure group began trading on the Nasdaq under the ticker SHAZ, positioning itself among a wave of AI-focused listings in the US. The company provides equipment that enables customers to run high-performance chips from Nvidia and AMD used in AI processing.
The US listing included the conversion of a $US100 million convertible note into equity, contributing to the $US731 million valuation.
Sharon AI has appointed Macquarie and Canaccord Genuity to manage its planned ASX secondary listing, expected by April.
Co-founder and chief executive James Manning said the timing of the listing was designed to ensure the company was well capitalised to capture rising demand.
“We have intentionally listed at this time to ensure we are well funded to take advantage of the demand from hyperscale cloud providers, enterprise customers, and AI natives in the Asia-Pacific,” Manning said.
Coming to Australia
Australia has emerged as a preferred location for American technology companies expanding AI capacity in the Pacific, aided by its status as a key US ally and favourable treatment under US export controls on advanced computer chips.
Sharon AI competes with groups such as Firmus Technologies, which has outlined plans to build AI-focused data centres across Australia and is preparing for its own public listing after being valued at $6 billion. It also operates in a similar space to Iren, another Australian-founded business listed on the Nasdaq that rents access to digital infrastructure.
Unlike Firmus, Sharon AI does not build its own data centres. Instead, it installs and operates equipment within facilities owned by partners including NextDC. Manning said the company had recently partnered with Cisco and Nvidia to launch a “Cisco Secure AI factory” in Australia.
The Nasdaq debut comes as investors weigh the scale of capital being deployed into AI infrastructure globally. Recent disclosures from technology giants including Amazon detailing heavy spending plans have unsettored markets, with some shareholders questioning whether returns will justify the outlay.
Manning said concerns that investment levels would translate into weaker demand were overstated.
“I am seeing more than enough demand to handle all of the available energy that we can turn on with our partners in the next couple of years. We have a lot of demand and are investing to match that.”