SCX.ai Holdings Ltd (ASX:SCX) has begun trading on the ASX after completing a $40 million initial public offering, with the sovereign artificial intelligence infrastructure provider reporting strong growth in contracted revenue, customers and platform usage ahead of its market debut.
The company raised $40 million at an offer price of $0.30 per share.
ARR and customer base accelerate
Contracted annual recurring revenue (ARR) reached $6.5 million at the end of July, up around 20.9% from $5.4 million at the end of May, driven by new enterprise customers and expansion within its existing client base.
Active paying customers increased to 49 from 13 over the same period, while the platform had more than 400 active users, compared with 298 as of June 23.
The company has also reported rapid growth in demand for its AI inference capacity, with token utilisation more than doubling each month between April and July.
Paid utilisation of its first infrastructure node reached just under 35% at the end of July, supported by increased sales and adoption of the company's AI models and enterprise services.
Chief executive officer and co-founder David Keane said the increase in ARR and paying customers reflected growing demand from Australian enterprises seeking greater control over data residency and AI infrastructure.
Node 2 and global distribution support expansion
SCX's Node 1 infrastructure is operating at the Equinix SY5 data centre in Sydney using SambaNova SN40L application-specific integrated circuits.
The company is now targeting the end of calendar 2026 for Node 2 to become operational, adding further capacity as it looks to expand its infrastructure footprint into additional Australian locations over time.
Commercial expansion is focused on enterprise and government customers across financial services, technology, healthcare, legal and government-adjacent sectors.
SCX has also added LLMGateway as a global distribution partner for its token capacity. The platform connects infrastructure providers with more than 40 major AI token users globally through a single API, giving SCX another channel to sell capacity into international markets.
Looking ahead, SCX intends to bring Node 2 online during 2026, convert more of its 400-plus active users into paying customers, lift token utilisation and continue expanding its go-to-market team to service its enterprise and government pipeline.
About SCX.ai
SCX.ai is an Australian sovereign AI inference-as-a-service provider, deploying AI computing capacity using energy-efficient SambaNova ASIC chips within geographically controlled data centre infrastructure.
Its platform is designed to give Australian and regional enterprises access to AI computing capacity while keeping data onshore and under Australian control.