SCX.ai begins ASX trading after AUD $40 million IPO

SCX.ai began trading on the Australian Securities Exchange after completing an AUD $40 million initial public offering. The stock lists under the ticker SCX.

The Australian artificial intelligence infrastructure company entered the market with updated operating figures showing stronger growth than those in its prospectus. Contracted annual recurring revenue rose to AUD $6.5 million by July 31 from AUD $5.4 million at the end of May, while paying customers increased to 49 from 13 in roughly two months.

Active users on the SCX platform also climbed, rising from 298 in late June to more than 400. Token utilisation more than doubled each month between April and July, according to the company. The metric measures computing work generated when an AI model responds to prompts, analyses data or carries out tasks.

SCX.ai is positioning itself as Australia's first listed pure-play AI infrastructure company. Its business centres on AI inference, the computing used when trained AI models are deployed in live tasks such as chatbots, document analysis, automated workflows and software agents.

Rather than developing foundation models, the company is building and selling access to computing capacity hosted in Australian commercial data centres. It is targeting enterprise, government and AI-focused customers that want local hosting and control over where data is handled.

Its first node is operating at Equinix SY5 in Sydney and uses processors from US chip company SambaNova Systems. The processors are application-specific integrated circuits designed for AI workloads, rather than the graphics processing units more commonly associated with the sector.

An industry report cited by SCX.ai said the hardware has delivered 2.5 to 5.6 times the performance per watt of comparable GPU-based alternatives for selected stable inference workloads. That matters as companies and governments scrutinise the energy and water use linked to AI infrastructure more closely.

In Australia, policymakers have introduced new requirements aimed at making data centre operators contribute more to the electricity and water infrastructure needed to support expansion. Against that backdrop, SCX.ai argues that more useful AI computing can be produced from existing power supply and floor space inside commercial data centres.

Founder and Chief Executive Officer David Keane said recent growth pointed to demand for local AI infrastructure. "Reaching A$6.5 million in ARR, and growing our paying customer base to 49, reflects both the quality of our sovereign AI infrastructure and the urgency of demand from Australian enterprises who need data residency and control," Keane said.

"That local onshore demand, combined with the growing network demand from international gateways like LLMGateway, provides the foundations to continue to scale to meet customer demand," he said.

Expansion plans

The listing proceeds are set to fund further build-out. Node 1 is already operational in Sydney, while a second node is being deployed, with the company targeting the end of calendar 2026 for it to become operational.

Additional Australian locations are planned as demand grows. In the near term, management is focused on converting more than 400 active users into paying customers, increasing token use among existing clients and expanding its enterprise and government sales effort.

The company is targeting sectors including financial services, technology, healthcare, legal services and government-adjacent organisations. Those industries tend to face tighter requirements around data handling, auditability and system control, which can favour locally hosted computing infrastructure.

Keane said two measures were central at this stage of the business. "The numbers that matter most right now are capacity utilisation and conversion," he said.

"We have over 400 active users of the platform that underpin the company's near-term revenue potential. Token consumption has more than doubled each month from April to July 2026, which tells us our products are delivering and customers are growing into their commitments.

"On the infrastructure side, our SambaNova ASIC AI hardware has continued to prove out. As energy becomes a sensitive commercial issue for data centres, we are delivering on the efficiency metrics that matter. This is the story that resonates with every CFO and CTO who is facing a growing token bill and data residency obligations," he said.

The listing comes as investors continue to look for ways to gain exposure to AI-related infrastructure beyond model developers and software providers. In SCX.ai's case, that means betting on demand for inference computing in Australia and on whether the company can turn early user growth into sustained recurring revenue.

"We are confident that we have the infrastructure, the partnerships, the pipeline and now the public market platform to build something genuinely significant for our shareholders," Keane said.