SCX.ai launches AUD $40m ASX float for AI infrastructure

SCX.ai has launched a fully underwritten initial public offering and plans to list on the Australian Securities Exchange under the proposed code SCX. It is seeking to raise AUD $40 million.

The Australian artificial intelligence infrastructure provider is offering 133,333,334 ordinary shares at AUD $0.30 each. Henslow and Canaccord Genuity are acting as joint lead managers and underwriters.

Proceeds will be used to fund existing and new AI hardware and support services, support growth and customer acquisition, provide working capital, and cover transaction costs. SCX.ai has also applied for admission to the ASX official list and quotation of its shares.

The business is focused on AI inference, the stage at which trained models generate outputs in response to requests from users or software applications. It is positioning itself around Australian-based and Australian-operated infrastructure for organisations seeking local data residency, governance, and operational control.

Its platform combines inference hardware, data-centre infrastructure, private interconnection, and software to access, manage, and monitor workloads. The initial operational node is deployed at Equinix SY5 in Alexandria, Sydney, using inference systems supplied by SambaNova Systems.

Market figures cited in the prospectus point to rapid expected growth in spending on AI inferencing services. An independent industry report estimated that the Australian AI inferencing-as-a-service market would grow from about AUD $0.3 billion in 2025 to about AUD $3.5 billion by 2030, while the global market would rise from about USD $15 billion to about USD $177.4 billion over the same period.

SCX.ai is coming to market with early commercial metrics already disclosed. As of the end of May, it had AUD $5.4 million of contracted annual recurring revenue and AUD $14.6 million of unbilled total contract value.

Usage figures also suggest the company is still at an early stage of rollout. As of late June, the SCX platform had 298 active users, including paying users and those taking part in pre-subscription trials.

The offer comes as investors continue to scrutinise how AI infrastructure companies can expand without the heavy energy, cooling, and property demands associated with conventional graphics processing unit clusters. SCX.ai argues that inference systems can be deployed within existing commercial data-centre footprints rather than through purpose-built facilities.

That positioning reflects a broader push in Australia for sovereign technology infrastructure, particularly among government agencies and regulated industries that want data to remain onshore and under local operational control. SCX.ai was founded around that demand and is targeting enterprises and public-sector customers moving from AI testing into live deployment.

David Keane outlined that argument in remarks released alongside the float. "AI is moving rapidly from experimentation into production. At that point, where data is processed, how workloads are governed, and who controls the underlying infrastructure become critical questions for enterprises, government and regulated industries. The conventional path for AI inference at scale requires dedicated facilities built around the power density and cooling demands of GPU clusters - with corresponding capital costs, water consumption, and site constraints that are increasingly difficult to satisfy in Australia's energy and land environment. SCX.ai was built to give Australian organisations access to high-performance AI inference capacity while supporting Australian data residency, operational control and enterprise-grade governance - delivered on infrastructure that is power-efficient by design and deployable within existing commercial data centre capacity, without requiring large new buildings or significant increases in energy or water consumption. Our proposed ASX listing is an important step in scaling that infrastructure for the next phase of AI adoption," said Keane, Chief Executive Officer, Managing Director and Founder of SCX.ai.

Chairman Stevenson also pointed to the strategic theme behind the listing. "SCX.ai is entering the public markets at a time when sovereign AI infrastructure is becoming strategically important. The Board believes the Company is well positioned through its combination of Australian-based infrastructure, purpose-built inference hardware, proprietary software and an experienced technology team," he said.