Sharon AI raises $US1.6bn and plans ASX listing after Nvidia pact

Sharon AI has closed a $US1.6 billion financing package tied to a six-year Nvidia agreement, and says it will now move as quickly as possible toward an ASX listing.

The Sydney-based AI infrastructure company said the capital will help fund its Australian expansion and build out computing capacity for customers. Sharon AI is already listed on Nasdaq under the ticker SHAZ.

The latest raise is the company’s most significant funding step so far and comes as it tries to turn a series of commercial announcements into a larger local presence. Reporting indicates the round was multiple times oversubscribed and was upsized from an initial target of $US1 billion.

Financing structure

The Australian reported that the package includes about $US900 million in stock and pre-funded warrants, plus about $US700 million in convertible notes due in 2032.

The round was said to be anchored by Situational Awareness and Oaktree Capital Management, while Goldman Sachs led the placement and Lucid Capital Markets was also involved.

The deal gives Sharon AI more balance-sheet room to pursue a capital-intensive buildout, but it also raises the pressure to convert planned capacity into contracted revenue.

Nvidia as the backstop

The financing is tied to a six-year agreement with Nvidia covering deployment of up to 40,000 Nvidia Grace Blackwell GB300 GPUs.

Barron’s reported on June 12 that the Nvidia agreement covers 72 megawatts of new data-center capacity in Australia and lifts Sharon AI’s total AI factory capacity to 132 megawatts.

That earlier report said 102 megawatts were already contracted to customers and that more than 55,000 Nvidia processors are expected to be deployed by mid-2027. The latest financing suggests Sharon AI now has more capital to try to deliver that buildout.

ASX plans

Sharon AI said it is preparing to lodge for an Australian listing as soon as possible after the financing closes.

CEO James Manning said the company is Australian-founded and has majority Australian operations, and that he wants local investors to have access to the business as it scales.

The planned ASX move would give Australian investors a path into a business that is already public in the United States but is now positioning itself more aggressively around its home market.

The company has not yet disclosed a formal timetable for the lodgement, and the exact structure of the Australian listing has not been confirmed.

How it got here

The June financing follows a run of earlier milestones. On April 1, reporting said Sharon AI had struck a $1.8 billion NextDC data-centre deal in Sydney and Melbourne, and noted that an ASX listing was under consideration.

On May 22, Sharon AI appointed former Telstra chief executive Andy Penn as chairman while continuing to eye an Australian listing.

Then on June 12, Barron’s reported the Nvidia partnership, setting the stage for the financing and listing push that followed this week.

Taken together, the deals show Sharon AI leaning on a mix of infrastructure partnerships, capital raises and high-profile hires as it tries to build credibility with customers and investors.

What investors will watch

The next major marker is whether Sharon AI formally lodges ASX documents and sets out a listing timetable.

Investors will also be watching for a company release that confirms more detail on the financing, the use of proceeds and the Australian listing structure.

The broader execution risk remains unchanged: Sharon AI has to deliver the data-centre capacity it has announced, secure enough customer demand, and keep its funding profile aligned with a very capital-heavy expansion plan.

For Australian investors, the appeal of an eventual listing is straightforward. It would offer local market access to a fast-growing AI infrastructure company that is already building scale in the United States and Australia, with Nvidia at the centre of its commercial story.