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SCX.ai Holdings has begun trading on the Australian Securities Exchange, becoming the country’s first listed pure-play AI infrastructure company following a fully underwritten $40 million initial public offering.
The company listed under the ticker SCX at an offer price of $0.30 per share, with trading commencing at midday on Friday.
SCX.ai operates as a sovereign AI inference-as-a-service provider, deploying production AI inference capacity within geolocationally controlled data centre infrastructure in Australia. Rather than building new large-scale data centres, the company installs purpose-built AI inference technology from US semiconductor company, SambaNova Systems, inside existing Australian commercial data centres.
Revenue and customer growth since prospectus
The company disclosed accelerating commercial momentum in a trading update released alongside its listing, with contracted annual recurring revenue growing to $6.5 million as of 31 July 2026 – up approximately 20.9 per cent from the $5.4 million reported at the end of May 2026 in its prospectus.
Active paying customers have grown 277 per cent to 49 as of the end of July, up from 13 at the prospectus date. The total number of active users on the SCX platform – comprising both fee-paying and non-fee-paying users – has risen to more than 400, compared with 298 as of 23 June 2026.
Token utilisation growth has accelerated 12 times between April and July 2026, reflecting what the company describes as over 120 per cent month-on-month growth in consumption. Paid utilisation on the company’s Node 1 infrastructure has lifted to just under 35 per cent at the end of July.
SambaNova hardware targets energy efficiency
SCX.ai’s Node 1 infrastructure is operational at Equinix’s SY5 facility in Sydney, powered by SambaNova’s SN40L application-specific integrated circuits. These chips have been reported to deliver 2.5 to 5.6 times the performance-per-watt of comparable GPU-based alternatives for selected stable inference workloads.
The company says the technology is designed to extract more AI compute from the power and physical footprint already available within existing data centres, using around 75 per cent less electricity and 99 per cent less cooling water than conventional GPU-based approaches.
That efficiency advantage is positioned as relevant amid growing concern around data centre energy and water consumption driven by increasing AI demand.
The company is now targeting the end of calendar year 2026 for its Node 2 deployment to become operational, with plans to expand its infrastructure footprint across additional locations in Australia beyond that.
Enterprise and government pipeline
Customer acquisition has accelerated through June, July and August, with the company’s go-to-market activities targeting enterprise and government customers across financial services, technology, healthcare, legal and government-adjacent sectors.
SCX.ai has also added a new global distribution partner, LLMGateway, which connects AI infrastructure providers to more than 40 AI token users globally through a single API. The partnership is designed to sell SCX capacity into international markets.
CEO and Co-Founder of SCX.ai, David Keane, commented: “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. 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.”
“The numbers that matter most right now are capacity utilisation and conversion. We have over 400 active users of the platform that underpin the Company’s near-term revenue potential. Token consumption has grown by over 120 per cent month-on-month from April to July 2026, which tells us our products are delivering and customers are growing into their commitments,” Keane added.
On the infrastructure side, Keane noted: “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.”
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Growth priorities
The company has outlined three priorities for the second half of financial year 2026: establishing Node 2 ahead of the pipeline plan in calendar year 2026, converting its 400-plus active users into paying customers while growing token utilisation, and continuing to build its go-to-market team to service the enterprise and government customer pipeline.
SCX.ai positions its sovereign AI factory model as an alternative to hyperscaler infrastructure, arguing it allows Australian and regional enterprises to access AI compute while keeping data onshore and under Australian control without the data residency, sovereignty or efficiency trade-offs associated with larger cloud providers.
The IPO was conducted under a replacement prospectus dated 20 July 2026. The company is headquartered at Level 16, 447 Kent Street, Sydney.
Last Updated on August 21, 2026 by Nick Ross
