As the market’s gaze fixed firmly on AI factory upstart Firmus and its mooted $6 billion float, a smaller rival has quietly moved first.
Sydney-founded Sharon AI popped up on the Nasdaq this morning, raising USD125 million ($177 million) at USD30 a share and ending its first trading day with a market capitalisation of roughly USD727 million, or about $1 billion. The speed is what stands out.
Sharon AI’s USD100 million pre-IPO round in December is understood to have converted at USD12.50 per share. Less than three months later, the newly minted shares — trading under the ticker SHAZ — are priced at more than double that value.
“It’s fairly short notice if it didn’t have a very compelling story or narrative around the AI build out,” Wunala Capital founder and managing partner Scott Wilson told Capital Brief.
