AI data centre builder Firmus, which reached a A$15 billion valuation in August 2026, heads the latest version of Jack’s list of 15 Australian and New Zealand companies with a credible path to multibillion-dollar scale. The list was first published in May 2026 and has been updated twice as new rounds closed.
The common thread is infrastructure and vertical depth. Most of the companies sell to hospitals, mines, legal teams, retailers and power grids rather than consumers. Between versions, Baraja, Kimia, Haast and Ideally dropped off as Firmus, Advanced Navigation, Neara and Gridsight raised large rounds, reflecting a shift in capital towards chips, power, grids and data centres. The list is a watchlist, not investment advice.
1. Firmus (Australia)
Founded as a bitcoin miner in 2019, Firmus now builds AI data centres. It raised another A$2.85 billion in August at a A$15 billion valuation, with Nvidia and Blackstone funds among the backers.
2. Cortical Labs (Australia)
Cortical Labs builds biological computers that run on living human neurons grown onto silicon. It operates a data centre in Melbourne using the technology.
3. Maincode (Australia)
Maincode is building sovereign AI for Australia. Its pitch is that Australia needs AI capability it controls itself.
4. Advanced Navigation (Australia)
The company builds AI navigation systems for places GPS cannot reach, from deep mines to the sea floor and the moon. It raised A$158 million in a round led by Airtree.
5. Ivo (New Zealand)
Ivo makes legal AI for in-house legal teams. It raised US$55 million at a US$355 million valuation in a round led by Blackbird.
6. Gridsight (Australia)
Gridsight uses AI to find unused capacity already sitting in the electricity grid. It raised US$26 million in a round led by Insight Partners.
7. Emesent (Australia)
Emesent builds autonomous drones that map mines and tunnels. Its systems navigate underground spaces where GPS does not work.
8. Loam Bio (Australia)
Loam Bio combines microbiology and AI to store carbon in farm soils. It is backed by US investors DCVC and Lowercarbon Capital.
9. Harrison.ai (Australia)
Harrison.ai builds medical imaging AI that helps radiologists read X-rays and CT scans. Its Annalise product is deployed in more than 1,000 healthcare facilities worldwide.
10. Auror (New Zealand)
Auror makes AI software for retail crime prevention. It runs inside some of the world’s largest retailers.
11. Leonardo.ai (Australia)
Leonardo.ai builds generative AI tools for images and video. It was acquired by Canva.
12. Apate.AI (Australia)
Apate.AI deploys AI agents that engage scammers in conversation. Those conversations are turned into intelligence on how scams operate.
13. Relevance AI (Australia)
Relevance AI builds multi-agent systems for businesses. It is positioning itself as infrastructure for companies deploying AI agents at work.
14. Lorikeet (Australia)
Lorikeet builds AI customer support software. Its founders previously worked at Stripe and Google.
15. Tracksuit (New Zealand)
Tracksuit sells AI-powered brand tracking to more than 1,000 customers globally. It reported 130% growth at its most recent raise.
Jack’s take
Most of these are not consumer brands, and that is the point. They sell into hospitals, mines, legal teams, retailers and power grids, which is where ANZ has real depth. That is where I think the next wave of billion-dollar companies comes from.