AIBRIEF
SCX.ai opened 13% below its 30¢ issue on Australia's ASX, raising about A$40M (~US$27M) from Ellerston, Wilson and Frazis. Friday's tape undercut founder David Keane's low energy pitch.
SCX.ai, an Australian cloud provider that runs AI models for other businesses, opened 13% below its 30¢ issue price on the ASX on Friday and slid as much as 30% intraday, undercutting founder David Keane's pitch of low-energy, air-cooled chips as the company's edge in powering AI.
The company sold 133.3 million shares at A$0.30 to raise about A$40 million (roughly US$27 million at recent exchange rates), in a fully underwritten float anchored by Ellerston Capital, Wilson Asset Management and Frazis Capital Partners. The 26¢ open and 20¢ low suggest the book was soft before day-trading moved the tape.
SCX.ai runs its inference fleet on SambaNova's SN40L chip, which the chipmaker markets as inference-optimised. An Austrade case study and a SambaNova press release name SCX.ai as one of three sovereign-AI cloud providers the company publicly lists.
Per Proactive Investors, contracted annual recurring revenue hit A$6.5 million at the end of July 2026, paying customers grew from 13 to 49 in two months, and token utilisation is said to be more than doubling monthly. None of those figures is underwriter-audited.
The 13% issue-to-open gap is the cleaner read on demand at the offer price. With the syndicate having guaranteed the raise, Friday's tape may also reflect syndicate unwinds rather than a clean rejection of the energy-efficiency story.