# SCX.ai hits ASX with ARR up 21% and paying customers quadrupling > Source: > Published: 2026-08-21 03:46:41+00:00 # SCX.ai hits ASX with ARR up 21% and paying customers quadrupling **SCX.ai has started trading on the ASX under the ticker SCX following a $40 million IPO at 30c per share****Contracted ARR has grown 21% while paying customers have quadrupled ahead of the listing.****Token utilisation has more than doubled each month between April and July as demand grows for sovereign Australian AI inference capacity** *Special Report:*** Australian AI infrastructure company SCX.ai has hit the ASX today with a fresh set of growth numbers showing commercial momentum has accelerated since the company lodged its prospectus.** The stock hit the ASX at midday under the ticker SCX following the completion of a fully underwritten $40 million IPO at 30 cents per share. [ SCX.ai (ASX:SCX)](https://stockhead.com.au/company/scx-ai-scx/) is Australia’s first listed pure-play AI infrastructure company and debuts with stronger operating metrics than those presented to investors just a few months ago. Contracted annual recurring revenue has increased to $6.5m as at July 31, up 20.9% from $5.4m at the end of May. The number of paying customers has risen from 13 to 49, representing growth of 277%, while the number of active users on the SCX platform has climbed from 298 in late June to more than 400. Token utilisation has more than doubled each month between April and July. Tokens are the units of computing work generated whenever an AI model responds to a question, analyses information or performs a task. Founder and chief executive David Keane said the growth provided early evidence of demand for locally hosted AI infrastructure. “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,” Keane said. “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 ‘doing’ part of AI** SCX.ai focuses on AI inference, the computing required every time a trained AI model is actually used. Every chatbot response, document analysis, AI agent and automated workflow relies on inference. SCX’s business model is built around producing that capacity inside existing Australian commercial data centres, and selling access to it to enterprise, government and AI-native customers. Its first node is operating at Equinix SY5 in Sydney using specialised AI processors developed by US semiconductor company SambaNova Systems. The SambaNova SN40L processors are application-specific integrated circuits designed specifically for AI workloads. According to an independent industry report cited by SCX, the hardware has been reported to deliver 2.5 to 5.6 times the performance per watt of comparable GPU-based alternatives for selected stable inference workloads. That efficiency is becoming increasingly important as the extraordinary power and water requirements of the global AI infrastructure boom move up the political and corporate agenda. Governments in Australia are introducing new requirements aimed at ensuring data centre operators fund more of the electricity and water infrastructure required to support their growth. For SCX, the proposition is to generate more useful AI compute from the power and physical footprint already available inside existing commercial data centres. Keane said that equation was becoming increasingly important for customers facing rising AI bills and tighter data residency requirements. “The numbers that matter most right now are capacity utilisation and conversion,” he said. “We have over 400 active users of the platform that underpin the Company’s near-term revenue potential. Token consumption has more than doubled each month from April to July 2026, which tells us our products are delivering and customers are growing into their commitments. “On the infrastructure side, 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.” **Second node underway** The IPO proceeds give SCX the capital to expand that infrastructure. Node 1 is already operational in Sydney, while deployment of a second node is underway. SCX is now targeting the end of 2026 for Node 2 to become operational, with further Australian locations planned as customer demand increases. The company’s immediate focus is converting its more than 400 active users into paying customers, increasing token utilisation among existing clients and continuing to build its enterprise and government sales capability. Its customer acquisition efforts are targeting sectors including financial services, technology, healthcare, legal and government-adjacent organisations. For Keane, today’s listing is both a milestone and the beginning of the next phase of the company’s expansion. “We are confident that we have the infrastructure, the partnerships, the pipeline and now the public market platform to build something genuinely significant for our shareholders,” he said. *This article was developed in collaboration with SCX.ai, a Stockhead advertiser at the time of publishing.* * * *This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.* ## Related Topics ### UNLOCK INSIGHTS Discover the untold stories of emerging ASX stocks. Daily news and expert analysis, it's free to subscribe. By proceeding, you confirm you understand that we handle personal information in accordance with our [Privacy Policy](https://stockhead.com.au/privacy-policy/).