Aug 21, 2026 – 2.05pmShares of cloud computing provider SCX.ai slid as much as 30 per cent after listing despite founder David Keane touting that the company’s low energy needs and air-cooled chips would give it an edge in the race to power artificial intelligence.The company’s stock, which was priced at 30¢ per share at its public listing, debuted at 26¢ and then sank to as low as 20¢ on Friday, after the company raised $40 million from investors. The public offering was anchored by cornerstone investors Ellerston Capital, Wilson Asset Management and Frazis Capital Partners.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
AI upstart SCX drops 30pc on ASX debut despite energy efficiency pitch
Founder David Keane says the AI infrastructure group’s low power needs and air-cooled chips will give it an edge over competitors.
TL;DRAI
SCX.ai's $40M IPO at 30¢ fell 33% on debut, denting founder's pitch that energy-efficient air-cooled chips would drive AI advantage. Decline reflects market skepticism: in AI infrastructure, power-efficiency edge doesn't suffice—buyers prioritize scaling capability and unit economics over hardware differentiation.
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