Firmus Float Fiasco

What happened

The outlets' own sentences, most widely reported first. Hover or tap one to see who reported it.

Analysis

How it changed

1. 7 Oct

   Firmus provides the physical infrastructure - data centres packed with powerful computer chips - that OpenAI can use to train AI models and run ChatGPT for users.

   2 outlets · Daily Mail
2. 8 Oct

   In just over a year, successive capital raising by many of the same core investors drove Firmus’s valuation from $1.85bn to $15bn about eight weeks ago.

   4 outlets · The Guardian

Coverage 12 articles

• 12 Oct Is the Firmus fiasco a crack in the AI boom?The article discusses the failure of Firmus Technologies' capital-raising attempt in Australia and questions whether this reflects broader issues within the AI investment sector. It highlights concerns over the company's lack of experience, vague business plans, and significant financial risks. The piece also draws a comparison to Elon Musk’s SpaceX IPO, noting similarities in their ambitious yet risky approaches…ABC News (AU)
• 12 Oct The tech world believes in second chances, but does Oliver Curtis deserve a third?Oliver Curtis, CEO of Firmus, downplayed the failure of his company's planned listing that would have valued it at nearly $44 billion. The listing collapse means Firmus lacks funds to purchase AI chips and expand its operations as intended. Despite having debt financing from Blackstone, the setback affects Firmus’s growth plans and could delay or reduce its expansion. Critics suggest personal animosity towards…Sydney Morning Herald
• 12 Oct From $44billion dream to Firmus flop: Oliver Curtis breaks his silence to blast 'dim' Australians - and vows he'll be proved right: 'Watch this space'Oliver Curtis, co-founder of Firmus Technologies, speaks out about the company's failed $44 billion initial public offering in Australia last week. Curtis blames Australians' skepticism towards risk-taking entrepreneurs for driving startups like his overseas and vows that history will view Firmus as a global tech success story despite its current struggles to secure local investment. The article highlights Curtis’s…Daily Mail
• 10 Oct Tasmanians expressed doubts about AI firm Firmus, now so have investorsFirmus Technologies, an AI firm based in Tasmania, faced significant challenges after canceling its planned IPO on the Australian Securities Exchange due to poor demand. Initially met with skepticism from Tasmanian communities and now investors, Firmus aimed to raise $7 billion but instead plans a private fundraising effort. The company seeks 444 megawatts of power for three data centers in Tasmania, making it the…ABC News (AU)
• 9 Oct Two tech outsiders tried to sell a $44bn tech company. It didn’t workFirmus, an Australian data center startup focused on artificial intelligence infrastructure, withdrew its $43.7 billion initial public offering (IPO) after major investors rejected its high valuation. The company, founded by two tech outsiders in 2019, operates AI factories but has only a small portion of its planned capacity operational. Despite endorsements from notable figures like Nvidia and former politician…Sydney Morning Herald
• 9 Oct Firmus wobbles have opponents overjoyed, critics questioning dealsFirmus, a data center builder planning AI factories in northern Tasmania, has suspended its share market float due to poor investor demand. This move brings relief to local opponents who have campaigned against Firmus's proposals but remains disappointing for some investors and raises questions about the company’s ability to secure funding for future projects. Meanwhile, Firmus claims it is still well-positioned to…ABC News (AU)
• 9 Oct Nvidia-backed AI data centre firm scraps mega stock market listingFirmus, an AI data center company backed by Nvidia, has canceled its planned initial public offering (IPO) due to market volatility and uncertainty about long-term returns for investments in AI technology. The IPO was initially valued at over $30 billion but faced skepticism from investors like UniSuper regarding the company's high valuation and potential debt levels. Firmus will now seek private funding instead…BBC
• 8 Oct Roxy Jacenko's billionaire husband Oliver Curtis scraps ASX float of his AI company after multi-billion-dollar valuation blowOliver Curtis, husband of socialite Roxy Jacenko, has canceled plans to list his AI company Firmus on the stock market after its valuation dropped significantly. Originally aiming for a $7.9 billion raise at $11 per share before an October 23 listing, the decision came due to market volatility and concerns over Curtis' insider trading conviction from nine years ago. Firmus will now seek funding from private…Daily Mail
• 8 Oct Oliver Curtis’ transformation from jailbird to corporate kingpin has gone awryOliver Curtis, formerly incarcerated at Cooma Correctional Centre, was poised to see his AI data centre company Firmus go public with a $43.7 billion valuation this October. However, the planned sharemarket listing faced setbacks when investment bankers reduced the initial share price from $11 to $8.25 due to investor concerns over the high valuation and limited revenue. Curtis, who owns about 13% of Firmus before…Sydney Morning Herald
• 8 Oct Major share market float of Firmus in trouble as interest wanesThe $44 billion float of Firmus, a data center operator aiming to list on the Australian Securities Exchange (ASX) on October 23, is facing difficulties due to lackluster investor interest and concerns over transparency and risk. The initial share price was set at $11 but may be reduced to around $8 per share. Investors are hesitant because of insufficient details about Firmus's operations and high debt levels, as…ABC News (AU)

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