Can data centre company Firmus live up to its blockbuster $43 billion listing value? Why some investors doubt it
The October 23 listing could be Australia’s biggest in three decades. Many workers look set to own a piece of Firmus via their super – whether they want to or not.
Firmus Technologies is set to float on the Australian Securities Exchange on October 23, valuing the company at up to $43.7 billion, making it the second-largest IPO in Australian history. The firm develops AI data centers and plans to raise A$7 billion from investors. However, some investors doubt the company's worth, citing its current losses, limited operational capacity, and controversial leadership.
Firmus has signed new deals with OpenAI, but their value remains undisclosed. The company's valuation has tripled in a short period, raising concerns about whether this is justified. The Reserve Bank of Australia has warned about the risks of circular AI financing, which could create vulnerabilities in the financial system. Communities in northern Tasmania are protesting the controversial plans for three data centers in the region.
Written by urgent.news from The Conversation AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
