‘These guys are just coming from nothing’: questions over multibillion-dollar Firmus float amid datacentre backlash
Summary
Firmus Technologies is building one of Australia’s largest AI datacentres in Tasmania and plans to raise $7 billion through an initial public offering (IPO) on the Australian Stock Exchange (ASX). The company faced criticism for poor community consultation and rapid growth in its valuation, which some investors say may not match its current stage or earnings.Key Facts
- Firmus Technologies is constructing a 104-megawatt datacentre in Launceston, Tasmania, valued at about $2.1 billion.
- The Launceston datacentre received fast-tracked city approval without a public hearing in September last year.
- Local residents, like Kayla Thompson, were upset at the lack of early communication about the project.
- Firmus held more public consultation meetings after backlash from the community.
- The company aims to raise $7 billion in an upcoming IPO, potentially the second-largest in Australian history.
- Firmus’s valuation soared from under $2 billion to as much as $40-100 billion in less than a year.
- Currently, Firmus operates only two datacentres but has plans for a large development pipeline.
- Some investment managers warn the company’s projected earnings and valuation may be unrealistic given its early stage and need to keep raising money.
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