Firmus Technologies

Whos Paying Whom in AI Booms Circular Money Machine

Analysis of circular financing among AI companies, using Nvidia's investments in OpenAI, Anthropic, CoreWeave and Australian data centre builder Firmus to question how much of the AI boom reflects genuine demand.

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Software player Nearmap guns for $5b-plus price tag in ASX homecoming

Street Talk reports Thoma Bravo is preparing Nearmap for an ASX re-listing, targeting a valuation above $US4 billion, having hired Goldman Sachs and Barrenjoey. No float has occurred yet.

‘Confidence evaporated’: Explaining Firmus’ $44 billion IPO flop

Firmus withdrew its ASX listing after weak investor demand. The explainer covers the data centre developer's history, its Nvidia and Blackstone backing, prior raises, and why the float collapsed.

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Live: Oil prices on the rise as energy supply concerns continue

Markets live blog covering rising oil prices, a higher ASX open, weak LVMH quarterly sales, analysis of Firmus Technologies' failed float, and an analyst's bullish view of Meta's new AI models.

Firmus flop fuelled by San Francisco investment giant's cold feet

Coatue Management reportedly slashed its planned commitment to Firmus's share offer, helping sink what had been billed as the largest market debut in roughly thirty years.

Cut Through Quarterly 3Q 2026

Cut Through Venture's quarterly report records a record $4.2 billion raised across 78 Australian venture rounds in Q3 2026, dominated by Firmus's $2.85 billion data centre raise, with sector trends, valuations and investor sentiment.

Also Startup Daily

‘Confidence evaporated’: Firmus $44 billion IPO collapse explained

Firmus, the Nvidia-backed data centre developer, pulled its planned ASX listing after weak investor demand and will instead seek private capital. Explaining its background, backers, valuation history and why the float failed.

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Warburg Pincus-backed developer to pay $300m for Melbourne data centre

Street Talk reports Singapore-based Princeton Digital, backed by Warburg Pincus, is reportedly nearing a $300 million deal for a Melbourne data centre, with a leasing arrangement involving ESR planned.

🇦🇺 This Week in Australian Startups #181, 11th October 2026

Weekly digest: Firmus withdraws its planned listing, Square Peg reaches a billion-dollar close on two vehicles, MUFG clears regulators to buy Grow Inc, and Lubdub, RocketDNA, Energy Bay and Metal all raise.

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Firmus scraps $5b Australian IPO on weak demand, to opt for private fundraising

Data centre operator Firmus cancelled its planned A$5 billion Australian IPO citing weak demand and market volatility, and will instead seek private capital; its valuation had nearly tripled after an August fundraising round.

Australian Nvidia-backed AI data centre operator Firmus shelves IPO

Australian Nvidia-backed data centre operator Firmus abandoned its planned US$5 billion IPO citing market conditions, and will instead pursue private capital; investors were reportedly sceptical of its valuation and debt.

Firmus pulls plans for biggest IPO in two decades amid investor doubt

Firmus Technologies has abandoned its planned multibillion-dollar sharemarket float after weak investor interest, and will instead rely on Nvidia and other existing backers to fund its data centre expansion plans.

Live: AI company quivers worry Wall Street and ASX

ABC's markets live blog reports investor unease over AI valuations, centring on Australian data centre operator Firmus reportedly delaying its planned IPO and weighing private capital, alongside mixed overnight Wall Street results.

The spiky dilution clauses driving Firmus IPO talks behind the scenes

Firmus Technologies' co-founders face pressure to complete a struggling IPO, as dilution clauses could transfer a larger stake to Nvidia and other strategic backers if the float fails; a lower offer price is debated.

Firmus’ blockbuster IPO on the precipice as investor scepticism grows

Firmus Technologies' planned $44 billion ASX listing is faltering, with bankers weighing a cut to its valuation or cancelling the float entirely amid weak interest from major investors and super funds.

Firmus float in trouble as investors don’t buy the hype

The data centre company's planned multibillion-dollar sharemarket debut is struggling, with institutional investors rejecting the initial share price and bankers reportedly cutting the offer price to prevent the float collapsing.

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How Oliver Curtis gets hedged in the Firmus IPO

Rear Window reports bankers and brokers are readying data centre firm Firmus for a stockmarket float, with co-founders Oliver Curtis and Tim Rosenfield and other insiders' shareholdings locked in escrow.

Australia's great AI hope just hit a speed bump

AI infrastructure company Firmus, preparing an ASX listing at a reported $44 billion valuation, has split from partner CDC over a scrapped data centre plan, while its prominent backers stay supportive.

Also The Age Business

🇦🇺 This Week in Australian Startups #180, 4th October 2026

Weekly roundup reporting Australian startup funding rounds and government grants, a venture fund close, agreed acquisitions, an IPO pricing, a collapse, plus executive hires and AI policy developments.

From prison to billionaire data centre operator, the incredible story of Oliver Curtis

Analysis tracing Oliver Curtis from an insider trading prison term to his central role in Firmus's planned $7.2 billion Australian sharemarket listing, with Blackstone and Nvidia among its existing backers.

🇦🇺 This Week in Australian Startups #179, 26th September 2026

Weekly roundup recording a dozen raises and acquisitions, Firmus's scheduled float, a new $50m venture fund, a founder share sale, grant winners, an accelerator intake, and an AI agent's government breach.

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Morgan Stanley says Firmus could be worth as much as $128b

Morgan Stanley research values AI chip rental firm Firmus at up to $128 billion ahead of its planned IPO next month; four banks will manage the float.

Firmus needs hundreds of billions of dollars for ambitious expansion

Data centre developer Firmus holds a five-year chip agreement with Nvidia and intends an ASX listing in late October; the float and its expansion remain intentions rather than done deals.

AI's Apocalypse Now fear is just one threat to the Firmus fairytale

Column previewing Firmus's planned late-October ASX debut, arguing the neocloud faces two risks: the technology failing, or succeeding too dramatically.

AI data centre provider could become one of Australia's biggest stock floats

Firmus Technologies is courting investors ahead of a possible IPO on the ASX, with reports suggesting up to $7 billion, but no prospectus is lodged and the company declined to confirm any figures.

Firmus books in Australian fundie meetings, without Oliver Curtis

Neocloud Firmus Technologies is pitching its planned $7 billion IPO to local fund managers, with co-chief executive Tim Rosenfield presenting in Melbourne alongside Daniel Kearney and former Xero finance head Kirsty Godfrey-Billy.

Sources: Australian data center provider Firmus is seeking to raise up to $5B in an IPO at the end of October, in one of the largest-ever IPOs in Australia

Bloomberg, citing unnamed sources, reports that Australian data center company Firmus is preparing a sharemarket float targeted for late October that could rank among the country's largest ever.

Firmus seeks $7b in IPO discussions as it meets Asian fundies

Street Talk reports Firmus Technologies, which rents Nvidia chips, is courting Asian fund managers ahead of a possible sharemarket float of up to $7 billion, with terms to follow for domestic investors.

NextDC raises $790M in convertible notes, its third capital raise in four months

NextDC, an Australian operator of data centres, announced a A$1.1 billion convertible note offer, following April equity and May debt raises, to bankroll local expansion.

Firmus lands OpenAI deal for Malaysian data centres

Firmus will supply computing capacity to OpenAI from two planned Malaysian data centres, but sceptical investors say the deal is too small ahead of a potential float valuing the start-up at $15.5 billion.

AI hotshot Firmus tees up IPO meetings after OpenAI win in Malaysia

Street Talk column reports AI cloud firm Firmus Technologies will soon market a planned ASX float to investors, with a debut tipped imminently, after a Malaysian win involving OpenAI.

🇦🇺 This Week in Australian Startups #176, 30th August 2026

Weekly roundup: Blackbird confirms a record fund close and Galileo reaches a first close, Genesis merges with Proudi, IREN secures massive debt, and several startups report raises, grants and program wins.

OpenAI equips Aussie SMEs with $5.5 million in startup credits for AI use

OpenAI has handed Australian founders, including two school students, credits worth over $5.5 million; the piece also notes Firmus's $15 billion valuation after a big raise and rising business AI adoption.

🇦🇺 This Week in Australian Startups #175, 23rd August 2026

Weekly roundup: Constantinople raises $62.5m; Blackbird wraps fund six above $1b; Guardhouse buys Mobohubb; SCX.ai debuts on the ASX; plus seed rounds, exits and executive changes across the ecosystem.

🇦🇺 This Week in Australian Startups #173, 9th August 2026

Weekly roundup: Firmus completes its $2.85b round; Procore acquires DroneDeploy; Atlassian rebounds while Canva cuts guidance; plus fresh raises for Zabidou, BioScout, Vexev, Enrola, Spacetalk and others.

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Four Aussie startups that raised $2.86 billion this week (sort of)

Roundup of four Australian raises: Firmus Technologies' US$2 billion round at a $15 billion valuation, Eudaemon's $3.75 million, Zabidou's $3.5 million seed round, and Rampart's $2.3 million.

Also This Week in Australian Startups

AI data centre startup Firmus just raised another $2.85 billion at a whopping $15B valuation

Firmus has secured a further US$2bn at a $15bn valuation from Coatue, Nvidia, Blackstone and Jane Street, taking its 12-month capital intake past US$3bn to fund Australian AI data centre projects.

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AI data centre startup Firmus Technologies banks another $100 million

Firmus Technologies received a $100 million strategic investment from Maas Group Holdings, taking total funds raised past $900 million in under five months.

AMD neocloud OneQode rattles the tin with $250m-plus valuation

OneQode, an AI startup using AMD technology, is highlighted alongside other neoclouds, with reports suggesting a valuation exceeding 250 million dollars.

Cut Through Quarterly 2Q 2026

Cut Through Venture's Q2 2026 report counts $1.7 billion announced across 64 venture rounds, carried by two mega-deals, with record median deal sizes, AI concentration, and deal counts at their slowest since before 2020.