Firmus's ASX float collapses, taking its planned $7.1 billion raise with it
Firmus planned to raise US$5 billion ($7.1 billion), but its ASX listing collapsed last week.
Firmus tried to list on the ASX, Australia's share market, at a value of nearly $44 billion. Had the listing gone ahead, the float would have raised US$5 billion ($7.1 billion).
Firmus's prospects rest on deals to buy AI chips from Nvidia and sell computing power to OpenAI and Meta. The deals have not been made public, and they come with many caveats, or limits.
Chips are expensive, and money is the most important thing for making the deals real. Without that money, Firmus faces fewer chips and a smaller, or at least slower, expansion.
Firmus has billions in debt financing already lined up from global investment giant Blackstone. Firmus also plans to raise more money from existing investors and potentially list overseas.
Curtis told The Australian that the failed listing was a great loss for Australia.
- US$5 billion ($7.1 billion)
- Planned raise
- Nearly $44 billion
- Valuation sought
- Two
- Data centres in operation
- Billions from Blackstone
- Debt financing
Why it mattersA failed float can leave a company with less money to buy the chips it needs.
AustraliaEveryday Australian investors lost the chance to buy into a local AI company in the listing.
✓ Claims checked against the source. checked 4 h ago
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