UniSuper dodges Firmus Technologies float, warns of years of cash burn ahead
UniSuper is sitting out Firmus Technologies' $44 billion float, citing years of anticipated cash burn.
Firmus Technologies is floating on the ASX at a $44 billion valuation. UniSuper, Australia's fourth-largest super fund, is staying out.
Chief investment officer John Pearce warned the loss-making AI company will bleed cash for years and repeatedly tap investors for more money. "You got a company here that will be bleeding cash flow for the next couple of years.
And they're going to keep coming back to the market for capital," he said. Pearce manages close to $175 billion.
He also raised concerns about unlisted AI valuations. He noted Anthropic and OpenAI lose $15 billion to $20 billion a year.
They carry valuations over a trillion dollars. He said super funds can still get double-digit returns this year.
Stronger corporate profits and capital investment cycles help achieve this. They don't need high-risk AI bets.
- $44 billion
- Firmus valuation
- $175 billion
- UniSuper assets under management
- $15 billion to $20 billion
- Anthropic and OpenAI annual losses
Why it mattersSuper fund managers are cautious about AI floats, signalling concern about whether these valuations are sustainable or part of a speculative bubble.
AustraliaHow super funds deploy member money shapes whether their retirement savings grow; UniSuper's call to avoid high-risk AI floats reflects scepticism many fund managers share.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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