How Firmus went from Australia’s AI 'fairytale' to flop - podcast
News Source
•Tue, 13 Oct 2026 14:00:03 GMT
📰 What Happened
Australian AI company Firmus was set to list on the share market with a value near Woolworths. That would have made it the biggest float since Telstra. Just over a week later, the plan fell apart. The company pulled its listing last Friday.
Firmus co-founder Oliver Curtis is an entrepreneur who spent time in prison for insider trading. He blamed the collapse on Australia's 'mantra of disbelief around entrepreneurs'. The Guardian's business editor, Jonathan Barrett, explains what went wrong.
🔍 The Backstory
Firmus builds large data centres to power AI. Big centres need huge amounts of electricity and water, and nearby communities have pushed back. One planned data centre in Sydney was withdrawn, a first major win for local opponents. Questions were also raised about the firm's huge value and the confidence of its founders.
The story tests the AI investment bubble, where many firms are valued on hopes rather than current profits.
🎯 Why It Matters
AI companies promise jobs and growth. Firmus shows the hype can still flop, and that local worries about power, water and profits can stop big projects.
Australian AI company Firmus was set to list on the share market with a value near Woolworths. That would have made it the biggest float since Telstra. Just over a week later, the plan fell apart. The company pulled its listing last Friday.
Firmus co-founder Oliver Curtis is an entrepreneur who spent time in prison for insider trading. He blamed the collapse on Australia's 'mantra of disbelief around entrepreneurs'. The Guardian's business editor, Jonathan Barrett, explains what went wrong.
Firmus builds large data centres to power AI. Big centres need huge amounts of electricity and water, and nearby communities have pushed back. One planned data centre in Sydney was withdrawn, a first major win for local opponents. Questions were also raised about the firm's huge value and the confidence of its founders.
The story tests the AI investment bubble, where many firms are valued on hopes rather than current profits.
AI companies promise jobs and growth. Firmus shows the hype can still flop, and that local worries about power, water and profits can stop big projects.