‘These guys are just coming from nothing’: questions over multibillion-dollar Firmus float amid datacentre backlash
News Source
•Fri, 02 Oct 2026 15:00:12 GMT
📰 What Happened
Australian company Firmus Technologies is preparing to list on the ASX and could raise $7 billion, which would be the second-biggest share sale in Australian history. It builds “AI factories,” or large data centres. Its 104-megawatt site at St Leonards in Tasmania, worth about $2.1 billion, was given fast-tracked approval. Neighbours say they were not properly consulted before building started.
🔍 The Backstory
The float comes as data centres face growing backlash over their use of power, water and land. Investors have warned that Firmus’s forecasts look “a little bit of a fairytale.” If completed, the deal would be one of the largest share sales in the world this year, behind only Telstra’s $14 billion sale in 1997.
🎯 Why It Matters
The deal could affect local power bills, land use and how much of the fast-growing AI boom Australia takes on.
Australian company Firmus Technologies is preparing to list on the ASX and could raise $7 billion, which would be the second-biggest share sale in Australian history. It builds “AI factories,” or large data centres. Its 104-megawatt site at St Leonards in Tasmania, worth about $2.1 billion, was given fast-tracked approval. Neighbours say they were not properly consulted before building started.
The float comes as data centres face growing backlash over their use of power, water and land. Investors have warned that Firmus’s forecasts look “a little bit of a fairytale.” If completed, the deal would be one of the largest share sales in the world this year, behind only Telstra’s $14 billion sale in 1997.
The deal could affect local power bills, land use and how much of the fast-growing AI boom Australia takes on.