This morning Firmus pulled its ASX listing, just a day after its book closed. It would have been Australia’s biggest float since Telstra in 1997.
The company blamed market volatility and said the terms on offer didn’t reflect the strength of the business. Reporting suggests the real issue was simpler: investors wouldn’t pay the price. Co-founder Oliver Curtis was reportedly chasing a valuation of around $44bn, and some in the market thought that was out of step with reality. The A$11 offer price valued the company at about $30.6bn, nearly triple its August round.
What happens next is the more interesting part. Firmus will go back to private markets in the short term. According to The Australian, a NASDAQ listing is being planned for next year, and a revived ASX float has reportedly been ruled out.
Whatever you think of this one valuation, the underlying maths hasn’t changed. AI factories need enormous amounts of capital, and that capital will keep going to builders who can show contracted demand, power and delivery, not just a big forecast.
For Australian infrastructure, a local champion heading offshore for funding is worth watching.
