Tasmanians expressed doubts about AI firm Firmus, now so have investors

Read the original at ABC News (AU) ↗
ABC News (AU) · collected 2026-10-10 · by Ashleigh Barraclough

Quick Summary

Firmus Technologies, an AI firm based in Tasmania, faced significant challenges after canceling its planned IPO on the Australian Securities Exchange due to poor demand. Initially met with skepticism from Tasmanian communities and now investors, Firmus aimed to raise $7 billion but instead plans a private fundraising effort. The company seeks 444 megawatts of power for three data centers in Tasmania, making it the state’s largest energy user, but faces ongoing public distrust despite its environmental claims and sponsorship efforts with local sports teams.
Written locally by qwen2.5:14b on 2026-10-11, using this article's own text rather than the other coverage of the same event (that is the story summary below).

AI analysis runs on qwen2.5:14b, locally

Story summary

Oliver Curtis, husband of socialite publicist Roxy Jacenko, scrapped plans for his AI company Firmus Technologies' ASX float after its expected valuation plunged by billions. Firmus had been set to list in October with a target valuation of over $43 billion, making it one of Australia's largest-ever floats since Telstra’s 1997 debut. However, due to recent market volatility and investor concerns, the company decided not to proceed with the offering, opting instead for private funding from wealthy investors like Nvidia and Blackstone. Founded in Sydney in 2019, Firmus provides physical infrastructure—data centers packed with powerful computer chips—for tech giants such as OpenAI and Meta to train AI models like ChatGPT. Despite its ambitious plans to build across Australia and Asia, the company faced significant community opposition and investor skepticism over its valuation and operational scale. The scrapped float highlights broader uncertainties in the emerging AI sector. Firmus will now seek alternative funding routes while continuing its operations in Australia and Singapore.

Written for “Firmus Float Troubles” on 2026-10-11, grounded in this article and the 8 other(s) covering the same event.
Why this leaning score
The article's own words the score was based on. Each is quoted verbatim and was checked against the article text before being stored, so you can find it in the original.
Reading Leans left (beta estimate) Confidence medium 1 quote(s) discarded as not found in the article
Leaning: leans left for article 71167 (medium confidence, 1 verified quote) · logged 2026-10-11

Signals How these are calculated →

Claims extracted
50
claim-shaped sentences
Uncertain
8%
4 of 50 hedged
Leaning
Leans left
of the writing, not the subject · beta estimate
Correction & hedging signals
60.8
corrections and hedging in what we collected; not a measure of accuracy
Outlets on this story
9
Economy/Business
Narrative spread
1
articles carrying this framing
Analyzed 2026-10-11 · how these are computed

Story

📰 Firmus Float Troubles
Economy/Business · 9 article(s) covering the same event. See how they differ ↓

How this is being covered How these are calculated →

Article leaning vs. publisher reliability
Source leaning vs. consistency

Compared with similar articles

This article reads leans left and hedges 8% of its claims. Each row says how that neighbour differs.
Mother Jones
⚖️ Leans left 🔴 13% hedged 3 of 23 📰 publisher trust 95
“The articles describe different companies (Artificial/OpenAI vs. Firmus Technologies) and distinct events (a movie premiere vs. an AI company's failed stock market debut).”
ABC News (AU)
⚖️ leaning not scored 🔴 3% hedged 1 of 30 📰 publisher trust 61
“Both articles discuss Firmus pulling its share market float due to lacklustre demand on the same date, indicating they describe the same incident.”
The Sydney Morning Herald
⚖️ leaning not scored 🔴 3% hedged 2 of 61 📰 publisher trust 61
“Both articles describe Firmus withdrawing its $43.7 billion sharemarket float on Friday due to investors' refusal to pay its price.”
The Guardian
⚖️ leaning not scored 🔴 15% hedged 4 of 26 📰 publisher trust 68
“While both articles discuss Firmus Technologies' challenges, Article A focuses on the company's decision to withdraw from a parliamentary inquiry and potential valuation issues, while Article B emphasizes the community reaction in Tasmania and the company pulling back its IPO due to lackluster demand. These are related but distinct events.”
ABC News (AU)
⚖️ leaning not scored 🔴 15% hedged 5 of 34 📰 publisher trust 61
“Article A discusses the re-pricing of Firmus's IPO due to waning interest, while Article B mentions that Firmus pulled the pin on its debut due to lacklustre demand. These are related but different stages or outcomes of the same broader situation.”
The Sydney Morning Herald
⚖️ leaning not scored 🔴 14% hedged 4 of 29 📰 publisher trust 61
“Article A discusses the reduction in Firmus's share price, while Article B reports on the cancellation of the company's listing due to lacklustre demand. These appear to be different but related developments.”
BBC News
⚖️ leaning not scored 🔴 10% hedged 2 of 20 📰 publisher trust 72
“Article A describes Firmus scrapping its stock market listing due to market conditions, while Article B focuses on the community reaction and lack of demand in Tasmania leading up to the decision.”

Publisher

ABC News (AU) · 2611 article(s) · 3 correction(s) detected
Running correction rate · 3 correction(s)
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2026-09-15
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Who wrote this

Ashleigh Barraclough
4 article(s) here · 1 carrying a prediction
🔮 The company wants 444 megawatts to power its three Tasmanian facilities, which would make it the state's biggest power user.
🔮 In short: As companies continue their push to build AI data centres in Australian communities, an AI institute cautions that the touted jobs and economic benefits may not materialise if public authorities do not put binding conditions on proponents.
🔮 Accreditation is voluntary for ambulance services, but the report states it could become mandatory in the future.
🔮 "We're concerned that some of the works may be occurring beyond the scope of the approved forest practices plan for the site," Latrobe Mayor Peter Freshney said.
Also by Ashleigh Barraclough
Nothing else under this byline is closely related to this article, so these are simply their most recent.

Topics

Firmus Firmus Technologies Tasmania Tasmanian the Australian Securities Exchange

Subjects

Firmus ORG · 13× Tasmanian NORP · 6× Tasmania GPE · 4× Cricket Tasmania ORG · 1× Firmus Technologies ORG · 1× JackJumpers ORG · 1× Jewels ORG · 1× Launceston GPE · 1× Tasmania Devils ORG · 1× the Australian Securities Exchange ORG · 1×

Narrative

What was meant to be the biggest initial public offering since Telstra — aiming to raise $7 billion to fund its AI data centre rollout — has been cancelled, with the company saying it will look to raise funds privately instead.
framing: assertive · carried by 1 article(s) · first seen 2026-10-11
🔮 The company wants 444 megawatts to power its three Tasmanian facilities, which would make it the state's biggest power user.
2026-10-11 · ABC News (AU)
Tasmanians expressed doubts about AI firm Firmus, now so have investors · assertive framing

Claims (50 extracted, 4 hedged)

Firmus Technologies has been the talk of the town after it was forced on Friday to pull the pin on its highly anticipated debut on the Australian Securities Exchange due to lacklustre demand. asserted
it → force → demand
At the start of the year, not many people knew about the company quietly building an AI data centre in Launceston, in northern Tasmania. asserted
company → know → Tasmania
Fast forward to June, Tasmania's energy minister, after questions in parliament, revealed Firmus wanted to build two more AI data centres in Tasmania. asserted
Firmus → reveal → Tasmania
A firestorm of anti-AI data centre sentiment erupts in the community and suddenly every Tasmanian has something to say about Firmus. asserted
Tasmanian → erupt → Firmus
The company hits hitch after hitch as it races to get its three Tasmanian projects up and running to cash in on the AI boom. asserted
projects → hit → boom
Come September and Firmus is a sponsor of not one, but three sporting bodies in Tasmania — the fabled Tasmania Devils AFL club, the JackJumpers and Jewels basketball teams, and Cricket Tasmania. asserted
Firmus → come → Tasmania
Many see it as an attempt to build a social licence. asserted
Many → see → licence
Despite these efforts, EMRS polling conducted in September found the majority of Tasmanians aren't keen on AI data centres setting up shop in the state. asserted
centres → conduct → state
Women and younger people are leading the push against them. asserted
Women → lead → them
Regardless of these sentiments, AI data centres are needed to power tools like ChatGPT and Claude which Australians are increasingly taking up. asserted
Australians → need → which
Firmus claims its facilities can produce AI tokens much cheaper than its competitors, and its innovative cooling technology means they won't use much water. uncertain
they → claim → water
But Firmus hasn't established much of a track record yet. asserted
Firmus → establish → record
It only has one operational AI data centre in Australia, which is in Melbourne. asserted
which → have → Melbourne
The company wants 444 megawatts to power its three Tasmanian facilities, which would make it the state's biggest power user. asserted
it → want → facilities
We don't yet know where all that power will come from. asserted
power → know → where
It seems investors, like Tasmanian communities, aren't yet convinced by what Firmus is selling. asserted
Firmus → seem → what
What was meant to be the biggest initial public offering since Telstra — aiming to raise $7 billion to fund its AI data centre rollout — has been cancelled, with the company saying it will look to raise funds privately instead. asserted
it → mean → funds
Tasmanian projects keep running into trouble When neighbouring communities found out about Firmus's Bell Bay project, they were furious at what they saw as a lack of community consultation. asserted
they → run → consultation
Firmus responded to the backlash by hosting community drop-in sessions and fronting the media to address questions, but trust was already low. asserted
trust → respond → questions
The local council, George Town, ended up approving the data centre — it didn't see how it could say no under the planning laws. uncertain
it → end → laws
It was a win for Firmus, but the company still appealed. asserted
company → appeal → Firmus
It wasn't happy with a condition imposed by the council that would limit its use of backup diesel generators to during power failures, emergencies, maintenance and testing. asserted
that → impose → failures
That caught the Environment Protection Authority by surprise. asserted
That → catch → surprise
It's made a submission to the appeal saying it had understood the generators would only be used very infrequently, and had it known otherwise, it would have assessed the application differently asserted
it → make → application
Firmus's other new Tasmanian proposal, at Wesley Vale in the north-west, has faced even bigger hurdles. asserted
proposal → face → hurdles
The company accidentally revealed it wanted to use farmers' irrigation water to cool the facility — something state-owned Tasmanian Irrigation said it wasn't legally able to do. asserted
it → reveal → something
While Firmus only wanted a small amount of water, farmers were annoyed the company didn't talk to them about it. asserted
company → want → it
In the end, Firmus said it would just use rainwater and water it trucks in. asserted
it → say → rainwater
The local council, Latrobe, decided it didn't want to determine the project's fate. asserted
it → decide → fate
It says the planning laws aren't up to scratch to make a decision on projects of this scale. asserted
laws → say → scale
Instead, it would rather the state government assess it as a major project, where broader questions, such as Firmus' monumental energy needs for the three projects, can be considered. asserted
questions → assess → projects
The project attracted more attention last month when Latrobe Council said Firmus may have started development work at Wesley Vale without approval. uncertain
Firmus → attract → approval
Firmus says it was simply doing site maintenance permitted under its forest practices plan. asserted
it → say → plan
Nonetheless, it's agreed to pause work while the council investigates — a process that remains ongoing. asserted
that → agree → work
Firmus's most progressed Tasmanian facility in Launceston is also tracking behind schedule. asserted
facility → track → schedule
It was initially slated to be operational in the first half of this year, but that's been delayed to early 2027. asserted
that → slat → 2027
A government document states Aboriginal relics were found at the site, and construction was paused while Firmus sought approval to relocate them. asserted
Firmus → state → them
Amidst last week's chaos with the initial public offering, Firmus pulled out of its scheduled Thursday appearance at a federal parliament AI inquiry taking place in Melbourne. asserted
Firmus → pull → Melbourne
A detail in Firmus's submission to the inquiry raised eyebrows. asserted
detail → raise → eyebrows
The company has publicised its commitment to underwrite double the amount of renewable energy that it uses, and has implied that would be in Tasmania. asserted
that → publicise → Tasmania
…and 10 more, not listed.
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