Australian regulator probes Firmus after $44 billion IPO plan collapses

After pulling a $44 billion flotation on the Australian Securities Exchange, AI developer Firmus is the subject of routine checks by the Australian Securities and Investments Commission, according to director Chris Savundra. No formal investigation has been launched, but ASIC is reviewing the circumstances surrounding the aborted listing. Firmus is still advancing a network of data centres across Tasmania, with sites in Launceston and George Town fully financed and a third at Wesley Vale progressing through approvals.

General manager of energy Paul Grzinic said the company will keep seeking private funding and may consider a future public offering, while insisting diesel generators are only backup power. Hydro Tasmania is expected to decide on a request for 450 MW of supply by year-end, which would make Firmus the state’s largest energy consumer. The firm also sponsors local sports teams and the Tasmanian premier announced a plan for AI firms to contribute to a community fund.