Firmus IPO faces community backlash and valuation doubts over fast-track datacentres

Firmus Technologies is set to launch an IPO on the Australian Securities Exchange, aiming to raise $7 billion and achieve a valuation that could exceed $40 billion. The company’s flagship 104-megawatt datacentre in Launceston received fast-track approval in September, prompting residents like Kayla Thompson to organize protests over the lack of consultation. After community opposition threatened additional projects, Firmus held a series of public meetings and admitted its outreach had been inadequate.

Despite backing from Nvidia, Blackstone and Jane Street, Firmus currently runs only two sites—in Melbourne and Singapore—and projects $5 billion in annual earnings once its pipeline is built. Analysts question the realism of the earnings forecast and warn that the IPO’s small free float may enable early backers to sell shares at inflated prices, potentially leaving ordinary investors with losses. The controversy mirrors broader resistance to large AI datacentres in the United States and Australia, where concerns over power use, water demand and rapid approvals are mounting.