Australian data centre company Firmus has abandoned what was set to be the country's biggest public offering since Telstra, and newly released financial documents show it faces substantial payments for chips and construction amid pressure to raise money for future expansion.
The documents, filed with the Australian Securities and Investments Commission yesterday, show that Firmus has $US550 million in pre-payments due by December for chips for its Batam data centre project in Indonesia, part of a $US8.3 billion commitment. The company also faces $US311 million in payments for its Australian data centre projects, known as Project Southgate, due by June next year.
Firmus was founded in 2019 and makes money by building data centres and renting capacity to other companies. It raised money at a $US15 billion valuation in August and is backed by Nvidia and Blackstone. The company abandoned its initial public offering on the Australian stock market after investor interest failed to eventuate, and said it would pursue private funding instead.
The audited annual report for financial year 2026, completed before the float was abandoned, provides the most complete picture of the company's finances so far. Firmus reported $US50.8 million in revenue in the year to June, mostly from Asia, with just $US1,327 in Australian revenue. The annual report includes a letter from Firmus directors saying the company has $US19.4 billion in contracts with big tech companies for the future, and the accounts say Firmus committed to $US625 million in payments and fees for two submarine cable projects over periods of up to 20 years.
The documents also reveal that co-founder Oliver Curtis and former director Michael Rosenfield previously lent the company money at interest rates that rose to 20 per cent. Curtis initially lent $1 million in 2024, and Rosenfield lent $1.5 million, later refinanced with an additional $750,000. Both loans were repaid in July 2025. As part of the lending arrangements, the two men received rights to buy almost 500,000 Firmus shares for one cent each, which would have been worth a combined $20 million at a September 2025 valuation.
Firmus told the ABC this month that two of its Tasmanian sites had already been funded. The accounts show the company expected three contracted sites to start earning revenue from March 2027, and state that construction of its Melbourne, Launceston and Wesley Vale projects and their chips were funded, and that revenue would be enough to meet loan repayments.
The scrapped float kicked off a rout in data centre share prices in Australia and across the world, with companies such as Australia's NextDC and the US-based Coreweave seeing significant share price drops. Researchers have raised fears that states like Tasmania could end up paying for unused infrastructure built in anticipation of the projects. Analysts estimate that Anthropic, a leading AI company that has lodged documents marking its intention to go public on the US stock market next month, could be valued at upwards of $US1.5 trillion.
NEW: Filed before its aborted Aussie float, Firmus' FY26 books give a look at the company now and where it says it's going:
- US$550m due this year for its Indonesia centres
- $51m revenue, only $1,327 coming from Australia
- $20b in big tech contracts
The financial strain on Firmus could delay or derail major AI data centre projects in Indonesia and Australia, affecting the timeline for AI infrastructure expansion globally.
Investor scepticism towards data centre companies has already hit share prices of peers like NextDC and Coreweave, and further fallout could reshape the market.
Tasmanian communities and governments face the risk of being left with unused infrastructure if the projects do not proceed.
Background
Firmus is an Australian data centre company founded in 2019. It raised money at a $15 billion valuation in August 2026 and is backed by Nvidia and Blackstone. The company abandoned its planned public offering, which was expected to be the largest on the Australian stock market since Telstra, due to a lack of investor interest. It generates revenue by building data centres and renting capacity to other companies.
Key Perspectives
Firmus: Says it will pursue private funding after abandoning the IPO, and has stated that two of its Tasmanian sites have already been funded.
Researchers: Have raised fears that states like Tasmania could end up paying for unused infrastructure built in anticipation of the projects.
What to Watch
Whether Firmus can secure private funding to meet the $US550 million chip pre-payment due in December.
The due date for $US311 million in payments for Australian projects by June next year.
The potential for further sell-offs in data centre stocks as market scrutiny continues.
12 claims in this story checked against 1 source: 12 supported.
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SupportedThe scrapped Firmus float casts doubt on billions of dollars in AI data centre commitments.Latest business news: “Billions of dollars in commitments to buy AI chips by Firmus are in doubt as a result of the Australian data centre company's stalled attempt to go public, according to records filed with the financial regulator.”
SupportedFirmus abandoned a planned Australian public offering that had been set to be the biggest since Telstra, after investor interest failed to eventuate.Latest business news: “It abandoned what was set to be the biggest public offering on the Australian stock market since Telstra amid a souring of interest from investors”
SupportedFirmus had US$550 million in chip pre-payments due by December for its Batam project, as part of an US$8.3 billion chip-purchasing commitment.Latest business news: “The records show that Firmus, which reported about $US51 million in revenue last year, has $US550 million due in pre-payments by December as part of its commitment to purchasing $US8.3 billion of chips for its Indonesian data centre project.”
SupportedFirmus faced about US$311 million in payments for its Australian Project Southgate projects, due by June next year.Latest business news: “The financial statements also set out payments of about $US311 million for its Australian data centre projects, dubbed Project Southgate, which are due by June next year.”
SupportedThe filings were lodged with ASIC yesterday, and the audited FY2026 annual report was completed before the public offering was abandoned.Latest business news: “The documents were filed with ASIC yesterday, but completed before the company's aborted public offering.”
SupportedFirmus raised money at a US$15 billion valuation in August and is backed by Nvidia and Blackstone.Latest business news: “Started in 2019, the company raised money at a $15 billion valuation in August and is backed by some of the biggest names in tech and finance, including Nvidia and Blackstone.”
SupportedFirmus reported US$50.8 million in revenue in the year to June, mostly from Asia, and booked US$1,327 in Australian revenue.Latest business news: “Firmus reported $US50.8 million in revenue in the year to June, a doubling of its revenue from the year before. Most of this revenue came from Asia. Firmus booked just $US1,327 in Australian annual revenue.”
SupportedA letter from Firmus directors says the company has US$19.4 billion in future contracts with big tech companies.Latest business news: “The annual report includes a letter from Firmus directors that says it has $US19.4 billion in contracts with big tech companies for the future.”
SupportedFirmus committed to US$625 million in payments and fees for two submarine cable projects over periods of up to 20 years.Latest business news: “Firmus also committed to $US625 million in payments and fees for two submarine cable projects over periods extending up to 20 years.”
SupportedLoans from co-founder Oliver Curtis and former director Michael Rosenfield had interest rates that rose to 20 per cent, and both loans were repaid in July 2025.Latest business news: “The financial statements disclose earlier loans to Firmus by company co-founder Oliver Curtis and former director Michael Rosenfield, with interest rates that rose to 20 per cent. ... Both loans were repaid in July 2025.”
SupportedThe two men received rights to buy almost 500,000 Firmus shares for one cent each, which would have been worth a combined $20 million at a September 2025 valuation.Latest business news: “The two men also received rights to buy almost 500,000 Firmus shares for one cent each as part of the lending arrangements, which would have been worth a combined $20 million at a Firmus September 2025 valuation.”
SupportedAnalysts estimated Anthropic could be valued at upwards of US$1.5 trillion as it prepared to go public on the US stock market next month.Latest business news: “Leading AI company Anthropic, which develops AI products like Claude and does not just rent out its data centres, has lodged documents marking its intention to go public on the US stock market next month. Analysts have estimated its valuation at upwards of $US1.5 trillion”
