At a glance
Firmus withdrew its ASX float on 9 October, the day after bidding closed, and will raise money privately instead.
The A$11 offer price valued Firmus at about A$44 billion, above Transurban, which would have made it the 16th largest company on the ASX.
The Australian part of the float was to fund two AI factories in northern Tasmania, which carry about three-quarters of Firmus's Australian contracts.
Maas Group of Dubbo, a 3.2% shareholder with A$1.2 billion of Firmus work, saw its shares fall 22% on 8 October and is in a trading halt.
Firmus withdrew its ASX float on the morning of 9 October 2026, a day after bidding from large investors closed. It would have been the largest Australian listing since Telstra in 1997. The A$11 offer price valued Firmus at about A$44 billion, above toll road owner Transurban, which would have made it the 16th largest company on the exchange, the ABC reported.
The company cited "recent market volatility and conditions" and said it will pursue capital from the private markets and "provide additional information to shareholders as those options progress".
The decision touches three towns in northern Tasmania where Firmus is building AI factories, a construction group in Dubbo, and two subsea cables still to be built.
Tasmania sits at the centre of it, because the only Australian builds the float was to fund are in Launceston and near Devonport.
The largest float since Telstra was pulled a day after the books closed
Firmus, one of the neocloud providers in Australia, set out to raise about A$7.1 billion. When bids closed on 8 October, the banks were working on a price nearer A$8.25 a share, and by the next morning the offer was withdrawn.
UniSuper chief investment officer John Pearce called the outcome disappointing. "The ASX needs new stories and this could have been one if it was correctly priced," he told the ABC.
Firmus is now seeking the money in a private round with NVIDIA and other backers, the Financial Review and Bloomberg reported. NVIDIA supplies Firmus's chips, holds about 7.2% of the company, according to the ABC, and is also a customer.
Tasmania carries three-quarters of Firmus's Australian contracts
Firmus has three sites in northern Tasmania. St Leonards in Launceston was approved for 90MW in September 2025 and is under construction. Bell Bay near George Town was approved for 288MW in August 2026. Wesley Vale near Devonport is awaiting a planning decision.
Site | Size | Status |
|---|---|---|
St Leonards, Launceston | 90MW | Under construction, due early 2027 |
Bell Bay, George Town | 288MW | Approved August 2026, appeals at the state tribunal |
Wesley Vale | About 52MW | Awaiting a planning decision |
Source: Launceston City Council; George Town Council; Firmus Project Southgate FAQs.
The float was to pay Firmus's own equity contribution to St Leonards and Wesley Vale, Startup Daily reported from a broker summary sent to wholesale investors, with budgets of about A$900 million for construction and A$5.36 billion for servers. On Startup Daily's tally, the two Tasmanian sites carry about three-quarters of the contracted revenue Firmus disclosed for Australia, and St Leonards alone about 59% of it.
Deputy Premier Guy Barnett said the government looks forward to continuing its relationship with Firmus in a "positive, collaborative way", Sea FM reported. Greens MP Tabitha Badger called on the government to disclose its agreements with the company.
Maas Group shares fell 22% on 8 October
Dubbo-based Maas Group sold its construction materials division, about half the business, to fund a stake in Firmus. It now owns 3.2% of the company and holds about A$1.2 billion of contracts for electrical fit-outs at Firmus's sites through its contractor JLE, according to the ABC.
Maas shares closed down 22.4% on 8 October, about A$500 million of market value, after falling as much as 30% during the day. Maas is in a trading halt pending an announcement, due by 13 October.
Firmus has power and two subsea cables lined up for its Tasmanian build
St Leonards has its power, under a contract with Aurora Energy for up to 104MW signed in March 2026. Firmus told Tasmania's parliamentary inquiry it expects to contract about 444MW across all three sites at full build, and Hydro Tasmania expects to decide by the end of 2026.
Firmus underwrote Bernacchi-1, SUBCO's new cable from Tasmania to the mainland, due in service in the second quarter of 2027. It is also the cornerstone customer on APX East, SUBCO's Sydney to California cable, committing about US$300 million for up to 150 terabits a second over 25 years from the fourth quarter of 2028.
St Leonards opens in early 2027
We expect St Leonards to start operating in early 2027, on the date Firmus has set. St Leonards' power contract and the Bernacchi-1 cable are both timed to that date, and the site carries most of Firmus's Australian contracted revenue. The investors Firmus is now talking to are the backers who funded it through four private rounds.
Wesley Vale and Bell Bay move at the pace of their planning decisions and Hydro Tasmania's answer on 444MW.
What to watch
The private round. Who leads it, and the value it puts on Firmus.
Maas Group. Its announcement to the ASX, due by 13 October.
The 30 November date. Investors in the August funding round convert their holdings into shares on better terms if Firmus has not listed by then, the Financial Review reported in September.
Hydro Tasmania. Its 444MW decision, due by the end of 2026.