Firmus Technologies builds AI data centres it calls 'AI factories,' packed with Nvidia chips, and rents that computing power to large technology companies including Meta and OpenAI. Unlike traditional data centre operators that lease space and power while customers supply their own hardware, Firmus owns the chips itself. Only two of its data centres are currently operational, with 46 megawatts running out of 912 megawatts of contracted capacity.
Investors: Nvidia, Blackstone
At an A$43.7 billion valuation, Firmus would be valued at roughly four times NextDC, Australia's largest listed data centre company, despite having only about 5% of its sold capacity operational, setting a valuation benchmark that analysts and regulators are already questioning. The Reserve Bank of Australia warned just before the listing that circular AI financing, where a single company like Nvidia acts simultaneously as supplier, investor, and customer, is creating systemic vulnerabilities. If Firmus is included in major share indices, passive index funds and superannuation funds could be required to purchase an estimated A$500 million to A$1 billion of shares in the first three months, spreading exposure to those risks across ordinary Australian workers.