Business · Markets · 1 day ago
Firmus cancels planned $7 billion sharemarket listing amid weak demand
Firmus Technologies is developing AI data centres, including three proposed facilities in Tasmania, Australia.
The company says the centres would support AI tools and that its cooling technology would use little water.
But many Tasmanians oppose the projects, and the company has faced concerns about community consultation, water use and backup generators.
Firmus wants 444 megawatts of power for its three Tasmanian facilities, which would make it the state’s largest power user, and the source of all that electricity is not yet known.
George Town Council approved the Bell Bay proposal, but Firmus appealed a condition limiting when it could use backup diesel generators.
An environmental regulator said it had understood the generators would be used only rarely and that this affected its assessment.
Firmus has cancelled a planned sharemarket listing that aimed to raise $7 billion, citing weak demand, and says it will seek private funding instead.
Firmus Technologies cancelled its planned Australian Securities Exchange debut after demand for its shares proved weak.
The company had aimed to raise $7 billion to fund its AI data centre rollout and says it will seek private funding instead.
Firmus wants to build three AI data centres in Tasmania, but its proposals have faced community opposition and planning hurdles.
The company says its facilities can produce AI tokens cheaply and use little water, but it has only one operational AI data centre in Australia.
Its three Tasmanian facilities would require 444 megawatts of power, and the source says it is not yet clear where all that power will come from.
- Who
- Firmus Technologies, an AI data centre company, cancelled its planned share market debut.
- What
- It pulled its planned Australian Securities Exchange listing after weak demand and said it would seek private funding.
- When
- Friday, before the article was published on October 10, 2026.
- Where
- The planned listing was on the Australian Securities Exchange. Firmus also has proposed three data centres in Tasmania.
- Why
- The company said it would seek private funding instead after lacklustre demand for the share offer.
Tasmanian communities opposed to Firmus's data centres
Firmus Technologies
Community impact
Tasmanian communities opposed to Firmus's data centres
Some residents oppose AI data centres in Tasmania, and neighbouring communities criticised what they saw as a lack of consultation.
Firmus Technologies
Firmus has held community drop-in sessions and has addressed questions from the media.
Water and cooling
Tasmanian communities opposed to Firmus's data centres
Farmers objected after Firmus revealed it wanted to use irrigation water to cool its Wesley Vale facility.
Firmus Technologies
Firmus says its cooling technology means its facilities will not use much water.
No direct quotes in the coverage so far.
Firmus was quietly building an AI data centre in Launceston.
Tasmania's energy minister revealed that Firmus wanted to build two more AI data centres in the state.
EMRS polling found that a majority of Tasmanians were not keen on AI data centres in the state.
Firmus cancelled its planned Australian Securities Exchange debut because of weak demand.
- Planned fundraising
- $7 billion
- Power requirement
- 444 megawatts for three proposed Tasmanian facilities
- Operational Australian AI data centres
- One, in Melbourne
- Tasmanian project locations
- Launceston, Bell Bay and Wesley Vale
Sources
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