Oliver Curtis, co-founder of artificial intelligence infrastructure company Firmus, has publicly attributed the failure of the company’s proposed initial public offering (IPO) to what he described as a lack of support for risk-taking among Australian investors. The $44 billion ASX float, the largest in Australia since Telstra’s listing three decades ago, was abruptly withdrawn last week amid waning investor interest, triggering a dramatic reversal after initial enthusiasm.
Curtis, who returned to Singapore on his private jet shortly after the IPO was shelved, told reporters he remained optimistic about Firmus’s prospects despite the setback. Speaking near Singapore’s Orchard Road district ahead of a business meeting, he emphasized that firm is "in a perfectly good position" and dismissed the notion that the halted IPO indicated fundamental problems. “We will ensure that we live on as a business,” Curtis said, expressing hope that observers will recognize Firmus’s progress within months.
The co-founder placed partial blame for the IPO's collapse on Australia’s cautious approach to start-ups and high-risk ventures. “Australia generally will take dim views on people taking a risk,” he stated, framing the episode as a missed opportunity for the country’s tech ecosystem. Firmus had been widely promoted as a homegrown builder of AI infrastructure facilities supported by Nvidia, plotting a network of data centres across Australia and Southeast Asia designed to meet rising demand from technology giants.
Following the IPO’s cancellation, Firmus reportedly shifted its focus to raising approximately US$3 billion through private capital markets and is pursuing a potential Nasdaq listing in the United States. However, this alternative financing route is expected to dilute the personal stake held by Curtis.
Firmus’s plans to tap the market were complicated by investor skepticism regarding the company’s limited track record in constructing AI data factories and concerns that the valuation, initially pitched at A$11 per share, was overly ambitious. Several institutional investors, including Ellerton Capital, Wilson Asset Management, Maas Group, and Paradice Investment Management, reportedly withdrew from the deal after a notable U.S. investor pulled out during the bookbuild phase.
The IPO process itself was marked by volatility. After early indications suggested demand exceeded the offer price, enthusiasm rapidly evaporated, culminating in a withdrawal of the offer within 72 hours. Curtis refrained from addressing media inquiries related to potential regulatory investigations into the promotion of the IPO and the conduct of its bankers, whose fees would have exceeded A$200 million upon a successful listing.
In addition to operational challenges, Industry-wide constraints are also affecting data centre development in Sydney, where limited electrical grid capacity is placing a hold on new projects valued in excess of A$50 billion. Industry sources confirmed that data centre operators were informed in August that Sydney’s available electricity capacity was fully committed, requiring developers to shoulder costs for necessary network expansions.
Curtis’s personal movements during the IPO process have drawn attention. Flight records indicate he has been travelling extensively on a privately owned Bombardier Global jet, repainted in silver and registered in Utah, which is estimated to have a purchase price around US$20 million. The aircraft accompanied Curtis on trips to Tasmania, Melbourne, the UK, and Switzerland, among other destinations. The jet’s ownership history links back to Indonesia’s Bakrie family, reflecting Firmus’s international ambitions, including projects in Batam.
Curtis, who served a prison sentence in 2016 for insider trading, acknowledged the firm’s “fantastic fundamental platform” and highlighted a substantial contracted revenue pipeline exceeding US$100 billion. He affirmed the company’s commitment to delivering on its business objectives and called on Australia to support emerging tech enterprises to avoid losing innovative ventures overseas.
While the IPO collapse represents a significant setback for Firmus and may temper immediate investor enthusiasm, Curtis expressed confidence in the company's long-term potential and its ability to emerge as a global Australian technology success story.