Oliver Curtis’s company Firmus is preparing a new capital raising aimed at securing up to $3 billion (approximately A$4.3 billion) to support its expansion plans following the collapse of its initial public offering on the Australian Securities Exchange (ASX). The Sydney-based firm’s proposed float was abandoned after weak investor demand caused a sharp decline in its valuation, forcing the company to seek alternative funding sources.

Sources indicate that Firmus has initiated discussions with existing shareholders about the potential capital raising, which could see the company issuing new shares equivalent to about 10 percent of its previously projected valuation. The details of this fundraising effort may become public in the coming days, as the company requires substantial capital to construct a large-scale network of AI manufacturing plants, including facilities in Indonesia and Tasmania. Firmus is backed by chip manufacturing giant Nvidia and aims to complete the rollout of these factories before pursuing a Nasdaq listing in the United States in late 2027.

This capital raising is expected to dilute the shareholdings of Firmus’s founders and current investors, including Curtis himself, who may lose his billionaire status on paper. The fallout from the failed float has also affected other business figures connected to Firmus. Notably, retail magnate Gerry Harvey is supporting fellow entrepreneur Wes Maas, whose wealth and business interests have suffered following exposure to Firmus amid a steep decline in shares of Maas Group. Harvey expressed confidence in Maas’s ability to recover from the setback.

There is skepticism about whether key investors such as Blackstone, Coate, and Jane Street will participate in this new funding round. These entities previously declined to back Firmus’s $11-per-share IPO during the bookbuild process and held shares that would not have been subject to escrow had the float proceeded. One source close to Firmus suggested that Nvidia may prefer not to have these investors involved in the upcoming financing stage.

Curtis, who recently traveled from Singapore to Berlin aboard his Bombardier Global Express BD-700 private jet, broke his public silence following the IPO’s collapse. He attributed the failure partly to a lack of support from the Australian market, expressing disappointment with domestic investor attitudes toward risk. Curtis emphasized that Firmus remains in a “perfectly good position” and that the failed float would not affect the company’s operations or long-term objectives.

“There’s no fire sale, people can dance on my grave,” Curtis said, indicating confidence in the company’s future prospects. He described Firmus’s platform as “fantastic” and expressed hope that the business would ultimately be recognized as a global Australian technology success story. Curtis warned that insufficient local support risks driving entrepreneurs and companies offshore.

Investor sentiment shifted dramatically earlier this month after months of promotional activity, with concerns surfacing over Firmus’s limited track record in delivering factory projects and skepticism regarding the valuation based on the $11-per-share target. Curtis, who served jail time in 2016 for insider trading, declined to comment on allegations of potentially misleading investors amid speculation that Australian corporate regulators might investigate Firmus and its bankers over claims they overstated investor interest. When asked about this issue, Curtis simply responded, “Just because I had you say.”

The failed IPO represented the largest in Australia since the Telstra listing three decades ago and would have secured substantial fees for the banks involved. Despite the setback, Firmus appears intent on pursuing its growth strategy through private funding and eventual US listing.