Nick Curtis, a newly minted billionaire and major shareholder in the artificial intelligence company Firmus, has urged Australia to support the growing AI sector, describing it as a potentially transformative industry and lucrative export opportunity for the country.
Firmus, co-founded by Curtis’s son Oliver Curtis and his cousin Tim Rosenfield, is preparing for a highly anticipated initial public offering (IPO) on the Australian Securities Exchange (ASX) scheduled for October 23. The float is expected to value the company at approximately A$44 billion, making it the second-largest IPO ever on the ASX. The proposed share price is set at A$11, with the family’s collective holdings valued at more than A$10 billion.
Nick Curtis, 69, holds shares in Firmus worth around A$2.12 billion based on the indicative valuation, while his son Oliver is expected to retain a stake worth about A$5 billion after the listing. Rosenfield is poised to hold shares valued at more than A$2 billion. Other family members have acquired shares, bringing the total family holdings to roughly A$3.5 billion. The founders’ shares will be subject to escrow arrangements following the IPO, limiting immediate sales but allowing partial divestment over time.
Firmus was established in 2019 initially linked with bitcoin mining before evolving into what it describes as an AI data factory. The company operates data centers in Melbourne and Singapore, with significant contracted operations across Malaysia, Indonesia, and Australia. The vast majority of its contracted data center capacity is international, with 57% in Malaysia, 29% in Indonesia, and 14% in Australia.
While currently not profitable, Firmus projects substantial growth, aiming to achieve earnings before interest and tax (EBIT) of around A$55 billion by 2028. This growth is anticipated to be driven by the expansion of data center infrastructure in Southeast Asia and Tasmania. The company claims it can deliver pre-tax profit margins of up to 90%, significantly higher than traditional mining giants such as BHP and Rio Tinto.
Nick Curtis, a former Macquarie banker and mining executive who previously chaired rare earth miners Lynas and Northern Minerals, was Firmus chairman until last year. He remains a strong advocate for the business and the broader AI industry’s potential in Australia.
“I believe AI is a very important industry for Australia to embrace,” Curtis said, emphasizing the opportunity to develop a large-scale export market based on AI data infrastructure. He compared the AI sector’s potential to Australia's traditional resource exports, stressing the importance of diversifying and replenishing export industries.
Curtis also confirmed he sold A$100 million worth of Firmus shares earlier this year but retained a substantial interest in the company. He indicated that the timing suited his personal circumstances and reaffirmed his confidence in the company’s long-term prospects.
Firmus’s IPO comes amid growing global interest in AI technology and data infrastructure. The company’s success could mark a significant milestone for Australia’s technology sector, positioning it as a key player in a rapidly expanding market.