‘These guys are just coming from nothing’: questions over multibillion-dollar Firmus float amid datacentre backlash

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‘AI factories’ developer on track to launch the second-biggest IPO in Australian history, but investors warn its forecasts are ‘a little bit of a fairytale’

From her balcony in Launceston, Kayla Thompson can see the buzz of construction at what will soon be one of Australia’s first AI factories. Her teenage stepchildren get an even clearer view from their classroom window.

Like many of her neighbours, Thompson didn’t realise Firmus Technologies had an ambitious plan to build datacentres in Tasmania until after construction began. The Australian company was on a mission, and preparing to list on the ASX later this month after an anticipated initial public offering designed to raise $7bn from investors.

It is on track to be the second-largest IPO on record behind Telstra’s $14bn share sale in 1997, and one of the top five in the world this year.

Its massive 104-megawatt datacentre at St Leonards, worth an estimated $2.1bn, was given fast-tracked approval by the city of Launceston in September last year without a public hearing.

Thompson was furious. She joined a protest group that believes Tasmanians were kept in the dark by the company.

“Their consultation was nonexistent until they had it shoved in their face that they made a mistake,” says Thompson. “By then, it was too late.

“The more we researched this company, the less appropriate it seemed that size of facility should be voted on by a local council with limited community awareness.”

In June, Firmus realised it had a problem. Community backlash was threatening two other proposed datacentres in the state’s north-east. With an IPO months away, it organised dozens of public consultation sessions with a pre-prepared message.

“They did a bit of a mea culpa and said we handled that badly and we should have done something more,” says Joe Zadravec, who lives close to another proposed Firmus datacentre.

A Firmus spokesperson confirms the company overhauled its community engagement program after receiving strong feedback from Launceston locals.

“The feedback we receive will continue to help shape our approach,” they say.

As Firmus prepares to ask prospective shareholders for billions of dollars in the heat of a global AI boom, its Tasmanian missteps offer an unfiltered look at the operational risks behind the pitch.

A year ago, as local councillors approved the five-hectare AI factory in Launceston, Firmus was worth just under $2bn in a private