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

‘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’

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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.