澳大利亚AI数据中心开发商Firmus Technologies定于2026年10月23日在澳大利亚证券交易所上市，募资7亿澳元，公司估值达437亿澳元，成为澳大利亚历史上第二大IPO，仅次于1997年的Telstra1。然而这一野心勃勃的上市计划正面临投资者的广泛怀疑。
质疑主要聚焦于公司的实际运营进展与高企估值之间的巨大落差。Firmus已签约容量为912兆瓦，但实际运营的仅为46兆瓦，即已售产能的运营率约5%，远低于竞争对手NextDC约四分之一的水平1。公司还未实现盈利，预期上半年财政年度亏损7700万澳元1。此外，公司联合首席执行官中包括曾因内幕交易入狱的Oliver Curtis，引发了对治理结构的额外担忧1。
尽管Firmus获得了英伟达、贝莱德等知名投资者支持，主要客户包括Meta、OpenAI1，但反对声浪仍在扩大。Bell Bay的反对请愿已获6000人签名，国会反对请愿则超9000人1。不过，预计被动基金在上市前三个月的购买额可能达5至10亿澳元1。
Australian AI data centre developer Firmus Technologies is set to list on the Australian Securities Exchange on October 23, 2026, raising A$7 billion in what will become the country's second-largest initial public offering 1. The company's valuation is expected to reach up to A$43.7 billion, surpassed only by Telstra's 1997 listing 1. However, the blockbuster listing has drawn significant scrutiny from investors concerned about the gap between the valuation and the company's operational performance.
The concerns centre on Firmus's limited operational capacity relative to its ambitious market position. While the company has secured contracts for 912 megawatts of capacity, only 46 megawatts—approximately 5 percent—is currently operational 1, substantially trailing competitor NextDC's deployment rate of roughly one-quarter 1. Additionally, Firmus reported a predicted loss of A$77 million for the first half of its financial year 1. The valuation has also fluctuated notably, ranging from over US$10.5 billion in August to approximately A$6 billion in a November 2025 private funding round 1.
Major investors backing the venture include Nvidia and BlackRock, with Meta and OpenAI serving as principal customers 1. Passive funds are anticipated to purchase between A$5 billion and A$10 billion of shares in the first three months following listing 1. The company is jointly led by two chief executives who are cousins 1, one of whom, Oliver Curtis, previously served time in prison for insider trading 1. The listing has faced public opposition, with over 9,000 signatures on a parliamentary petition and 6,000 on a petition specifically opposing development at Bell Bay 1.
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