Firmus float faces investor doubts and Tasmanian backlash

Australian company Firmus Technologies is set to launch a $7bn initial public offering on the ASX this month, potentially the second-largest in Australian history, amid community backlash over its datacentre projects in Tasmania and investor skepticism about its valuation. The company, which operates just two facilities, is targeting a valuation of over $40bn after leaping from $2bn in under a year, with analysts suggesting figures up to $100bn. Its draft prospectus forecasts $5bn in annual earnings, which one investment manager called "a little bit of a fairytale," while community groups in Launceston say they were not consulted before construction began. Firmus has faced criticism over fast-tracked approvals, limited public engagement, and a small free float that could allow early investors like Blackstone to sell stakes immediately after listing. The company has responded by overhauling its community engagement and sponsoring major Tasmanian sporting teams, which experts describe as "sportswashing."