Brief
Firmus ASX float stalls as bankers slash institutional price to $8.25
Bankers reduced the institutional price for Firmus' pending ASX listing, putting the $43.7 billion valuation and founders' fortunes at risk.
By Felo News Desk · Published
Firmus, the AI data‑centre company co‑founded by former inmate Oliver Curtis, faced a sudden price cut on Thursday morning as its bankers lowered the institutional price for its upcoming ASX float from $11 to $8.25 per share, according to the Australian Financial Review.
What happened
The price reduction threatens the scheduled October 23 listing and could slash the paper wealth of Curtis, chief executive Aresna Villeneuva Curtis and co‑founders Jonathan Levee and Tim Rosenfield. The cut implies a potential $1 billion loss for Oliver Curtis, whose stake was valued at about 13 percent before the float.
What the report adds
The article notes that Firmus has only two data centres in operation and recorded $50 million in revenue last year, a valuation multiple of 874 times revenue. It also reports that a previously announced partnership with Australian data‑centre operator CDC, touted as worth over $70 billion, has been abandoned.
What was said
The piece does not contain direct quotations, but attributes the valuation figures and the price‑cut details to the Australian Financial Review.
How it came about
Firmus' valuation has surged from a $1.2 billion target in late 2024 to $6 billion in November 2025, $15 billion in August 2026, and the proposed $43.7 billion valuation for the October float. The rapid rise mirrors the broader AI‑sector hype, though the company’s modest revenue base raises questions about sustainability.
Key facts
- Bankers cut Firmus' institutional price from $11 to $8.25 per share. (smh.com.au)
- The price cut could erase roughly $1 billion of Oliver Curtis' paper wealth. (smh.com.au)
- Firmus recorded $50 million revenue last year and operates two data centres. (smh.com.au)
- A planned partnership with CDC valued at over $70 billion was abandoned. (smh.com.au)
Timeline
- 2024-12-01 — Firmus sought a $1.2 billion valuation.
- 2025-11-15 — Firmus raised money at a $6 billion valuation.
- 2026-08-20 — Firmus aimed for a $15 billion valuation.
Sources
- [1] smh.com.au — originally reported as “Firmus ASX listing: Start-up share price cut”
