Firmus scraps A$44B ASX IPO in what could be AI hype cycle's first bubble burst
gaganghotra_ · x · 2026-10-12
Australian AI infrastructure firm Firmus was supposed to IPO at a A$44B valuation on the ASX on Oct 9, but the offering collapsed just before trading was set to begin. Firmus designs and operates "AI factories" — highly efficient data centers purpose-built for large GPU clusters. Media coverage has since catalogued 30 red flags and questioned whether founder Oliver Curtis is the problem. The poster calls it possibly the first big bubble burst in the AI hype cycle.
Related event: Nvidia-backed AI compute firm Firmus pulls IPO at $30B+ valuation(3 posts)→
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