Oliver Curtis Scraps ASX Float for AI Company Amid Valuation Concerns
Firmus, co-founded by Roxy Jacenko's husband, postpones its stock market debut due to market volatility and a projected multi-billion dollar valuation drop.
Oliver Curtis, husband of publicist Roxy Jacenko, has withdrawn his artificial intelligence company Firmus from its planned initial public offering on the Australian Securities Exchange (ASX). The decision comes after the company's anticipated valuation fell by billions of dollars, prompting a reassessment of the listing's viability.
Firmus aims to establish data centers equipped with powerful computer chips designed for training AI models and supporting tools like ChatGPT. The company was positioned for what was expected to be the second-largest stock market debut in Australia, with shares priced at $11, trailing only Telstra.
In a statement, the company cited "recent market volatility and prevailing market conditions" as reasons for the postponement of the October 23 listing. The board concluded that the terms under which the offer could proceed would not adequately reflect the company's business strength and long-term growth prospects. Consequently, proceeding with the offer was deemed not to be in the best interests of the company and its shareholders.
Firmus now intends to pursue private funding from high-net-worth investors to support its expansion plans for AI data centers across Australia and Asia. The company has previously attracted significant investment from major U.S. entities, including chip manufacturer Nvidia and investment firm Blackstone.