James Packer joins the Firmus rapture
The pre-IPO frenzy continues for Oliver Curtis's AI infrastructure play.
One of the salient features of late-stage capitalism is that one's social status is closely linked to your ability to obtain pre-IPO shares ahead of the latest and hottest initial public offering.
Today that hot company is Firmus Technologies, a company that builds and operates AI factories – a nifty name for data centres that come pre-configured with Nvidia computing power.
If you already own shares in this company, your status is elevated and rising. If you do not, you are merely a hack investor, relegated to the general admission queue. If you believe the pre-IPO hype, fortunes will be made upon Firmus' listing on the Australian Securities Exchange.
The company is seven years old this year, and it may not produce a statutory profit before another seven years has passed. Suggested IPO valuations range from $6 billion to more than $14 billion. The company is engaged in another pre-IPO raising this week – cornerstoned by two major US strategic investors – and for Australia's moneyed class, getting their hands on Firmus paper is like trying to score an inside table at Margaret on Mother's Day.
