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Why the ASX must win Firmus

Australia is world-class at building startups then watching them list abroad. Firmus is the ASX’s clearest chance in years to break that cycle.

Kal Jamshidi Kal is the managing director of Mighty Partners.
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After years of exporting its best tech companies at the point of scale, the ASX faces a defining chance to anchor a generational winner at home, argues Kal Jamshidi. Supplied.

In a single 24-hour window last week, Australia simultaneously minted two new unicorns and watched them slip offshore.

Sharon AI debuted on the Nasdaq with a $1 billion valuation, while Eucalyptus — the poster child for Australian consumer health — was acquired by NYSE-listed Hims & Hers in a deal worth up to $1.6 billion.

These are remarkable outcomes for founders and investors, but they are also the latest instalment in a now-familiar story: Australia builds world-class companies, then watches them graduate elsewhere.

We are now the most capital-efficient startup builders in the world, producing 1.22 unicorns for every $1 billion of capital, according to the Dealroom 2025 Australia Venture & Startup Report — outpacing the US, UK and Israel. In 2025 alone, $5.1 billion was deployed into Australian tech, a 24% year-on-year jump. The private market is doing its job.

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