Business · Markets · 2 days ago
Australian AI data-centre firm Firmus cancels planned IPO
Firmus Grid, an Australian data-centre operator backed by Nvidia, has cancelled its planned stock market listing.
The company had been seeking to list on the Australian Securities Exchange.
The offering would have valued Firmus at $30 billion, up from $10.5 billion less than three months earlier.
International investors have grown more cautious about high valuations in the AI sector and the costs of financing growth.
The long-term returns from AI remain uncertain, while borrowing and other funding costs are rising worldwide.
Firmus relies on a steady flow of new capital, so it will now look at other ways to raise money.
The cancelled listing is a sign that investors may be resisting generous financing terms for AI businesses.
Firmus Grid has withdrawn its planned initial public offering, which would have been one of the largest in Australian history.
The Nvidia-backed data-centre company was seeking a valuation of $30 billion.
The planned listing was on the Australian Securities Exchange.
Firmus said it would explore other financing options.
The cancellation came as investors questioned high AI-sector valuations and rising financing costs.
- Who
- Firmus Grid, an Australian data-centre company backed by Nvidia.
- What
- It cancelled its planned IPO and said it would explore other financing options.
- When
- The company announced the withdrawal on Friday; the article was published on October 9, 2026.
- Where
- The planned listing was on the Australian Securities Exchange.
- Why
- International investors were cautious about high AI valuations and rising financing costs, while long-term AI returns remained uncertain.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Firmus was valued at $10.5 billion.
Firmus had signalled solid demand for the planned IPO.
Firmus said it would withdraw its application to list on the Australian Securities Exchange and consider other financing options.
- Company
- Firmus Grid
- Planned IPO valuation
- $30 billion
- Earlier valuation
- $10.5 billion
- Planned exchange
- Australian Securities Exchange
Sources
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