Australian AI data center operator Firmus withdraws $5 billion IPO amid market volatility

Huo Xing Cai Jing reports that Firmus, an Australian AI data center operator backed by NVIDIA, stated via email to CNBC that it has withdrawn its planned large-scale IPO due to market volatility and conditions. The board determined that the proposed offering terms did not adequately reflect the company’s business strength and long-term growth prospects, and proceeding with the offering would not be in the best interests of the company or its shareholders. The company said it will shift toward private market financing and consider other public and private market options. According to reports, Firmus originally planned to raise $5 billion through the IPO at a price of A$11 per share, which would have made it the second-largest new stock offering in Australian history, with an implied valuation of approximately $30.6 billion. In August 2026, the company announced the completion of a $2 billion financing round, with investors including NVIDIA, Coatue Management, Blackstone, and Jane Street; prior to that, cumulative equity financing over the previous year exceeded $3 billion, valuing the company at over $10.5 billion. Last month, Firmus announced an agreement with Meta to provide GPU computing power for Meta’s AI research, model development, and training through NVIDIA’s DSX platform in Southeast Asia.