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

According to ChainCatcher, Firmus, an Australian AI data center operator backed by NVIDIA, emailed CNBC to state that it has withdrawn its planned large-scale IPO due to market volatility and prevailing market conditions.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 stated it will now pursue private market financing and consider other public and private market options. Reports indicate that Firmus originally planned to raise $5 billion through the IPO at a price of A$11 per share, which would have made it Australia’s second-largest new stock offering in 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 via NVIDIA’s DSX platform in Southeast Asia.