Australia's Firmus pulls planned $5 billion IPO, citing volatile markets

Firmus, an Australia-based AI data center operator backed by NVIDIA, has withdrawn its proposed IPO, saying market volatility and current conditions made it difficult to secure terms that fairly reflect the business. In an email to CNBC, the company said its board concluded the offer did not adequately capture Firmus' operating strength and long-term growth outlook, and that moving ahead would not be in the best interests of the company or shareholders. Firmus said it will pivot to private-market funding while evaluating other public and private capital-raising options. Media reports previously said the company aimed to raise $5 billion by selling shares at A$11 apiece. The deal would have ranked as Australia's second-largest new stock offering, implying a valuation of about $30.6 billion. In August 2026, Firmus said it completed a $2 billion financing round with investors including NVIDIA, Coatue Management, Blackstone and Jane Street. The company also reported that equity financing over the prior year totaled more than $3 billion, valuing Firmus at over $10.5 billion. Last month, Firmus announced an agreement with Meta to supply GPU computing capacity for Meta's AI research, model development and training via NVIDIA's DSX platform in Southeast Asia.