Nvidia-Backed AI Data Centre Firm Firmus Scraps Planned $30 Billion-Plus Australian IPO, Citing Market Volatility

Firmus, an Australian artificial intelligence (AI) data centre operator backed by Nvidia, Blackstone and Jane Street, has withdrawn its planned initial public offering (IPO) on the Australian Securities Exchange (ASX), citing market volatility and prevailing market conditions. The decision was announced on 9 October 2026. The planned IPO had been set to price shares at A$11 apiece, targeting a raise of approximately $5 billion and an implied valuation of around $30.6 billion, which would have made it one of the second-largest new share sales in Australia's history. In August 2026, Firmus had completed a $2 billion funding round backed by Nvidia, Coatue Management, Blackstone and Jane Street, bringing its total equity raised over the preceding year to more than $3 billion. The company's board concluded that the terms of the proposed offering did not adequately reflect the strength of its business and long-term growth outlook. One major institutional investor, UniSuper (one of Australia's largest pension funds), publicly declined to participate, with its chief investment officer John Pearce stating: 'We think that Firmus indeed has a compelling story. It just doesn't have a compelling valuation.' Pearce also flagged concerns about the company's debt levels required to fund its growth plans. Firmus builds and operates liquid-cooled AI data centres for clients including OpenAI and Meta, with operations across Australia, Singapore, and other Asia-Pacific locations. The company said it will now pursue capital from private markets and consider alternative public and private market options. The withdrawal reflects broader investor anxiety about valuations in AI infrastructure, at a moment when OpenAI has also indicated it does not plan to list this year.