Australian AI data center operator Firmus withdraws IPO, originally planned to raise 5 billion USD

Australian AI data center operator Firmus, supported by NVIDIA, stated via email to CNBC that the company has withdrawn its planned large IPO due to market volatility and conditions. The board believes that the proposed issuance terms do not adequately reflect the business's strength and long-term growth prospects, and continuing with the issuance is not in the best interests of the company and its shareholders. The company stated it will turn to private market financing and consider other public and private market options.

Reportedly, Firmus originally planned to raise $5 billion through the IPO, pricing shares at AUD 11. If successful, it would have become the second-largest IPO in Australian history, with a valuation of approximately $30.6 billion. In August 2026, the company announced the completion of $2 billion in financing, with investors including NVIDIA, Coatue Management, Blackstone, and Jane Street; the previous year, it raised over $3 billion in equity financing, with a valuation exceeding $10.5 billion. Last month, Firmus announced an agreement with Meta to provide GPU computing power for AI research, model development, and training based on NVIDIA's DSX platform in Southeast Asia.