Firmus Grid Ltd. has decided to postpone its planned initial public offering, which was set to raise AUD 7 billion. The company, supported by Nvidia, opted to seek private funding instead after failing to attract sufficient institutional interest during the bookbuilding process that concluded in early October 2026.
The IPO was priced at AUD 11 per share, aiming for a total equity valuation of nearly AUD 30 billion. The decision to shelve the listing followed a decline in interest from foreign investors. Had the IPO proceeded, it would have become the second-largest in Australian history, following the 1997 Telstra listing.
The market reaction impacted Maas Group Holdings, a backer of Firmus, which saw its share price fall by 30% following the news. Firmus, founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, operates data centers in Australia and is currently developing projects in Indonesia with clients including Meta and OpenAI.
In August 2026, the company secured $2 billion in equity financing, achieving a post-money valuation exceeding $10.5 billion. Firmus is now shifting its focus toward private capital options as it evaluates future market conditions.
