Firmus Grid Ltd., an operator of AI data centers backed by NVIDIA, has cancelled its planned initial public offering on the Australian Securities Exchange. The company decided to withdraw the deal around October 8–9, 2026, citing insufficient investor demand and market volatility.
The IPO was intended to raise up to AUD 5,5 billion, with shares priced at AUD 11 each. This valuation would have placed the company at approximately AUD 43,7 billion, or $30 billion. Trading on the exchange was originally scheduled to commence on October 23, 2026.
The company, which currently operates two small data centers, focuses on modular AI infrastructure. Its key initiatives include Project Southgate in Australia and operations in Indonesia. Firmus maintains partnerships with NVIDIA, OpenAI, and Meta, involving the deployment of up to 170 000 GPUs.
Prior to the failed IPO, Firmus secured significant private funding. In April 2026, it raised $505 million at a valuation of $5,5 billion, followed by $2 billion in August 2026, which valued the firm at over $10,5 billion. Investors include Coatue Management and Blackstone.
Following the cancellation of the public offering, Firmus intends to pursue private market funding to continue its project development. The company stated that it preferred to withdraw the deal rather than proceed with a lower valuation or insufficient order book participation.
