Full Breakdown
Firmus Pulls $5 Billion Australian IPO Amid Valuation and Market Turbulence
By Drooid · · How we work
Core Event: Withdrawal of the IPO
On October 9, 2026, Australian AI-focused data-centre developer Firmus announced it was withdrawing its application to list on the Australian Securities Exchange (ASX). The IPO had been slated to raise up to US $5 billion (A$7.1 billion) at A$11 per share, implying an equity valuation of roughly US $30.6 billion to AU$43.9 billion—potentially the second-largest ASX listing after Telstra.
Background & Context
Founded in 2019, Firmus shifted from Bitcoin mining to modular AI “factories” in 2024, pairing Nvidia GPU racks with liquid-cooling technology. Backed by Nvidia, Coatue, Blackstone and Jane Street, it raised US $2 billion in August 2026, lifting its post-money valuation above US $10.5 billion. Key contracts include GPU capacity for Meta’s AI research and a multi-year agreement with OpenAI for two Malaysian data centres. A partnership with CDC Data Centres to develop a 1.6 GW Australian build-out collapsed in early October, removing a cornerstone of the IPO narrative.
Data & Statistics
- Planned raise: US $5 billion (A$7.1 billion)
- Share price: A$11 per share
- Valuation estimates: US $30.6 billion; AU$43.9 billion
- Debt load: ~US $30 billion, giving an enterprise value near US $60 billion
- Capacity: 46 MW operational; contracts for 912 MW (including 1.6 GW Australian pipeline) but only 42 MW built before CDC’s exit
- FY to 30 June 2026: Operating loss US $68.2 million on revenue US $50.8 million
Official Statements & Responses
The firm disclosed it is exploring a potential Nasdaq listing, though no formal decision has been announced.
Conflicting Reports & Gaps
CNBC cites a US $30.6 billion valuation, while Nikkei and Mingtiandi report AU$43.9 billion and AU$43.7 billion respectively. The company did not disclose order-book demand or the proportion of shares existing investors intended to sell immediately after listing.
Verbatim Quotes
- “The Board therefore concluded that proceeding with the Offer was not in the best interests of the Company and its shareholders.” — Firmus
- “Having considered recent market volatility and prevailing market conditions, the Board determined that the terms on which the Offer could proceed would not appropriately reflect the strength of the Company’s business and long-term growth outlook,” — Firmus
What’s Next
Firmus plans a private-market funding round, with Bloomberg reporting a potential US $3 billion raise from existing investors. Early talks with Nasdaq officials continue, a route that could fund its $51 billion AI-factory build-out over the next two years. Until financing is secured, Firmus will operate its two active data centres in Melbourne and Singapore while advancing development of five additional sites across the Asia-Pacific region.