Story perspectives

Firmus Grid Withdraws ASX IPO, Plans $2–3B Private Round

By Drooid · Oct 11, 2026, 12:19 AM UTC · How we work

Summary

Story summary

Firmus Grid Ltd withdrew its ASX IPO on October 9 2026, citing market volatility.
Co-chief executives Oliver Curtis and Tim Rosenfield said the terms did not match long-term growth outlook.
Firmus will pursue a private funding round up to $3 billion, seeking $2-$3 billion from existing investors.
Nvidia holds a 7.2 % stake and has not confirmed private-round participation.
A 6,000-person petition in northern Tasmania added pressure on the IPO.

History

Historical Context

The 2008 global financial crisis, sparked by the U.S. housing bubble collapse and the October 2008 Emergency Economic Stabilization Act, sent markets tumbling and forced the Reserve Bank of Australia to inject nearly $1.5 billion into banks. The turmoil slashed Australian Securities Exchange IPOs and, echoing that pattern, Firmus Grid Ltd pulled its ASX listing on 9 October 2026, citing market volatility.

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Story summary

Firmus Grid Ltd withdrew its ASX IPO on October 9 2026, citing market volatility.
Co-chief executives Oliver Curtis and Tim Rosenfield said the terms did not match long-term growth outlook.
Firmus will pursue a private funding round up to $3 billion, seeking $2-$3 billion from existing investors.
Nvidia holds a 7.2 % stake and has not confirmed private-round participation.
A 6,000-person petition in northern Tasmania added pressure on the IPO.

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