Business
Nvidia-backed AI data centre firm Firmus scraps Australia's mega IPO
October 9, 2026 at 04:28 AM
Firmus Technologies has withdrawn from what would have been Australia's biggest stock market listing since Telstra in 1997.
- Firmus scrapped its Australian Securities Exchange IPO, which would have valued the liquid-cooled data centre company at more than $30bn.
- The company cited "recent market volatility and prevailing market conditions," saying the listing was not in shareholders' best interests.
- Firmus said it will pursue capital from the private markets and consider alternative public and private market options.
- UniSuper chief investment officer John Pearce said the pension fund skipped the IPO over valuation concerns, citing doubts about how the firm's growth would be funded.