# Firmus Withdraws Planned $5 Billion IPO Amid Market Volatility

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/29425
Published: 2026-10-10T07:23:21.000Z
Updated: 2026-10-10T07:23:21.000Z
Section: Business

> The Nvidia-backed Australian AI data center operator will pursue private-market financing after deciding its proposed terms did not reflect its business or long-term growth outlook.

Firmus has withdrawn its planned $5 billion initial public offering, citing market volatility and conditions that it said did not support terms reflecting the Australian AI data center operator’s business and long-term growth prospects.

The Nvidia-backed company had planned to price the offering at 11 Australian dollars per share. If completed, the IPO would have valued Firmus at about $30.6 billion and ranked as the second-largest in Australian history.

Firmus said it will turn to private-market financing while evaluating additional public and private funding options. The decision follows a $2 billion financing completed in August with participation from Nvidia, Coatue Management, Blackstone and Jane Street. Firmus had raised more than $3 billion in equity during the prior year and was valued at more than $10.5 billion.

Last month, Firmus announced an agreement with Meta to provide GPU computing capacity for artificial intelligence research, model development and training at data centers in Southeast Asia using Nvidia’s DSX platform.