Nvidia-Backed Firmus Cancels $5 Billion Australia IPO Due to Poor Demand

By EC Assets · Published 9 October 2026

Nvidia-backed Firmus has canceled its planned initial public offering in Australia. The AI data center operator cited poor demand and volatile market conditions for the decision. This marks the shelving of what was anticipated to be Australia's second-largest IPO. Firmus was seeking to raise AUD $7.1 billion, or $4.95 billion. The company determined that proceeding with the IPO was "not in the best interests" of its stakeholders. Its decision comes amid deepening concerns regarding AI valuations. The company began as a Bitcoin miner in Tasmania in 2019. It now operates as an AI data center provider. Firmus had been in talks to raise approximately $10 billion in financing prior to its planned Australian IPO. John Athanasiou, chief executive of Sydney-based Red Leaf Securities, noted a gap between Firmus's valuation based on its private fundraises and market expectations. The withdrawal highlights market sensitivity to valuations in the artificial intelligence sector. This also reflects broader market volatility. This article is intended for informational purposes only. It does not constitute investment advice.