CANADA – 2026/04/08: In this photo illustration the Firmus Technologies logo is displayed on the screen of a smartphone. (Photo illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
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Australian AI data center operator Firmus, backed by Nvidiahas withdrawn its planned mega IPO, citing volatility and market conditions, the company said in an emailed statement to CNBC.
Firmus said its board of directors determined that the terms of the proposed offer did not adequately reflect the strength of its business and its long-term growth prospects.
“The board of directors therefore concluded that pursuing the offer was not in the best interests of the company and its shareholders,” Firmus said in a statement. “Firmus will now seek capital in private markets and consider alternative options in public and private markets,” the statement added.
Firmus reportedly plans to raise $5 billion in its IPO, priced at A$11 apiece, making it the second largest new share sale in Australian history. The IPO valued the company at approximately $30.6 billion.
In August, the company announced a $2 billion fundraising round backed by Nvidia, Coatue Management, Blackstone and Jane Street, bringing its total equity raised over the previous year to more than $3 billion and its valuation to more than $10.5 billion.
Firmus also announced agreements with Meta last month to provide GPU compute capacity to its AI data centers in Southeast Asia, built on Nvidia’s DSX platform, to support Meta’s AI research, model development and training.
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