Firmus is now pursuing private capital to finance Nvidia GPU purchases for an Indonesian data center project with DayOne Data Centers. The failed listing, which would have been the second-largest in Australia's history, follows the collapse of a 1.6 GW partnership with CDC and scrutiny over a co-founder's prior prison sentence for insider trading. Analysts suggest the flop is an ominous sign for other AI infrastructure firms as public markets begin to reject high valuations for companies lacking significant revenue.
Tuesday, October 20, 2026
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Firmus Abandons $5B Australia IPO Over $30B AI Valuation
AI10 days ago
The Nvidia-backed operator of Firmus Grid withdrew its bid to list on the Australian Securities Exchange this week after global fund managers rejected the proposed price of its shares. The company had sought to raise up to $5.5 billion at a valuation of $30.6 billion, but investors balked at the figures given that Firmus reported only $50.8 million in revenue and a $68.2 million loss for fiscal year 2026. Operational data center capacity stood at 46 MW against more than 900 MW contracted, leading JPM, Morgan Stanley, and BofA to explore share price cuts from A$11 to A$8.25 before the deal collapsed.
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