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Physix Frontier · News Briefing Card (BBC Tech · Oct 9, 2026)

Nvidia-backed Firmus scraps major Australian IPO

KEY FACTS

  • AI data center company Firmus announced it is canceling its plans to list in Australia.
  • Firmus said it abandoned the IPO due to market volatility and current market conditions.
  • The IPO had originally planned to value Firmus at more than $30 billion.
  • Firmus builds liquid-cooled data centers for customers including OpenAI and Meta.
  • Australian pension fund UniSuper did not participate in the IPO due to valuation concerns.

KEY DATA

Over $30 billionOriginal planned valuation
£22.65 billionOriginal planned valuation (GBP)

PHYSIX OBSERVATION

Firmus's withdrawal of its IPO is another signal that the AI infrastructure valuation bubble is under pressure. Even a star company backed by Nvidia and Blackstone was rejected by institutions because its pricing was too high, showing that the market's patience for AI data centers burning cash for growth is declining. Industry financing is retreating from public markets back to private markets, and the valuation logic faces reassessment.

Source: BBC Tech report