Physix FrontierPhysix Frontier · News Briefing Card (CNBC Tech · Oct 9, 2026)
Nvidia-backed Firmus pulls Australia's second-largest IPO
KEY FACTS
- Australian AI data center operator Firmus has withdrawn its planned IPO, citing market volatility.
- Firmus's board concluded that the offering terms did not fully reflect the company's business strength and long-term growth prospects.
- The company will pivot to private-market financing and is considering other listing or privatization options.
- Firmus had planned to raise $5 billion, pricing shares at A$11 each for a valuation of about $30.6 billion.
- In August, Firmus completed a $2 billion funding round with investors including Nvidia, Coatue, Blackstone, and Jane Street.
- Last month, Firmus signed a deal with Meta to provide GPU compute for AI data centers in Southeast Asia.
KEY DATA
$5 billionPlanned IPO raise
A$11 per shareOriginal offer price
About $30.6 billionOriginal IPO valuation
$2 billionAugust funding round
PHYSIX OBSERVATION
The IPO withdrawal shows the market is no longer unconditionally buying high-valuation AI infrastructure assets. Even with Nvidia and Meta backing, Firmus chose to wait, and the signal is clear: private capital is more willing than public markets to pay a premium for the AI compute story. For peers, rushing to the IPO window may be less attractive than securing strategic investment first to stabilize valuation.
Source: CNBC Tech report