Firmus drops Australia stock listing and turns to private capital
The AI data centre operator has shelved a planned debut above $30bn after weak investor appetite and market volatility undermined the deal.
Firmus has abandoned plans for what could have been one of Australia’s largest stock market debuts, a move that matters because the Nvidia-backed AI data centre operator had been targeting a valuation above $30bn. The company said volatile markets and current conditions made a public listing unsuitable for the business and its shareholders, and it will now look for private capital instead. Investor appetite was weak: UniSuper and another firm both chose not to join the IPO, with UniSuper saying the price looked too rich and that more borrowing might be needed to fund growth. Firmus runs liquid-cooled data centres for customers including OpenAI and Meta across Australia, Singapore and other Asia-Pacific markets, and its backers also include Blackstone and Jane Street. The retreat comes as broader doubts grow around the scale of AI spending and the likely payoff for investors.
Why it matters
For customers and investors, the move delays a public valuation for a business built around AI infrastructure and shifts the funding question back into private markets. It also shows that even large AI-related listings can be turned away when pricing looks too high and market conditions are unsettled.
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Sources
- BBC Technology