Firmus has shelved its proposed $5 billion initial public offering in Australia, opting instead to pursue private-market funding after investors balked at its valuation.
The company builds Nvidia-based AI "factories" and data-centre infrastructure, including the Australian Project Southgate, and counts Nvidia, Coatue, Blackstone funds and Jane Street among its backers following an August funding round that valued it above $10.5 billion.
The proposed Australian listing had marketed shares at roughly A$11, implying an equity valuation of about $30.6 billion, nearly three times that private-market figure.
IPO analysts had estimated Firmus carried roughly $30 billion of debt, implying an enterprise value near $60 billion and raising questions over whether further borrowing and equity would be needed to fund its expansion.
Scepticism deepened after reports that a major partner was no longer proceeding with a planned 1.6-gigawatt data-centre project tied to a broader development reported at about A$73 billion.
Investors reportedly failed to support the A$11 share price, with concerns compounded by a structure that could have allowed roughly 58% of shares to trade freely from the first day.
Firmus cited market volatility and prevailing market conditions as reasons a public listing was unsuitable, and said it would instead pursue private-market funding with a possible future Nasdaq listing.
