October 9, 2026 — What was supposed to be Australia’s biggest IPO in a generation is dead. Firmus Technologies pulled its stock market listing on Friday after its bankers couldn’t find enough big investors willing to buy in.
What happened
Firmus Technologies, an AI data centre operator, withdrew its application to list on the Australian Securities Exchange on Friday. The company had been chasing a A$7 billion equity raising that would have valued it at around A$44 billion — bigger than all but about 15 companies on the local bourse. Instead of pushing ahead, the board said the terms on which the offer could proceed “would not appropriately reflect the strength of the company’s business and long-term growth outlook.”
The company now plans to raise capital from private markets instead, while considering other public and private listing options.
Why investors walked away
The numbers told the story. Firmus has only two operational data centres, in Melbourne and Singapore, yet it wanted to build many more — with plans to issue around US$30 billion in debt to fund the construction and then lease the capacity back to customers including Meta and OpenAI. Analysts said investors simply weren’t willing to pay a top-of-the-market price for capacity that mostly exists on paper.
“Investors just weren’t prepared to pay a sky-high price up front for capacity that’s still largely on the drawing board,” said eToro lead APAC analyst Josh Gilbert. Greg Canavan of Canavan Capital Partners pointed out that Firmus was trying to raise publicly at roughly triple the valuation it got in a private round just two months earlier: “No one should be surprised.” WeBull Australia CEO Rob Talevski said there needs to be “some concrete revenue, some concrete business behind it.”
Other red flags didn’t help. Firmus started life in 2019 as a bitcoin mining firm founded by Oliver Curtis — convicted of insider trading in 2016 and jailed for 12 months — his cousin Tim Rosenfield, and his brother-in-law Jonathan Levee. Its Tasmanian data centre plans are facing significant community opposition. Its backers include Nvidia, Blackstone, Regal Partners, and Wilson Asset Management.
Why it matters
This is the market’s first real test of whether the AI infrastructure boom can survive public scrutiny — and it failed. Private money has poured into anything adjacent to AI compute, but public-market investors asked the boring questions private rounds skip: where’s the revenue, where are the signed contracts, and why is this worth three times its price from two months ago? That’s healthy, honestly. The AI buildout is real, but a failed A$7 billion float sends a signal that the sector’s money-raising phase is about to get pickier. Expect the next round of AI infrastructure raises to come with a lot more signed revenue attached.
Frequently asked questions
Why did Firmus pull its IPO?
Its lead bankers couldn’t find enough institutional investors willing to buy in at the terms on offer. The board withdrew the listing application rather than accept a much lower price.
How big would the IPO have been?
Firmus sought a A$7 billion equity raising at a roughly A$44 billion valuation — it would have been one of the largest Australian IPOs ever.
What is Firmus Technologies?
An AI data centre operator that began in 2019 as a bitcoin mining company, later repurposing its facilities for AI compute. Its investors include Nvidia and Blackstone.
What happens to Firmus now?
The company says it will pursue capital from private markets and consider alternative public and private listing options.
Sources: AAP, Reuters