Nvidia-backed Australian AI data center operator Firmus has withdrawn its planned large IPO, citing market volatility and conditions. According to ChainCatcher, the company said its board concluded the proposed terms did not adequately reflect the business's strength and long-term growth prospects, and that proceeding was not in the best interests of the company or shareholders.

Firmus said it will turn to private market financing and consider other public and private market options. The company had planned to raise $5 billion through the IPO at A$11 per share, which would have made it Australia's second-largest new share offering on record.

The planned listing would have valued Firmus at about $30.6 billion. In August 2026, the company said it completed a $2 billion financing round involving Nvidia, Coatue Management, Blackstone and Jane Street, after raising more than $3 billion in equity over the prior year at a valuation above $10.5 billion.

Last month, Firmus announced an agreement with Meta to provide GPU computing power at AI data centers in Southeast Asia based on Nvidia's DSX platform for Meta's AI research, model development and training.