AI data centre giant pulls bid to go public
Following rumblings from investors yesterday, an AI data centre giant has pulled the plug on an ASX float.
AI data centre giant Firmus has pulled its bid to be listed publicly on the ASX, ending what was slated to be one of the biggest initial public offerings in Australian share market history.
Following rumblings from investors yesterday, the business said in a statement this morning that it had pulled its bid due to “recent market volatility and conditions”.
“Firmus will now pursue capital from the private markets and consider alternative public and private market options,” a spokesperson said.
“We will provide additional information to shareholders as those options progress.”
If Firmus were successful in its $44 billion IPO, it would have been the second largest float in Australian history, behind Telstra in 1997.
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The decision follows growing concerns among prospective investors about whether the company’s ambitious expansion plans justified its multibillion-dollar valuation.
Firmus had attracted backing from major investors including US technology giant Nvidia and investment firms Blackstone and Coatue Management.
But despite its high-profile supporters, the company currently operates just two AI data centres, in Melbourne and Singapore, with five more planned across the Asia-Pacific region.
Investors had also questioned the company’s substantial projected debt burden and its ability to deliver the earnings required to support its valuation.
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The business was valued at about $10.5 billion after an August fundraising round, before its proposed public listing placed a much higher price on its future growth prospects.
A supplied image obtained on Tuesday, October 6, 2026, of Firmus’s main technology is HyperCube, a liquid-cooled block that houses AI racks.
How Firmus started and why it was so highly valued
The origin story of Firmus helped give rise to its incredible valuation.
Started by Oliver Curtis, who was convicted of conspiracy to commit insider trading in 2016, and was later jailed for one year in 2016-2017, is also known as the husband of PR maven Roxy Jacenko, the business offered an eco-alternative to other major data centres.
Typically, a major constraint on AI data centres is that they require incredible amounts of water to keep their processing units cool.
To cut down on technical jargon, Firmus developed a unique technology (known as a “neocloud”) that would allow it to conduct mass AI operations with just a fraction of the water normally needed.
By reducing the amount of water necessary, Firmus ticked the box of many green investors. But it also attracted big money for another simple reason: less water meant the operating costs of its data centres were well below those of its competitors.
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