Firmus pulls ASX IPO after 48 hours of weak demand

Firmus Technologies went from AI infrastructure darling to cautionary tale in about the time it takes to binge a prestige drama. The Australian data center operator withdrew its planned initial public offering on the ASX on October 9, 2026, after just 48 hours of bookbuilding. The demand simply wasn’t there. For a company carrying backing from Nvidia, Blackstone, and Jane Street, that is a remarkably short runway to a remarkably public stumble. What Firmus was asking for The offering aimed to raise approximately $5 billion at a share price of A$11. That price implied an equity valuation of roughly $30.6 billion. Two months earlier, Firmus had been valued at $10.5 billion in a private funding round. The IPO pricing would have tripled that figure in a span shorter than most corporate budgeting cycles. The valuation was not the only sticking point. Firmus carries around $30 billion in debt, a figure that drew concern from prospective buyers. Then there was the partnership problem. CDC Data Centres, a key partner, reportedly exited a major project, which added to the skepticism circling the deal. Who Firmus is and what it builds Firmus was founded in 2019 by Oliver Curtis and Tim Rosen...