Firmus Grid Ltd, the NVIDIA-backed AI data center operator, has abandoned its planned listing on the Australian market around October 8-9, 2026. The offering was designed to raise up to A$5.5 billion, which would have ranked among Australia’s largest IPOs in recent decades. Shares were priced at A$11 each, implying an equity value of approximately A$43.7 billion, or around US$30 billion. The company cited market volatility as a key factor and is now turning to private markets to fund its growth. Firmus develops modular AI data centers, with flagship Project Southgate in Australia and operations in Indonesia, leveraging partnerships with NVIDIA, OpenAI, and Meta.
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