Firmus Technologies has cancelled its planned listing on the Australian Securities Exchange, ending what was expected to be the country’s largest company debut since Telstra in 1997. The high‑profile AI data‑centre venture, backed by Nvidia, Blackstone, Jane Street and Coatue, had been projected to trade at a $44 billion valuation. However, investors showed little appetite for the $7 billion raise that would have preceded an initial public offering priced at $11 per share. The board concluded that proceeding would no longer serve the company or its shareholders and will instead seek capital in private markets.
Firmus’s failure to generate demand exposed doubts about its valuation and earnings forecasts, given that the company operates only two small sites and is still in its startup phase. The withdrawal of the ASX application followed frantic discussions among bankers who had overestimated investor interest, prompting a potential reduction in the IPO price. The decision has already rattled related firms; shares of Maas Group, a key investor, fell more than 20 percent, and the anticipated net worth of founders Oliver Curtis, Tim Rosenfield and Jonathan Levee will be significantly reduced.
Earlier this year, CDC announced a $73 billion Project Southgate partnership with Firmus aimed at building sovereign, renewable‑powered AI infrastructure, with Nvidia cited as a first customer. CDC’s chief strategy officer, Dr Jack Dan, said the partnership began when Firmus focused on Australian sovereign AI capability, but the company’s business model has since evolved. He explained that CDC’s mission is centered on critical infrastructure, 100 percent availability, and rigorous resilience standards, which he felt were too heavy for a more commercial development. The divergence in objectives led CDC to end the deal, highlighting the challenges of aligning start‑up ambition with established infrastructure priorities.
