# Nvidia-backed Australian AI firm Firmus pulls its $5 bn IPO

> Firmus said market volatility made the proposed share sale undervalue the business, so it will seek private funding instead.

Oossa · 2026-10-09 · https://oossa.com/en/nvidia-backed-australian-ai-firm-firmus-pulls-its-5-bn-ipo

Australian AI data‑center operator Firmus, which is backed by Nvidia, announced it is cancelling its planned initial public offering. The board said the terms did not reflect the company’s strength or growth outlook. Firmus will look for capital in private markets and keep other public options open. The IPO would have raised about $5 bn, priced shares at A$11 and valued Firmus at roughly $30.6 bn.

## The facts

- The withdrawal was announced on 2026‑10‑09.
- Firmus had aimed to raise $5 bn and be valued at about $30.6 bn.

## Why it matters

Investors in Australian tech will have to wait for a private funding round rather than a public share sale.

## Sources & references

1. [Nvidia-backed Aussie AI firm Firmus withdraws historic IPO, citing market volatility](https://www.cnbc.com/2026/10/09/nvidia-ai-firmus-ipo-.html) – CNBC, 2026-10-09

Last updated: 2026-10-09