Nvidia-backed AI firm Firmus scraps $5bn Australian stock market listing over valuation concerns

From the Newshound archive · first published 9 October 2026.

Firmus, an Nvidia-backed AI data centre operator valued at over $30bn, has pulled what would have been Australia's second-largest ever IPO after institutional investors refused to accept its share price. UniSuper chief investment officer John Pearce said the firm had "a compelling story" but not "a compelling valuation", and the pension giant was among several investors who declined to participate. Firmus builds liquid-cooled "AI factories" for clients including OpenAI and Meta, and is backed by Blackstone and Jane Street alongside Nvidia.

Firmus had targeted a $5bn raise through shares priced at A$11 each, implying a total company value of A$30.6bn — nearly three times its August funding-round valuation.

The collapse has weighed heavily on Maas Group, whose 3.2% stake in Firmus contributed to a 32% drop in its share price over the past week, wiping almost A$788m from its market capitalisation.

The failure adds to broader investor unease over the hundreds of billions being channelled into AI infrastructure at a time when long-term returns remain deeply uncertain.