Firmus withdraws its planned A$7 billion Australian stock market listing and turns to private funding amid concerns over valuation and debt.
AI data centre company Firmus Technologies withdrew its application to list on the Australian Securities Exchange (ASX), scrapping what was set to be one of Australia’s biggest share market floats. The Nvidia-backed company had sought approximately A$7 billion at a valuation of around A$44 billion.
Firmus cited market volatility and conditions, saying the offering would not appropriately reflect its long term growth prospects. It will pursue private funding while considering other options. Investors questioned its valuation and the additional borrowing and equity funding needed for expansion.
The company reported two operational facilities in Australia and Singapore, with five others under development. It forecast approximately US$30 billion in debt once its facilities were built, against projected operating earnings of US$5 billion in 2028.
Digital Watch has previously reported on Firmus’s expansion and planning developments, including approval of its proposed 288 megawatt AI data centre in George Town, Tasmania, and OpenAI’s agreement to secure computing capacity from two Firmus sites in Malaysia. It also reported that Latrobe Council asked Firmus to stop work at a separate proposed facility while assessing whether site activities exceeded an approved Forest Practices Plan.
Why does it matter?
The withdrawal changes Firmus’s proposed financing route for its AI infrastructure expansion. Investors’ concerns illustrate how valuations, borrowing requirements and delivery expectations affect access to capital, even as demand for AI computing grows. The outcome concerns this offering and does not establish a wider retreat from AI investment.
