Firmus Abandons Record Australian IPO After Valuation Collapse
Firmus Technologies has withdrawn its application to list on the Australian Securities Exchange, abandoning a deal that would have raised $5bn at a $30bn valuation. The move, announced on October 9, 2026, follows a rapid collapse in investor interest during the bookbuilding process. While the company cited 'market volatility,' reports indicate the share price was slashed from $11 to $5.50 within days as institutional investors rejected the valuation. Firmus, backed by Nvidia, Blackstone, and Jane Street, plans to seek private capital instead. The withdrawal highlights growing skepticism among investors regarding the high valuations and debt-heavy expansion plans of AI infrastructure firms, even as global tech indices remain near record highs.