Business · AI infrastructureFirmus Scraps US$5 Billion IPO as AI Data-Centre Build Awaits FundingAired October 9, 2026 at 12:20 PM UTCWritten October 9, 2026 at 12:23 PM UTCRead the write-upThis storyTranscript · LOADING0:09Firmis has scrapped a share sale meant to raise 5 billion US dollars.0:13Its five-center expansion now needs a different funding route.0:17The unresolved issue is whether private investors will finance the scale and timing0:21of that build.0:21Firmis withdrew its application to the Australian Securities Exchange on October0:259th, 2026.0:27The company says it's pursuing private fundraising and considering other financing0:31options.0:31It hasn't announced a committed replacement amount.0:34Firmis blamed market volatility and prevailing conditions.0:37It also said the proposed offering terms undervalued its business strength and0:41long-term growth prospects.0:42Investors had concerns about the company's valuation, how much infrastructure was0:46already operating, and when existing shareholders could sell.0:49The original proposal valued Firmis' equity at 30.6 billion US dollars.0:54Shares were initially proposed at 11 Australian dollars each.0:58That valuation described the price attached to the business.1:02The $5 billion raise would have supplied financing.1:05The proposed terms shifted before the withdrawal.1:07A September 24th snapshot put the valuation at about $50 billion.1:12It described a $7 billion offer rising to $7.5 billion with a green shoe, an option1:17to increase the offer size.1:19By October 8th, the expected share price had fallen from $11 to $9.1:24That implied about $37 billion in market capitalization, with a proposed raise of1:29$7.1 to $7.9 billion.1:31Firmis withdrew the following day.1:33Those revised terms were still expectations, and the currencies behind those dollar1:37amounts aren't clear.1:39The withdrawal day valuation was about $43.7 billion, rounded to $44 billion.1:44Its currency and calculation also remain unclear, so the different valuations can't1:48be reliably reconciled.1:50Firmis was operating two data centers when it pulled the listing.1:53The September snapshot counted two operating sites out of seven and more than 9001:57megawatts of contracted capacity.2:00Much of that computing capacity still had to be built.2:02The October 8th snapshot put contracted capacity at 911 megawatts.2:0746 megawatts were operating, while 865 still had to be built.2:12Megawatts measure the power capacity supporting these computing facilities, making2:16the expansion's physical scale clear.2:18Those contracts described future capacity, with delivery dates and conditions still2:22unclear.2:23The two operating sites weren't individually matched to the capacity figures.2:26Investors were being asked to price a much larger future business than the one2:30already running.2:31Firmis reportedly earned about $50 million in the prior financial year, though the2:35currency and year-end aren't clear.2:38Another concern was that reportedly 58% of shares could trade from the first listing2:42day, allowing existing owners to sell immediately.2:45The revenue figure doesn't allow a sound comparison with the US dollar valuation2:50because the currencies and accounting bases haven't been matched.2:52For the shares, the exact percentage calculation and lock-up schedule are unclear.2:56Trading eligibility gave shareholders an opportunity to sell.3:00It didn't commit them to selling.3:01No shares were sold through this abandoned listing.3:04Prospective investors also had to weigh the company's need for new money against3:07existing owners' ability to cash out.3:10The 58% figure alone doesn't show how much of the offering's proceeds would have3:14reached the business.3:15Firmis' expansion plan called for five AI data centers over the following two years,3:20at a stated cost of $51 billion.3:23The currency behind that estimate is unclear.3:25The public fundraising route has closed while the planned construction still needs3:29financing.3:33The proposed spending plan earmarked $4.4 billion for servers and deployment3:38infrastructure, more than 60% of the proceeds.3:40An October 7th proceeds estimate paired $7.1 billion with 5 billion US dollars.3:46The currency of the larger figure and the infrastructure allocation wasn't3:49specified.3:49Firmis needed money beyond that offering, but the precise remaining funding gap is3:53unknown.3:54The construction estimate, company valuation, and proposed fundraising each measure3:58something different.3:59Withdrawing the share sale hasn't, by itself, canceled the build.4:03NVIDIA backs Firmis, and Firmis deploys NVIDIA chips in its AI facilities.4:08Planned server spending also involved NVIDIA technology.4:12That backing and supply relationship doesn't guarantee that private investors will4:16accept the valuation or finance the expansion.4:19Oliver Curtis, Tim Rosenfield, and Jonathan Levy founded Firmis.4:23The size and terms of NVIDIA's investment haven't been disclosed here.4:26Firmis hasn't confirmed that NVIDIA has committed to buying its computing capacity.4:31Firmis is seeking private or alternative financing, but hasn't announced a completed4:35replacement round or a timetable for another listing.4:38Workers, contractors, and future customers now depend on whether that funding can4:42support the planned build's scale and timing.Explore with HeyDexFollow via RSSThe shortThe short ↗