Firmus Grid Abandons $5 Billion Australia IPO as $30 Billion AI Valuation Fails to Win Investors
Updated
Updated · Bloomberg · Oct 9
Firmus Grid Abandons $5 Billion Australia IPO as $30 Billion AI Valuation Fails to Win Investors
3 articles · Updated · Bloomberg · Oct 9
Summary
$5 billion Firmus Grid withdrew what would have been one of Australia’s biggest IPOs after global investors balked at the Nvidia-backed data center group’s pricing.
A $30 billion valuation—up from $10.5 billion less than three months earlier—ran into rising skepticism over frothy AI multiples, generous financing terms and uncertain long-term returns.
The reversal was abrupt: Firmus had signaled healthy demand only days earlier, making the cancellation a sharp test of appetite for large AI-linked listings.
The failed float adds to evidence that higher borrowing costs and tougher scrutiny are cooling public-market funding for AI infrastructure bets.