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Nvidia-backed Firmus scraps Australia IPO after investor pushback

Nvidia-backed Firmus scraps Australia IPO after investor pushback

Money Moves

After scrapping its $5 billion ASX listing, Firmus is chasing a $2-3 billion private round and new Nvidia money while part of its Tasmanian buildout remains unfunded

October 21st, 2026: Firmus says its largest Tasmanian data centre is not yet funded

Overview

Updated Oct 25

Firmus pulled its $5 billion Australian listing on October 9 after investors balked at a $30.6 billion valuation for a company that has built 46 megawatts of a 912-megawatt pipeline. Nvidia is now weighing hundreds of millions of dollars in fresh support as Firmus tries to raise $2-3 billion privately.

Only part of the buildout has money behind it. Firmus told a parliamentary inquiry in October that its Launceston site and the first stage of Wesley Vale are funded, while the 288-megawatt Long Reach project is not. The corporate regulator is making routine inquiries into the float, and Hydro Tasmania will decide by year's end on Firmus's request for 444 megawatts.

Why it matters

If AI infrastructure firms can't raise public money at boom valuations, the cost of the AI buildout falls on private markets and existing shareholders.

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Key Indicators

$30.6B
Target IPO valuation
Market capitalization Firmus sought at A$11 per share, up from $10.5 billion in August 2026.
5%
Pipeline built
46 of the 912 megawatts in Firmus's pipeline has been built, Bloomberg reported.
$30B
Projected debt
Expected debt once data centers are built, roughly six times forecast 2028 operating earnings of $5 billion.
3x
Valuation jump in 3 months
Private valuation rose from $10.5 billion in August 2026 to the $30.6 billion IPO target in October 2026.
$2-3B
Private round in talks
Firmus is discussing a $2-3 billion private raise with existing investors, and Nvidia is weighing hundreds of millions of dollars of fresh support.
444MW
Power requested in Tasmania
State-owned Hydro Tasmania is assessing Firmus's request for 444 megawatts, with a decision expected by the end of 2026.

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People Involved

OC
Oliver Curtis
Co-chief executive and co-founder of Firmus
Owns about 13% of Firmus; pursuing a $2-3 billion private round after the scrapped IPO while Nvidia weighs hundreds of millions in fresh investment
 Tim Rosenfield
Tim Rosenfield
Co-chief executive and co-founder of Firmus
Pursuing private capital after the scrapped IPO; Nvidia is weighing hundreds of millions of dollars in fresh investment

Organizations Involved

Firmus
Firmus
Private company — AI data center operator
Raising private capital after scrapping its ASX IPO; Nvidia is weighing a fresh investment of hundreds of millions, and only part of the Tasmanian buildout is funded

Firmus builds AI factories: data centers packed with Nvidia chips whose computing power it rents to companies like OpenAI and Meta.
Nvidia Corporation
Nvidia Corporation
Semiconductor company
Backer and principal chip supplier to Firmus; in talks to invest hundreds of millions of dollars more after the company scrapped its ASX listing

Nvidia supplies the chips inside Firmus's data centers and is one of its largest investors.
CDC Data Centres
CDC Data Centres
Private company — data center operator
Former Firmus partner; $73 billion development deal ended

CDC is an established Australian data center operator that had partnered with Firmus to develop 1.6 gigawatts of AI factories.
Blackstone
Blackstone
Private equity firm
Largest debt and equity backer of Firmus

Blackstone extended $10 billion in debt financing to Firmus in February 2026 and holds equity subject to an anti-dilution arrangement.
Maas Group Holdings
Maas Group Holdings
Public company — construction services
Shares rose 5% in October after reports Nvidia was weighing fresh funding for Firmus; holds a 3.2% stake and about AU$1.1 billion in work orders

Australian construction services company working on Firmus data center projects.
Coatue Management
Coatue Management
Investment firm
Holds 8.4% stake in Firmus; party to anti-dilution arrangement

New York-based technology investment firm and Firmus backer.

Timeline

2019 October 2026

11 events Latest: October 21st, 2026 · 3 weeks ago Showing 8 of 11
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  1. Firmus says its largest Tasmanian data centre is not yet funded

    Latest Financing

    Firmus energy general manager Paul Grzinic told a federal parliamentary inquiry that the Launceston site and stage one of Wesley Vale are fully funded, while the 288-megawatt Long Reach project in the Bell Bay zone is not. Hydro Tasmania is weighing a 444-megawatt power request, with a decision due by the end of the year.

  2. Firmus in talks for $2-3 billion private round

    Financing

    Bloomberg reports Firmus is in active discussions with existing investors for a private round of $2-3 billion, which may include equity and debt. Existing backers had planned to contribute roughly half the IPO raise.

  3. Firmus withdraws IPO

    IPO

    The company scraps its ASX listing, citing market volatility, and will pursue private capital and a possible Nasdaq listing.

  4. Maas Group shares halted after 30% drop

    Market Signal

    Shares in Maas Group Holdings, a construction firm working on Firmus projects, fell almost 30% before trading was halted. Maas holds a 3.2% stake in Firmus and has AU$1.1 billion in work orders through fiscal 2027.

  5. Investors pull orders after CDC partnership confirmed dead

    Market Signal

    CDC chief executive Greg Boorer says the $73 billion AI factory partnership is no longer underway; escrow terms allowing heavy early selling also spook buyers.

  6. Firmus launches IPO at AU$11 per share

    IPO

    The company seeks $5 billion at a $30.6 billion valuation, Australia's second-largest listing ever.

  7. Nvidia weighs hundreds of millions in fresh Firmus funding

    Financing

    The Information reported Nvidia was in talks to invest hundreds of millions of dollars in Firmus, and The Australian said the company was seeking more Nvidia backing for its private raise. Maas Group shares rose 5% on the reports.

  8. Corporate regulator opens 'routine inquiries' into the collapsed float

    Regulatory

    An ASIC official told a federal parliamentary inquiry into AI that there was no formal investigation on foot, but the regulator was making inquiries in the usual course.

  9. Firmus valued at $10.5 billion

    Financing

    A private round led by Nvidia, Coatue and Blackstone values the company at $10.5 billion.

  10. Blackstone extends $10 billion debt financing

    Financing

    Blackstone provides $10 billion in debt as Firmus expands its AI factory buildout.

  11. Firmus founded

    Founding

    Cousins Oliver Curtis and Tim Rosenfield found Firmus to build Nvidia-powered AI data centers.

Scenarios

1

Firmus raises billions privately, pushes Nasdaq listing to 2027

Likely Resolves by End of 2026

Discussed by: Bloomberg (reporting a potential $3 billion private raise from existing investors); sources cited by the Australian Financial Review

Firmus taps Nvidia, Blackstone, Coatue and other existing backers for fresh equity to fund construction. Once the private round closes, it files for a Nasdaq listing in 2027, accepting a valuation well below the $30.6 billion it sought on the ASX.

2

Firmus files for a Nasdaq listing within a year

Possible Resolves by Q2 2027

Discussed by: The Australian, reporting Nasdaq plans; sources involved in the IPO

Having scrapped the ASX listing, Firmus moves to the US market, where AI infrastructure companies still command premium valuations. It files a registration statement and completes a listing by mid-2027, though at a valuation below its ASX target.

3

Anti-dilution clause shrinks founders' stakes as listing deadline passes

Likely Resolves by Nov 30, 2026

Discussed by: Australian Financial Review, reporting the November 30 contractual deadline

Firmus remains unlisted past November 30, 2026, triggering the anti-dilution provision in its 2026 agreement with Nvidia, Blackstone and Coatue. The investors receive additional shares, diluting co-founders Oliver Curtis and Tim Rosenfield. Each month of delay shrinks their control.

4

ASIC opens a formal investigation into Firmus's withdrawn offer

Unlikely Resolves by Q2 2027

Discussed by: ASIC, in evidence to a federal parliamentary inquiry into AI

The regulator said in October it was making routine inquiries and had no formal investigation on foot. A formal investigation would give ASIC stronger powers to compel documents and could precede court action over the scrapped listing.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

September 2019

WeWork's scrapped IPO (2019)

WeWork pulled its IPO in September 2019 after investors balked at a proposed $47 billion valuation for a money-losing office space company led by founder Adam Neumann. Its debt-heavy model, governance problems and founder control repelled buyers.

Then

WeWork later went public via a SPAC at a fraction of the valuation, then filed for bankruptcy in November 2023.

Now

The episode became a benchmark for overvalued, founder-driven tech listings meeting market skepticism.

Why this matters now

Like Firmus, WeWork sought a huge valuation for a business whose profits were years away and whose expansion depended on continuous financing. Its collapse showed how quickly investor enthusiasm can reverse when valuations outrun fundamentals.

March 2025 – 2026

CoreWeave's IPO and slide (2025–2026)

CoreWeave, the closest listed rival to Firmus, went public in March 2025 as the first big AI data center pure-play, with Nvidia as a major customer and backer. Within a year, its shares had halved as investors questioned the economics of its debt-funded Nvidia chip deployments.

Then

CoreWeave's weak trading cooled sentiment for AI infrastructure listings, including Firmus's.

Now

It became a reference point for pricing later AI data center IPOs.

Why this matters now

Firmus's scrapped listing follows the same investor doubt that halved CoreWeave's stock, showing the pattern is not company-specific.

Sources

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