Firmus shelves $5 billion ASX IPO as investors balk at AI valuation

Australia’s Firmus, the Nvidia-backed AI data centre operator backed by Blackstone, Coatue and Jane Street, shelved its planned ASX listing on October 9, citing market volatility and saying the terms on offer did not reflect the strength of the business. The IPO had been priced at A$11 a share for a roughly $30.6 billion valuation, nearly triple the $10.5 billion it reached in an August fundraising round; trading had been penciled in for October 23. Reuters reported that investor demand went lukewarm as the valuation leap on a company with only two operating data centres and a $5 billion five-year earnings forecast proved too rich, and the firm will now chase private capital, with a Nasdaq listing reportedly planned for next year. The pullback is a warning sign that AI issuers face real valuation discipline even as the boom runs on, and lands in a year that has already seen Clear Street, Oura, Holtec Nuclear and Bamboo Insurance withdraw or postpone US listings. The Financial Times reported this morning that OpenAI’s annualized revenue came in roughly $20 billion below what had been previously signaled, deepening the bubble fears that hit the bookbuild; one account called the collapse a setback for the ex-banker’s redemption story behind the issuer. Firmus has not disclosed its private-funding route, but earlier reporting points to a Nasdaq listing as early as next year.