Datacentre company Firmus’s high flying valuation may be coming back down to earth ahead of expected ASX debut
News Source
•Thu, 08 Oct 2026 00:57:58 GMT
📰 What Happened
The AI datacentre company Firmus Technologies may cut its valuation ahead of a planned listing on the ASX. Sources told Guardian Australia the company is slashing its price to attract skeptical investors. It may even shelve its initial public offering altogether. Firmus had planned to list on 23 October in what would have been Australia's largest IPO since Telstra in 1997. It abruptly withdrew from a parliamentary inquiry appearance on Thursday. Its near-$44 billion valuation had raised alarm because the company is still in its start-up phase.
🔍 The Backstory
An IPO is when a company first sells shares to the public on a stock exchange. AI has driven huge excitement and high valuations for datacentre firms that host computing power. Firmus rode that wave, promising to build large AI datacentres. Its backers were confident of the huge valuation just days ago. Now they are re-pricing amid investor doubts about whether the business can deliver.
🎯 Why It Matters
Huge AI investments can affect jobs, energy prices and the wider share market. When a big float stumbles, it can shake confidence in the whole sector.
The AI datacentre company Firmus Technologies may cut its valuation ahead of a planned listing on the ASX. Sources told Guardian Australia the company is slashing its price to attract skeptical investors. It may even shelve its initial public offering altogether. Firmus had planned to list on 23 October in what would have been Australia's largest IPO since Telstra in 1997. It abruptly withdrew from a parliamentary inquiry appearance on Thursday. Its near-$44 billion valuation had raised alarm because the company is still in its start-up phase.
An IPO is when a company first sells shares to the public on a stock exchange. AI has driven huge excitement and high valuations for datacentre firms that host computing power. Firmus rode that wave, promising to build large AI datacentres. Its backers were confident of the huge valuation just days ago. Now they are re-pricing amid investor doubts about whether the business can deliver.
Huge AI investments can affect jobs, energy prices and the wider share market. When a big float stumbles, it can shake confidence in the whole sector.