Firmus pulls biggest ASX float since Telstra amid investor doubt about datacentre company
News Source
β’Fri, 09 Oct 2026 04:37:55 GMT
π° What Happened
Firmus Technologies has cancelled its plan to list on the Australian stock market. The deal was set to be the biggest ASX listing since Telstra in 1997.
The company said going ahead was no longer in the best interests of shareholders. It will look for money from private investors instead. It may try other options later.
π The Backstory
Firmus runs AI data centres packed with Nvidia chips. Its shares were priced at $11 each, which would have raised more than $7bn.
The company was valued at about $44bn. But investors doubted the value of a young business with only two small centres running. The doubts grew through the week. In the end, the promised demand simply was not there.
π― Why It Matters
Small investors may have dodged a risky bet. The event shows how fast hype around AI companies can fade.
Firmus Technologies has cancelled its plan to list on the Australian stock market. The deal was set to be the biggest ASX listing since Telstra in 1997.
The company said going ahead was no longer in the best interests of shareholders. It will look for money from private investors instead. It may try other options later.
Firmus runs AI data centres packed with Nvidia chips. Its shares were priced at $11 each, which would have raised more than $7bn.
The company was valued at about $44bn. But investors doubted the value of a young business with only two small centres running. The doubts grew through the week. In the end, the promised demand simply was not there.
Small investors may have dodged a risky bet. The event shows how fast hype around AI companies can fade.