Firmus withdraws its ASX listing plan and turns to private capital after the board rejects available offer terms

Firmus Technologies withdrew its application to list on the Australian Securities Exchange, saying market conditions meant the offer terms would not reflect the strength of its business or its long-term growth outlook, and that it will seek private-market capital instead.

The Nvidia-backed Australian AI data-centre operator, also referred to in some coverage as Firmus Grid, said Friday that its board had pulled the planned ASX float after weighing recent market volatility.

"Having considered recent market volatility and prevailing market conditions, the board determined that the terms on which the offer could proceed would not appropriately reflect the strength of the Company's business and long-term growth outlook," Firmus said in a written statement quoted by Capital Brief, which cited a Firmus media release, and by Australian Associated Press.

"The board therefore concluded that proceeding with the Offer was not in the best interests of the company and its shareholders," the statement continued. "Firmus will now pursue capital from the private markets and consider alternative public and private market options."

Why the float mattered

Coverage had framed the listing as one of Australia's largest floats in decades, with a planned ASX debut around Oct. 23. Capital Brief put the intended raise at about A$8 billion. Australian Associated Press described a roughly A$7 billion raise that valued the company near A$44 billion. The Wall Street Journal said Firmus Grid had been looking to raise almost US$5 billion at a market capitalization of more than US$30 billion. Those bands differ across outlets and were not restated as firm figures in the board's withdrawal wording itself.

Backers named across multiple reports include Nvidia and Blackstone. Local reporting also lists Regal Partners and Wilson Asset Management among investors, and says founder Oliver Curtis holds about a 13.3% stake. Shares in Maas Group, which Australian Associated Press said owns a 3.2% Firmus stake and supplies the company, fell more than 20% on Thursday as speculation about the float mounted; Maas told the ASX the move reflected market commentary on whether the IPO would proceed.

What the board left open

Firmus did not publish a replacement timetable or a new private-raise size. It said it would update shareholders as alternative public and private options progress. Midweek reporting, including in Guardian Australia and The Nightly, had described soft demand at an about A$11-a-share pitch and anonymous talk of a lower price; the company statement itself did not confirm those price talks.