Firmus pulls its ASX listing as investors balk at AI infrastructure valuation

Firmus Technologies wanted to go public on the Australian Securities Exchange. Investors looked at the price tag and declined. The Australia-based AI infrastructure company withdrew its ASX listing application around October 9, 2026, after demand failed to show up at its proposed valuation. What Firmus was asking for The proposed offering aimed to raise between $5.5 billion and $8 billion AUD. Shares were set at A$11 each. At that price, Firmus would have carried a market capitalization of approximately A$43 billion to A$44 billion. That would have made it one of the largest listings of its kind in Australia. Just months earlier, in August 2026, Firmus had raised private money at a valuation of $10.5 billion. The IPO price implied a valuation nearly three times that funding round. Much of the skepticism centered on execution. Firmus currently has data centers running on around 46 megawatts of power. The company plans to expand significantly across the Asia-Pacific region, but buying into a A$43 billion company on the strength of 46 megawatts means paying today for capacity that mostly exists in a slide deck. Investor concerns also included heavy future funding needs. Building data ...