By Julia Fioretti, Manuel Baigorri and Anthony Hughes | Updated on Oct 08, 2026 at 06:17 PM
Australian data center company Firmus Grid Ltd. is set to postpone its initial public offering, and the company is weighing a private funding round instead, according to people familiar with the matter.
The Nvidia Corp.-backed company is in talks with existing investors and others for the private round, the people said, asking not to be identified as the information isn’t public. Order-taking for the IPO closed as scheduled Thursday morning, yet there was no clear indication of the price or deal structure, Bloomberg News reported · earlier.
Deliberations are ongoing and details could still change, the people said. A spokesperson for Firmus didn’t immediately respond to a request for comment.
Firmus was looking to raise as much as $5.5 billion including a greenshoe option, at a price that would have implied a valuation of A$43.7 billion ($30.4 billion).
Read More: Nvidia-Backed IPO’s Cratering Demand Sends Warning on AI Funding ·
Some potential investors turned more cautious as the deal progressed, voicing concern over existing shareholders potentially flooding the market soon after the company’s debut, people familiar with the matter have said. The overhang added to questions over what some investors see as an aggressive pricing strategy, they said.
“I’ve never seen an IPO so polarizing,” Jun Bei Liu, co-founder and lead portfolio manager at Ten Cap Investment, said on Bloomberg TV. “There was a lot of international investor interest, however, when it comes to the crunch, the demand seems like it isn’t there when they were asked to put up the capital that’s required.”
Firmus began as a Bitcoin mining operation in Australia in 2019 and has benefited from surging demand for AI infrastructure across Asia, with a pipeline of data center projects in Australia and Singapore.
Proceeds from the listing would have funded purchases of graphics processing units for its first data center project in Batam, Indonesia, being developed with DayOne Data Centers Ltd., as part of an eight-year partnership with Nvidia. Singapore-headquartered DayOne has filed for a US IPO and is seeking to raise as much as $5 billion, people familiar with the matter have said .
Firmus has inked a number of large deals, securing $2 billion in commitments from investors including Nvidia and Blackstone Inc. Other existing shareholders include Jane Street, while Firmus also raised $505 million in a Coatue Management-led funding round in April.
Bank of America Corp., JPMorgan Chase & Co., Morgan Stanley and Morgans Financial Ltd. are acting as joint lead managers on the listing.