Firmus withdraws planned ASX float after investor demand falls short

Firmus Technologies withdrew its application to list on the Australian Securities Exchange on 9 October 2026 after demand for its proposed share offer fell short. The Australian AI data centre company had been seeking billions of dollars to support its expansion; it now says it will pursue private capital and consider other funding options.

The planned offer was priced at A$11 a share and carried an anticipated valuation of about A$44 billion. Firmus had been expected to list on 23 October. According to the Guardian and ABC News, it would have been the largest ASX listing since Telstra’s float in 1997. The A$44 billion figure was a proposed valuation, not a value established by trading on the exchange.

Why the Firmus share offer was withdrawn

A Firmus spokesperson said the board had decided that proceeding with the offer was no longer in the best interests of the company and its shareholders. ABC reported that the company cited recent market volatility and conditions, saying the offer would not appropriately reflect its long-term growth prospects. The company has not announced a replacement listing date.

The Guardian reported that bankers had overestimated demand for the proposed A$7 billion raise and that a substantial cut to the A$11 offer price was discussed before Firmus withdrew the application. ABC reported that prospective investors pulled back over the price and concerns about an AI bubble. Those accounts describe pressures on the offer; they do not establish a single definitive reason for the board’s decision.

Pearce told ABC that UniSuper would have gained indirect exposure to Firmus through index strategies had the company listed, even though it was not investing directly in the offer. With the listing withdrawn, investors cannot buy the proposed new ASX shares on the planned timetable. Firmus has said it will provide shareholders with further information as its alternatives develop.

How much of Firmus’s expansion is operating

Firmus’s fundraising pitch was tied to plans for liquid-cooled AI data centres in Australia and elsewhere in Asia. ABC reported that the company’s website listed seven planned AI factories across Australia, Singapore, Indonesia and Malaysia. At the time described in its report, two sites were operational and five were under development. Planned capacity should therefore be distinguished from facilities already operating.

The company’s forecasts also differ from current results. ABC cited projected debt and operating earnings for 2028 while reporting investors’ concerns about financing. Those projections describe what Firmus expected as it expanded; they are not evidence of earnings or debt already recorded in 2028. The withdrawn offer leaves open how the company will fund the sites still under development.

What changed with Project Southgate

In October 2025, CDC Data Centres announced a partnership with Firmus and NVIDIA on Project Southgate, a proposed Australian sovereign AI infrastructure rollout. CDC identified NVIDIA as an anchor customer for its first stage. The announcement set out the partners’ plans at that time; it did not establish that the full rollout had been built.

The Guardian reported that CDC ended its arrangement with Firmus earlier in the week of the IPO withdrawal. At a parliamentary committee hearing on 9 October, CDC chief strategy officer Jack Dan said the companies’ business models and missions had diverged. He described CDC’s focus on resilient critical infrastructure and suggested its processes could be too rigorous for a more commercial development.

The CDC split preceded the withdrawal of the share offer, according to the Guardian’s account. Neither development establishes that Firmus has cancelled every planned data centre. Firmus says it will seek capital from private markets and consider other public and private options, but it has not confirmed the financing, partners or schedule for its next phase.