Nvidia-backed AI startup Firmus abruptly cancels $5 billion IPO as investors question $30.6 billion valuation - Tech Startups
Nvidia-backed AI startup Firmus abruptly cancels $5 billion IPO as investors question $30.6 billion valuation - Tech Startups
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October 9, 2026
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Nvidia-backed AI startup Firmus abruptly cancels $5 billion IPO as investors question $30.6 billion valuation
Daniel Levi
Posted On October 9, 2026
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Nvidia-backed Australian AI infrastructure startup Firmus has abruptly canceled its planned $5 billion initial public offering, just days after signaling strong investor demand for what would have been one of Australia’s largest-ever stock market debuts. The sudden reversal comes as investors question the company’s proposed $30.6 billion valuation, nearly three times what it was worth just two months ago.
Firmus confirmed the decision on Friday, citing market volatility and unfavorable offering terms. The company had been preparing to list on the Australian Securities Exchange, with shares reportedly priced at A$11 apiece. The offering would have ranked as the second-largest new share sale in Australian history.
In a statement provided to CNBC, Firmus said its board concluded that the proposed IPO terms failed to reflect the strength of its business and long-term growth prospects.
“The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders,” Firmus
.
“Firmus will now pursue capital from the private markets and consider alternative public and private market options,” the company added.
The withdrawal marks a stunning reversal for a startup that appeared to have everything going its way: backing from Nvidia, billions in private funding, a