Nvidia-backed Firmus Grid's AI data center IPO stalls, shareholder shares plunge

The listing plans of Firmus Grid, an Australian AI data center operator backed by Nvidia, ran into trouble on October 8, 2026. The company had aimed to raise up to $5.5 billion through an IPO at a target valuation of nearly $30 billion, a deal that could have ranked among the largest in Australian history. On October 8, Firmus closed its IPO bookbuilding as scheduled, but the final issue price and deal structure remained unclear. According to Bloomberg, the company failed to attract enough subscriptions at its target price of A$11 per share, even though just days earlier it had said demand far exceeded the offering size.

The uncertainty hit existing shareholder Maas Group Holdings hard. Its shares plunged as much as 30% during Sydney trading, the largest intraday drop on record for the stock, before closing down 22%. Maas Group acknowledged that there was considerable speculation and commentary in the market about whether the IPO could proceed. Market participants expect the issue price may have to be cut, and some do not rule out the deal being shelved altogether.

Bloomberg framed the sudden drop in demand as a warning sign that AI-related funding conditions are weakening, revealing fresh cracks in the AI funding boom. The report also noted that Firmus raised a funding round in early August at a valuation of about $10.5 billion, with investors including Jane Street and Blackstone. Only two months later, its IPO target valuation had climbed to nearly $30 billion. As of now, the final pricing and transaction structure have not been announced.