Firmus AI datacenter startup slashes $44B valuation as ASX IPO wobbles
nordicinst · x · 2026-10-08
According to Guardian Australia, AI datacenter firm Firmus Technologies was set to list on the ASX on October 23 in what would have been Australia's largest IPO since Telstra in 1997 — but the deal is now in doubt.
Key facts:
- Firmus had been targeting a valuation near $44bn despite still being a startup losing hundreds of millions annually, which investors called "fanciful"
- Multiple sources say the company is slashing its pricing to win over skeptical investors, and may shelve the IPO entirely
- Days before the expected listing, Firmus abruptly withdrew from a scheduled appearance at a parliamentary AI inquiry amid frantic talks to save the float
The episode is being read as a signal that Nordic-European AI datacenter hype may be cooling, as the market stress-tests AI infrastructure valuations.
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