How an Nvidia-Backed AI Company Lost Its $30 Billion IPO Before Trading Even Started

How an Nvidia-Backed AI Company Lost Its $30 Billion IPO Before Trading Even Started

Firmus abandoned its IPO before shares began trading. Its proposed valuation nearly tripled within two months. Investors questioned unbuilt infrastructure and future financing requirements.

In August 2026, Australian AI infrastructure company Firmus was worth approximately $10.5 billion. Less than two months later, it was preparing for a stock market debut that would value the business at more than $30 billion. With Nvidia and Blackstone among its backers, Firmus appeared positioned to become one of Australia's largest public companies almost overnight. Instead, the IPO collapsed before a single share began trading.

According to