EL7.AI
StocksMediumUpdated×5•Originally published 8 October 2026•Updated 9 October 2026•
1 min read

Nvidia-Backed Firmus Cancels Australian IPO Plans Entirely

Key Facts

1Nvidia-backed Firmus closed its IPO bookbuilding as investor support showed signs of faltering.

Nvidia-backed Firmus has decided to shelve its initial public offering plans in Australia entirely. The decision to cancel the listing follows a previous attempt to salvage the deal by slashing the IPO price by 25% to A$8.25 per share to raise $5.5 billion.

NVDA closed at $237.47 on October 7, 2026, as the withdrawal highlights persistent valuation challenges for AI-linked firms. On the same day, AMD closed at $645.86 and INTC at $113.12, while TSM ended the October 7, 2026 session at $472.2.

Latest Updates · 2

  1. Notable·

    Update: Firmus now plans to pursue private funding options as an alternative to the public listing. The cancelled initial public offering was expected to value the company at approximately $30.6 billion.

  2. Notable·

    Update: The Firmus offering was set to be Australia's largest IPO in almost 30 years before its cancellation. The withdrawal underscores the significant hurdles facing mega-cap listings within the AI and technology sectors.