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On October 9, 2026, Nvidia-backed data center company Firmus withdrew its listing plan, which had originally been expected to value the company at over $30 billion, citing recent market volatility and current market conditions. According to BBC Technology, institutions such as Australian pension fund UniSuper abandoned participation in the IPO due to valuation concerns, and Firmus said it will turn to private market financing. The company operates liquid-cooled data centers in Australia, Singapore, and other locations, with clients including OpenAI and Meta. There are currently no subsequent developments.
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Firmus and PLDT data center IPOs hit obstacles as Asia-Pacific data center boom slowsDevelopments
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- Source:BBC Technology
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Oct 10
Data Center Knowledge
Firmus and PLDT data center IPOs hit obstacles as Asia-Pacific data center boom slows
Australia's Firmus has withdrawn its AU$710 million (US$497 million) ASX listing application and will instead seek up to $300 million in private financing; the Philippines' PLDT has postponed the listing of its data center REIT (Vitro) to 2027, citing market conditions and rising interest rates. West Java, Indonesia has halted BDX's 640MW project, Thailand has suspended 166 data center projects, and Malaysia's Energy Commission has warned that data centers are pushing annual power demand growth from 1.5%-2% to nearly 10%.
Oct 9
bbc_technology
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