SydneyFirmus sought a valuation 600 times its revenue.
The scrapped float would have been Australia’s largest since Telstra in 1997.
Firmus rents out chips it owns, and just 46 of the 912 megawatts it has contracted are running.
“It just doesn’t have a compelling valuation,” said John Pearce, chief investment officer of pension fund UniSuper.
Nvidia, Blackstone and Coatue receive extra Firmus shares if it has not listed by 30 November.
How each outlet framed it
drawn from 70+ reports worldwide
- BBC
- The Sydney Morning Herald leans critical
- argues the withdrawal exposed a thin base: only 46 of 912 contracted megawatts are running, roughly 5 per cent
- Yahoo!7 News leans critical
- traces the valuation climb from A$6bn in November 2025 to over US$10.5bn, calling it an almost eightfold rise in under a year
Sources: The Sydney Morning Herald, Yahoo!7 News, BBC