Firmus pulled its planned IPO after its board said market conditions and the proposed terms failed to reflect the AI data center operator's business strength and long-term growth outlook.
The Nvidia-backed company had aimed to raise about $5 billion by selling shares at A$11 each, in a deal that would have valued it at roughly $30.6 billion and ranked as Australia's second-largest listing.
Private capital is now the immediate fallback: Firmus said it will seek funding outside public markets and weigh other public and private options.
The withdrawal follows months of investor skepticism over the company's fast-rising valuation, even after an August $2 billion round and a September Meta capacity deal built on Nvidia's DGX platform.