Nvidia-backed AI data centre operator Firmus withdrew its planned $5 billion IPO on Friday, citing market volatility and prevailing conditions, and said it would pursue private-market funding.
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The withdrawal marks a sharp reversal in Firmus's go-public plans. Reports on Thursday that the company was reconsidering the terms of its proposed listing had already triggered a 22.4% plunge in Maas Group shares. On Friday, Maas entered a trading halt pending a material announcement about its investment in Firmus and its contractual arrangements with the company. When trading resumed, the stock fell another 6.7% to close at A$4.63.
Firmus's decision to stay private leaves Maas Group with significant exposure on two fronts: its 3.2% equity stake and contracts for electrical infrastructure and power equipment at Firmus's planned AI data centres. The pricing of any private-market funding round may now serve as a reference point for how Maas's stake is valued.
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