{
  "id": 13172425,
  "title": "How Firmus, the biggest IPO in three decades, fell over",
  "url": "https://urgent.news/2026/10/09/how-firmus-the-biggest-ipo-in-three-decades-fell-over",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T18:00:00.000Z",
  "source": {
    "name": "ABC News AU",
    "slug": "abc-news-au",
    "url": "https://www.abc.net.au/news/2026-10-10/how-firmus-the-biggest-ipo-in-three-decades-fell-over/107247100"
  },
  "original_language": "en",
  "account": "Firmus Technologies, an Australian AI startup, had planned to make history with the biggest IPO in three decades. However, the company's ambitious listing on the Australian Stock Exchange (ASX) ultimately fell through. Founded in 2019 by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, Firmus aimed to raise $7 billion and build data centers across Australia, Singapore, Malaysia, and Indonesia. Despite backing from major AI conglomerate Nvidia, concerns over investor sentiment and the company's valuation led to the IPO's cancellation. Factors such as the high per-share price offer, insufficient information in the IPO prospectus, and fears of an imminent AI slowdown all contributed to the float's demise.",
  "summary": "There were high hopes for the Firmus float, but it sunk amid concerns about debt and ambitious expansion plans.",
  "key_points": [
    "Firmus Technologies planned Australia's biggest IPO in 3 decades",
    "IPO cancelled due to investor sentiment and valuation concerns",
    "Factors included high per-share price, inadequate prospectus info"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}