On October 8, 2026, reports said Firmus Grid’s planned Australian initial public offering (IPO) had foundered after it failed to attract enough investor support at its marketed price of A$11 per share. Earlier reports that day said the offering’s order book had closed as scheduled on Thursday morning in Australia.
Why the planned IPO faltered
The reported setback centered on demand at the marketed A$11 price. The offer was intended for a listing on the Australian Securities Exchange, but reports dated October 8 described the planned IPO as having foundered.
Firmus’s August equity round was separate
On August 7, 2026, Firmus announced a fully committed US$2 billion strategic equity round. The company named NVIDIA, Coatue, Blackstone vehicles and Jane Street among the participants. This was a private equity financing, separate from the planned IPO.
What one investor said about execution risk
Jun Bei Liu, Ten Cap co-founder and fund manager, said Ten Cap declined to invest because the business required substantial upfront capital and confidence in infrastructure that Firmus had not yet demonstrated it could build.
