Firmus, a neocloud compute provider, encountered weak IPO demand and reduced share price targets.

Firmus, an Australian neocloud provider, is reportedly reducing its IPO share price due to weak investor demand. The company had initially planned to price shares at AU$11 ($7.65) ahead of its Australian Stock Exchange listing on October 23, but has lowered the price to AU$9 ($6.26), according to the Australian Financial Review.

Insufficient demand from local, international, and retail investors prompted the decision. Firmus had originally targeted a AU$43.7 billion ($30.3bn) valuation.

Founded in 2019, Firmus initially specialized in cryptocurrency and high-performance compute infrastructure through immersion cooling technology. The company has since pivoted to focus on AI infrastructure.

Firmus raised $2 billion in an August 2026 equity round, valuing the company at more than $10.5 billion post-money. This followed a $505 million equity investment in April. The company has signed agreements with Meta and OpenAI to provide data center capacity in Indonesia and Malaysia.

Earlier this week, reports emerged that Firmus had ended its partnership with CDC Data Centres. The agreement, known as Project Southgate, was expected to deliver 1.6GW of capacity but delivered only 43MW. Firmus is proceeding with its data center expansion independently.

The company will publish its IPO prospectus on October 12, providing further detail on its financial position and operational data center assets.

Firmus joins several neocloud providers moving toward public listings globally, including UK-based Nscale and US-based Lambda, both planning debuts in the coming months.