On October 9, Firmus, an Australian operator of AI data centers with backing from NVIDIA, announced the cancellation of its ambitious initial public offering (IPO). The IPO, which aimed to raise A$5 billion with shares priced at A$11 each, would have marked the second-largest new stock issuance in Australia's history. In a statement, Firmus cited market volatility and unfavorable market conditions as the primary reasons for the withdrawal. Initially, the company had witnessed robust investor interest, with subscription levels surpassing the planned issuance size. However, during the final stages of book-building, some investors re-evaluated the associated risks, leading to increased skepticism in the market about whether the IPO would proceed as planned. The uncertainty surrounding the IPO had a ripple effect, causing shares of Firmus' shareholder, Maas Group Holdings, to plunge by as much as 30% at one point.