Australian Data Center Firms Delay Major IPOs

Firmus Grid and Airtrunk have delayed their initial public offerings amid rising interest rates, market volatility, and political uncertainty. Firmus Grid canceled what would have been the largest Australian IPO in 30 years, with a planned raise of nearly $5 billion. The company now intends to raise funds privately and seek a listing on a U.S. exchange next year.

Airtrunk has pushed its planned Singapore listing to the first half of next year. These delays signal a cooling of the AI trade as investors grow cautious of inexperienced data center developers and local backlash against AI infrastructure. Other major AI firms, including OpenAI and Anthropic, have also faced timeline uncertainties.

Some companies continue to pursue public debuts despite the volatility. London-based Nscale aims to list in the coming weeks, and Lambda plans a public offering next year following a $4 billion pre-IPO funding round. Additionally, SB Energy Global Holdings Ltd., a SoftBank subsidiary, delayed its IPO date following pushback on its valuation.