Australian neocloud Firmus is reportedly set to IPO at a lower price than anticipated, due to a lack of interest in its shares.

The company, which is set to go public on the Australian Stock Exchange on October 23, had hoped to sell shares at a price of AU$11 ($7.65). However, Australian Financial Review reports that the company has today dropped the price to AU$9 ($6.26).

According to the report, a lack of demand for shares among local, international, and retail investors has led to the company scaling back its plans. DCD has contacted Firmus for comment.

Firmus had hoped to raise at a valuation of AU$43.7 billion ($30.3bn).

Founded in 2019, Firmus was initially focused on crypto and high-performance compute, specializing in immersion cooling, but has since pivoted to providing AI infrastructure, as many crypto firms have.

Firmus raised $2bn via an equity sale in August 2026, following a previous $505m equity investment round in April. The August round gave the company a post-money valuation of more than $10.5 billion.

It has signed agreements with Meta and OpenAI to provide data center capacity in Indonesia and Malaysia, but earlier this week reports that it had pulled the plug on its collaboration with CDC Data Centres that could have seen 1.6GW of capacity built. Only 43MW was delivered under the agreement. The partnership with CDC was dubbed Project Southgate. Firmus is seemingly still going ahead with the buildout but without CDC.

It is set to publish its IPO prospectus on October 12, which will deliver further details on the company’s finances and active data center estate.

Firmus is one of several neoclouds heading the public markets globally, with the likes of UK-based Nscale and US firm Lambda also planning to float in the coming months.