Nvidia-backed AI data centre builder Firmus Technologies has withdrawn its blockbuster Australian IPO, scrapping what would have been the country's biggest listing in decades.

The company pulled its application to list on the Australian Securities Exchange on October 9. The float had been priced at A$11 a share, valuing Firmus at around A$44 billion, and trading was to begin on October 23.

Firmus blamed market volatility, saying the terms on offer would not reflect the strength of the business. But reports suggest the real problem was simpler: big investors balked at the price for a company valued at roughly $1 billion just a year ago.

The deal would have been Australia's largest IPO since Telstra. Instead, Firmus will now chase private capital.

The collapse is a reality check for the AI infrastructure boom. Investors are still hungry for AI exposure, but the Firmus saga shows they are picking their entry points far more carefully than before.