Australia’s corporate regulator is examining the failed $5 billion Firmus IPO and has engaged with the banks that led the proposed share sale, but has not launched a formal investigation.

Firmus IPO review is under way

Australian Securities and Investments Commission Chair Sarah Court told lawmakers on October 29, 2026, that the regulator was looking at a broad range of issues reported in the media. She said ASIC had engaged with the joint lead managers.

“This was a very significant event, we understand that and we need to look at it carefully,” Court said. The regulator’s review should not be confused with a formal investigation, which Court said had not yet been launched.

ASIC has previously described its role in monitoring IPO participants, including lead managers, underwriters and brokers. That general description does not establish the scope or findings of its review of Firmus.

Sale failed to secure enough backing

The Nvidia-backed AI data center operator’s proposed IPO collapsed on October 9 after it failed to gain enough investor support. Firmus had planned to raise $5 billion at a valuation of $30.6 billion, three times the value achieved in a private fundraising round in August.

The deal’s joint lead managers were Bank of America, JPMorgan, Morgan Stanley and brokerage Morgans. Morgan Stanley and JPMorgan declined to comment on ASIC’s inquiries; Bank of America and Morgans did not immediately respond to requests for comment.

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