Permas Grid Withdraws $30 Billion IPO

Australian artificial intelligence data center company Permas Grid has withdrawn its plan for a $30 billion initial public offering (IPO). The IPO was canceled as U.S. institutional investors felt the company’s valuation was too high. Permas is currently considering informal funding options after failing to secure demand from U.S. investors. The company, which builds AI computing data centers, has increased its valuation with support from major investors such as NVIDIA and Blackstone. However, U.S. fund managers deemed the $30 billion valuation excessive. Permas was valued at $5.5 billion in April but attempted to raise it to $30 billion in just a few months for the IPO. The revenue for the fiscal year 2026 was $51 million, and the data center construction plan was for 912 megawatts (MW), but only 46 MW of facilities were actually completed. The underwriters considered reducing the deal size to about $3 billion and lowering the valuation to between $20 billion and $25 billion, but they could not persuade U.S. investors. Ultimately, Permas withdrew the IPO and began exploring informal investment options targeting existing investors.