In October 2026, several prospective public listings connected to the artificial-intelligence infrastructure boom encountered resistance. Australian data-centre developer Firmus withdrew its planned ASX offering. British AI cloud company Nscale faced reported investor opposition to its valuation target. SK hynix abandoned its review of a US listing for storage subsidiary Solidigm.
During the same period, GCash parent Mynt completed the largest initial public offering in Philippine market history.
The contrast is instructive for private-equity investors and other capital allocators. The question is not simply whether the IPO window is open. It is whether public investors will accept the price, structure and risks attached to an offering.
Firmus: When the Valuation Step-Up Became Too Large
On October 9, Firmus withdrew its planned Australian Securities Exchange listing after its proposed terms failed to attract sufficient investor support.
The offering would have valued the company at approximately A$43.7 billion, compared with a private valuation of roughly A$15 billion just two months earlier, following a financing backed by Nvidia, Blackstone and Jane Street.
According to Forbes Australia, the offering faced several obstacles. Local institutional investors were reluctant to support the proposed price. Only approximately 42% of the company's shares would have been subject to lock-up restrictions. Reported annual revenue of roughly A$50 million also stood in contrast to a much larger pipeline of contracted future business.
The company cited market volatility and said the terms available would not adequately reflect its long-term prospects.
Firmus subsequently confirmed that it would pursue private-market financing and consider other capital-raising options.
For investors, the episode illustrates the difficulty of converting rapidly rising private valuations into public-market prices, particularly when substantial future growth remains dependent on infrastructure delivery.
Nscale: The Valuation Negotiation
Nscale's proposed New York listing presented a related problem.
Bloomberg reported on October 18 that the company was seeking an IPO valuation of approximately $30 billion, while a group of prospective investors considered $16 billion to $19 billion more attractive.
The lower range was much closer to Nscale's reported $15 billion valuation in its previous private financing.
According to The Next Web, Nscale had raised $3.36 billion through pre-IPO convertible notes led by Third Point. Those instruments included a conversion-price cap tied to a $30 billion valuation.
Nscale also reported approximately $103.4 billion in signed and active contracts as of August, with Microsoft and Anthropic accounting for approximately 85% of the total. These figures describe contractual commitments, not recognised revenue.
Unlike Firmus, Nscale had not withdrawn its proposed offering at the time of the report. The disagreement concerned valuation and investor demand.
The distinction matters. A company can retain substantial commercial prospects while public investors reject the price implied by its proposed listing.
Solidigm: Market Conditions and Regulatory Risk
Solidigm's proposed US listing encountered a different combination of obstacles.
On October 23, SK hynix confirmed that it had discontinued its review of pre-IPO financing and a potential public offering for its US storage subsidiary.
The company cited market volatility and declining semiconductor share prices. It emphasised that the decision did not change Solidigm's growth prospects or its need for additional production capacity.
Regulatory concerns added another complication.
The Korea JoongAng Daily reported that Korean financial authorities had raised shareholder-protection concerns under the country's rules governing separate listings of subsidiaries.
This illustrates a risk that valuation analysis alone cannot capture.
For cross-border transactions, a public-market exit can depend on regulatory treatment and parent-company shareholder interests as well as investor demand.
Solidigm's production-expansion plans remain relevant, but SK hynix must consider alternative funding arrangements.
Mynt: A Record IPO Finds Buyers
The Philippine market provided a counterexample.
On October 20, Mynt, the parent company of digital-finance platform GCash, listed on the Philippine Stock Exchange at an offering price of 6.60 pesos per share.
The transaction raised 60.9 billion pesos, making it the largest IPO in the exchange's history, according to the Philippine Stock Exchange.
The offering attracted strong institutional demand and was multiple times oversubscribed. Despite that demand, Mynt's shares finished their first trading day at the offering price, according to Reuters.
The flat close is not evidence of weak demand by itself. Rather, it suggests that the offering price was sufficient to complete a substantial transaction without producing an immediate first-day premium.
The contrast with Firmus and Nscale is useful, although the businesses and markets are not directly comparable.
Mynt demonstrates that investors remained willing to participate in large listings when the offering terms were acceptable.
What Private-Market Investors Should Take Away
Four lessons emerge from these transactions.
Private valuations are not public-market clearing prices. Firmus and Nscale illustrate how difficult it can be to secure a substantial valuation increase when institutional investors reassess execution risk, financing needs and future cash flows.
Transaction structure matters. Lock-up arrangements, convertible-note conversion terms and potential shareholder dilution can influence the attractiveness of an IPO independently of the headline valuation.
Regulation affects exit certainty. Solidigm demonstrates how a cross-border listing can encounter obstacles beyond market demand, especially where a parent company's existing shareholders may be affected.
Private capital remains an alternative. Firmus has explicitly identified private financing as its next option, while Nscale has already used pre-IPO convertible instruments.
For family offices and other long-term allocators, these developments warrant particular attention. Companies that postpone listings may continue raising capital privately, potentially through structured equity, convertible instruments or secondary transactions.
Such opportunities require careful examination of seniority, conversion mechanics, dilution and liquidity assumptions. A postponed IPO does not automatically make an alternative private investment attractive.
What to Watch Next
Three developments will help clarify whether the October setbacks represent a lasting repricing or a temporary disruption:
- Whether Nscale advances its listing at a valuation closer to the range indicated by prospective investors.
- Whether Firmus secures additional private funding, and how its next financing compares with its previous valuation.
- How SK hynix funds Solidigm's planned US production expansion without a public listing.
The IPO Window Is a Pricing Question
The events of October 2026 do not support the conclusion that public-equity markets have closed to new offerings.
They suggest something more specific: institutional investors are drawing firmer distinctions between projected growth, contractual commitments, current financial performance and the price being requested.
For private-market investors, the relevant question is therefore not whether an IPO is possible, but at what valuation and under what terms public shareholders are prepared to provide liquidity.