Xpansiv, one of the world’s largest carbon exchanges, has reported losses of more than $227 million in the last year, with auditors warning that ongoing operations were in doubt if it lost the support of its financiers.

The company, which was founded in Australia and quickly expanded overseas, was considered a candidate to list on the ASX before taking significant investments from Blackstone, Goldman Sachs, Bank of America and Aware Super at a $2 billion valuation in January.