Nvidia-backed Firmus cancels $30B+ IPO over valuation doubts
Firmus, the Nvidia-backed AI data center company, has canceled its planned listing on Australia's stock exchange. The IPO would have valued Firmus north of $30 billion, but tepid investor interest and skepticism about that price tag killed demand. Some major institutions, like UniSuper, backed out over concerns about Firmus's early stage and growth plan debt. Firmus says it will now seek more private funding instead.
- Firmus builds AI-focused data centers in Asia-Pacific
- IPO would have been one of Australia's largest ever
- Planned valuation exceeded $30 billion, some sources claimed $44 billion
- Investor doubts over growth prospects and debt burden sank demand
- Firmus counts Nvidia, Blackstone, Jane Street as backers
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