Nvidia-Backed Data Center Firm Firmus Cancels Planned $5 Billion Listing

Original summary · What happened

Australian artificial intelligence infrastructure firm Firmus has abandoned plans for an initial public offering in Sydney, pointing to adverse market climate and turbulence. The company's governing board determined that terms for the proposed listing failed to mirror the underlying quality of operations and its long-range business prospects. Under the previously structured share sale, Firmus had aimed to secure $5 billion by pricing shares at A$11 each, which would have valued the enterprise near $30.6 billion and marked the second-largest corporate equity flotation in Australian corporate history.

Following the decision, the Nvidia-backed data center operator stated it will pursue private funding avenues alongside evaluating alternative public and private paths for capital formation. Firmus previously finalized a $2 billion investment round in August with participation from Nvidia, Jane Street, Coatue Management, and Blackstone, establishing a valuation exceeding $10.5 billion. The company also recently agreed to supply GPU computing capacity across Southeast Asian facilities to support artificial intelligence training and research conducted by Meta.