Nvidia-backed Firmus Withdraws IPO Amid Market Volatility
Australian AI data center operator Firmus, backed by Nvidia, has withdrawn its planned $5 billion initial public offering (IPO), citing market volatility and conditions. The company stated that the proposed terms of the offering did not reflect its business strength or long-term growth outlook. Firmus had aimed to raise funds at a valuation of around $30.6 billion through the IPO, nearly triple its August 2024 valuation following a $2 billion funding round led by Nvidia and other major investors. The firm will now seek private capital and explore alternative public or private market options. The decision comes amid recent partnerships with Meta to provide GPU computing capacity in Southeast Asia using Nvidia's DSX platform, supporting AI research and model development.
Topics: AI Capital Markets Data Centers Nvidia Private Equity