Firmus Seeks $3 Billion in Private Funding After IPO Exit

Firmus Grid aims to raise $3 billion after canceling its planned listing, using equity financing, debt and advance payments from customers.

After the withdrawal, Firmus said it would pursue private-market funding while evaluating other public and private financing options. The $3 billion target and funding mix add details to that plan.

Firmus withdrew its planned $5 billion IPO on Oct. 8 ET (Oct. 9 in Australia), after seeking a $30.6 billion equity valuation. The company cited market conditions for its decision, while investors also raised concerns about its valuation, debt needs and execution.

In August, Firmus completed a $2 billion equity round backed by Nvidia, Coatue Management, Blackstone and Jane Street. Its valuation after the round exceeded $10.5 billion, and it had raised more than $3 billion in equity during the preceding year. Firmus has also agreed to provide Meta with GPU computing capacity at AI data centers in Southeast Asia using Nvidia’s DSX platform.