Nvidia-Backed Firmus Withdraws Planned $5 Billion IPO

Australian AI data-center operator Firmus has withdrawn its planned $5 billion initial public offering, saying market volatility made the proposed terms unsuitable for the company and its shareholders.

The IPO was expected to price shares at A$11 and value Firmus at about $30.6 billion, which would have made it the second-largest new share sale in Australian history. The company’s board determined that the terms did not adequately reflect Firmus’ business strength and long-term growth outlook.

Firmus will now pursue capital from private markets while considering alternative public and private-market options. The withdrawal highlights the difficulty of taking large AI infrastructure companies public during unsettled market conditions.

Firmus’ valuation had risen to more than $10.5 billion after a $2 billion funding round in August backed by Nvidia, Coatue Management, Blackstone and Jane Street. The company has also agreed to provide Meta with GPU computing capacity at AI data centers in Southeast Asia built on Nvidia’s DSX platform.