Nvidia-backed Aussie AI firm Firmus withdraws historic IPO, citing market volatility — SkimNews
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- Firmus withdrew its planned IPO, citing market volatility, with the board stating the proposed terms 'did not adequately reflect the strength of its business and long-term growth outlook.'
- The deal would have raised ~$5 billion at A$11 per share at a ~$30.6 billion valuation, making it the second-largest new share sale in Australian history.
- In August, Firmus raised $2 billion from Nvidia, Coatue Management, Blackstone, and Jane Street, bringing total equity raised over the preceding year to more than $3 billion at a $10.5 billion+ valuation.
- The company announced agreements last month with Meta to provide GPU computing capacity at its Southeast Asia AI data centers, built on Nvidia's DSX platform, to support Meta's AI research, model training, and development.
- Firmus will now pursue capital from private markets and consider alternative public and private market options.
Why it matters: The withdrawal of a ~$30.6 billion-valued AI infrastructure play from Australia's public market means retail investors lose access to a Nvidia-backed company with a marquee Meta deal. Firmus's pivot to private capital — driven by the board's view that IPO terms were too low — keeps a high-profile AI data center asset off public exchanges.
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