Firmus Grid

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1. 15h
   Nvidia-backed Firmus IPO falters as demand craters, warning on AI funding

   Firmus Grid, an Australian AI data center operator backed by Nvidia, had planned to raise up to $5.5 billion in what could have been one of Australia's largest-ever IPOs, but the deal is now uncertain as investors worry about post-listing share performance and potential selling by existing shareholders. Bookbuilding closed as scheduled on October 8, yet the final price and deal structure remained unclear after demand plunged. Existing shareholder Maas Group Holdings fell as much as 30% in Sydney trading, its biggest on-record drop; Bloomberg described the pullback as exposing fresh cracks in the AI funding boom.

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