Nvidia-backed Firmus pulls Australian IPO as AI valuation worries grow
Firmus, the Nvidia-backed Australian AI data-centre company, withdrew its IPO on 9 October after failing to attract enough institutional demand, despite plans to raise about US$5.5 billion at a roughly US$30.6 billion valuation. The offer price was cut from A$11 to A$8.25 a share and still fell short, ending bookbuilding early; its US$2 billion equity round had drawn Nvidia, Coatue, Blackstone and Jane Street, and OpenAI signed up for capacity at two Malaysian projects. Reports say some investors pulled orders after partner CDC said a planned up-to-1.6GW build would not proceed, while Firmus has only two data centres operating and about 46MW of live capacity.
The setback for a company backed by Nvidia, Blackstone and an OpenAI contract is being read as a warning about AI infrastructure valuations and public-market appetite.