Nvidia-backed Firmus scraps IPO as AI valuation concerns deepen

· Politics · Australia

Nvidia-backed Australian AI data centre operator Firmus withdrew its planned IPO, citing 'recent market volatility and prevailing market conditions,' scrapping what would have been the biggest Australian listing since Telstra. The decision underscores deepening investor concerns over AI valuations. Separately, OpenAI's revenue reveal spooked AI stocks and raised questions around CEO Sam Altman's much-anticipated plans to take the group public in 2027.

Why it matters：The withdrawn listing and OpenAI's revenue disclosure test investor appetite for AI assets after a long rally.

Key points

  • Firmus cited market volatility for pulling the IPO.
  • It would have been Australia's biggest listing since Telstra.
  • OpenAI's revenue reveal spooked AI stocks.

Sources (original reporting)

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