Nvidia-backed Firmus pulls $5bn Australia IPO amid volatility

· Tech · Australia

Firmus Grid, an AI cloud company backed by Nvidia, has withdrawn what would have been Australia's largest initial public offering in almost 30 years, according to The Information. The Sydney-based firm had planned to raise close to $5 billion at a valuation above $30 billion, but cited market volatility in deciding to pull the listing. The company said it will seek alternative sources of capital. The cancellation is a setback for the AI infrastructure build-out, which depends heavily on public and private markets to fund data center capacity, and it signals that investors are becoming more selective about AI-related listings after a long run of enthusiasm.

Why it matters：It is a test of whether AI infrastructure companies can still tap public markets after a year of exuberance, and it may push peers toward private funding or delayed listings.

Key points

  • The Sydney-based AI cloud firm had targeted a valuation above $30 billion.
  • It would have been Australia's biggest IPO in almost 30 years.
  • The company said it will pursue other funding options.

Sources (original reporting)

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