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Nvidia-backed AI data centre firm Firmus scraps stock market listing
Overview
Artificial intelligence data centre company Firmus has abandoned plans for what would have been one of Australia's largest stock market listings, citing market volatility and conditions. The Nvidia-backed firm, valued at over $30bn, stated it will instead pursue private market capital and alternative options. Investors had raised concerns regarding its high valuation and the need for potential debt to fund growth.
Key points
- Firmus scrapped its initial public offering (IPO) due to market volatility and prevailing conditions.
- The company was initially valued at more than $30bn (£22.65bn) ahead of its planned Australian stock market debut.
- Firmus builds liquid-cooled data centres for clients such as OpenAI and Meta, with backers including Nvidia, Blackstone, and Jane Street.
- Institutional investors like Australian pension fund UniSuper declined to participate due to concerns over valuation and potential debt.
- The cancellation highlights broader investor caution regarding the massive investments being poured into AI amid uncertain long-term returns.