Nvidia-Backed Firmus Scraps $5 Billion Australian IPO Citing Market Volatility

Nvidia-backed artificial intelligence cloud and data center operator Firmus Grid has scrapped its planned $5 billion initial public offering on the Australian Securities Exchange. The offering aimed to value the company at around $30.6 billion at A$11 per share, which would have marked one of Australia's largest IPOs in nearly three decades. Firmus decided to withdraw the float after institutional investors pushed back on the valuation amid turbulent market conditions and weak demand. The company, which completed a $2 billion private funding round at a $10.5 billion valuation in August, stated it will pursue private capital instead.