Nvidia-backed artificial intelligence data centre firm Firmus has scrapped plans for a major Australian stock market listing, citing market volatility and valuation concerns.
The company initially targeted a valuation exceeding $30bn (£22.65bn) for what would have been one of the country’s largest public floats.
Liquid-Cooled Infrastructure for Global Tech Giants
Firmus builds and operates liquid-cooled data centres, which it refers to as AI factories, serving clients that include Meta and OpenAI. The company maintains operations across Australia, Singapore, and the wider Asia-Pacific region. Financial backing comes from Nvidia alongside major investment firms Blackstone and Jane Street.
Valuation Pushback and Abandoned Float
Plans for the initial public offering were abandoned after the firm concluded that going public would fail to serve the best interests of the company or its shareholders.
According to the BBC, at least one investment firm declined to participate in the offering due to concerns over the company’s valuation.
Private Capital Strategy and Market Caution
Firmus will now pursue capital from the private markets and consider alternative public and private market options. We will provide additional information to shareholders as those options progress,
the company said in a statement.
Among Firmus backers, Blackstone declined to comment when contacted by the BBC. Nvidia and Jane Street were also approached for comment.
The decision to pull the listing unfolds against a backdrop of mounting caution among investors and industry analysts. Financial stakeholders have grown increasingly wary of the hundreds of billions of dollars being poured into artificial intelligence infrastructure, particularly as the timeline and certainty for long-term returns remain unclear.
