- Firmus, an Australian AI data center operator backed by Nvidia, withdrew its planned mega IPO citing market volatility and conditions.
- The IPO would have raised $5 billion at A$11 per share, valuing the company at about $30.6 billion and making it the second-largest new share sale in Australia's history.
- Firmus's board concluded the offer terms did not adequately reflect its business strength and long-term growth outlook.
- Firmus raised a $2 billion round in August backed by Nvidia, Coatue Management, Blackstone and Jane Street, lifting its valuation above $10.5 billion.
Quotes
“The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders”