Firmus, an Australian AI data center operator, has withdrawn its planned initial public offering after citing market volatility and conditions in a statement.

Backed by Nvidia, the company said its board believed the proposed terms did not reflect Firmus’ business strength or long-term growth outlook.

Firmus had aimed to raise US$5 billion at A$11 (US$7.7) a share.

That would have valued the company at about US$30.6 billion and made it Australia’s second-largest share sale.

In August, Firmus announced a US$2 billion funding round backed by Nvidia, Coatue Management, Blackstone, and Jane Street.

It also said the round lifted its valuation to more than US$10.5 billion.

Last month, Firmus announced agreements with Meta to provide graphics processing unit computing capacity at its AI data centers in Southeast Asia.

Firmus said it will now seek private capital and consider other public and private market options.

🔗 Source: CNBC

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