Firmus, an Australia-based data center operator backed by Nvidia, is exploring a private funding round of US$2 billion to US$3 billion after withdrawing its planned IPO in Australia, according to people familiar with the matter.

The company and its advisers are in talks with existing investors. The financing could include equity and debt, though no final decisions have been made.

Firmus had aimed to raise about US$5 billion through the IPO, with existing investors expected to provide roughly half.

It withdrew its listing application on October 9, citing volatility, market conditions, and investor concerns over its valuation and future funding needs.

Firmus previously announced a US$2 billion strategic equity investment to expand AI infrastructure. It is unclear whether Nvidia will join the proposed round.

The company has said it surpassed 900 MW of contracted capacity and expanded into Malaysia. Firmus has a 912 MW development pipeline, of which 46 MW has been built.

🔗 Source: Bloomberg

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