technology-and-markets2 days ago
Firmus Abandons Record-Breaking IPO, Pivots to Private Capital Amid AI Valuation Scrutiny
Nvidia-backed Australian AI data center operator Firmus has withdrawn its planned initial public offering (IPO), citing market volatility and terms that did not reflect its long-term growth. The company had aimed to raise $5 billion at a $30.6 billion valuation, which would have been the second-largest share sale in Australian history. Instead, Firmus will pursue private funding. The withdrawal highlights growing investor skepticism toward high AI valuations, with critics noting the company’s limited operational capacity compared to its ambitious expansion plans.