Saw this on CNBC / Nikkei: Firmus, an Australian AI data center company backed by Nvidia, has withdrawn its plans to list on the ASX.
The key details: It had hoped to raise about $5–5.5 billion (around A$7.9 billion), priced at A$11 per share, for a valuation of roughly $30.6–30.7 billion—nearly three times its August round valuation of over $10.5 billion. It would have been the second-largest IPO in Australian history. The board said that amid market volatility, the terms it could secure didn’t align with its long-term outlook, so it decided not to push ahead. It will now turn to private markets and is also considering options such as Nasdaq.
Background: The company has raised over $3 billion in equity funding in the past year, with Nvidia, Coatue, Blackstone, and Jane Street among its investors. Its customers include OpenAI and Meta. Analysts have criticized the lofty valuation: around 46 megawatts have been built, while about 912 megawatts are under contract—and most of that capacity has yet to be built.
AI infrastructure funding is getting more valuation-conscious. Having Nvidia’s backing alone isn’t enough—the numbers have to add up.
#AI #IPO #DataCenter
The key details: It had hoped to raise about $5–5.5 billion (around A$7.9 billion), priced at A$11 per share, for a valuation of roughly $30.6–30.7 billion—nearly three times its August round valuation of over $10.5 billion. It would have been the second-largest IPO in Australian history. The board said that amid market volatility, the terms it could secure didn’t align with its long-term outlook, so it decided not to push ahead. It will now turn to private markets and is also considering options such as Nasdaq.
Background: The company has raised over $3 billion in equity funding in the past year, with Nvidia, Coatue, Blackstone, and Jane Street among its investors. Its customers include OpenAI and Meta. Analysts have criticized the lofty valuation: around 46 megawatts have been built, while about 912 megawatts are under contract—and most of that capacity has yet to be built.
AI infrastructure funding is getting more valuation-conscious. Having Nvidia’s backing alone isn’t enough—the numbers have to add up.
#AI #IPO #DataCenter