Nvidia-backed Firmus scraps $5bn Australian IPO on weak demand:
SYDNEY (Reuters) -- Australia's Firmus, a data center operator backed by Nvidia ...
asia.nikkei.com/business/markets/ipo/nvidia-backed-firmus-scraps-5bn-australian-ipo-on-weak-demand
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Firmus halts planned multibillion-dollar listingThe Australian data-center operator cited market volatility and plans to raise funds privately instead.
Key FactsOct 9, 2026 · Reading time: ~45 sec.
Summary created with AI assistance · Source: asia.nikkei.com
Summary created with AI assistance · Source: asia.nikkei.com
- Firmus said the offering did not adequately reflect the company’s strength and long-term growth prospects.
- Shares were initially planned at 11 Australian dollars, implying an equity valuation of $30.6 billion.
- Firmus currently operates only two facilities, in Melbourne and Singapore; five more across Asia-Pacific are in early development.
- Analysts working for the joint lead managers said Firmus had about $30 billion in debt, implying an enterprise value of roughly $60 billion.
The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders.— Firmus said in a statement about scrapping its $5 billion IPO.
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Nvidia-backed data center provider Firmus scraps $5bn Australian IPO: Investors label $30bn valuation 'excessive,' remain selective on AI infrastructure
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