Australian NVIDIA-backed AI data centre operator Firmus shelves IPO
An Nvidia-backed Australian data centre company, Firmus Grid, has withdrawn its planned US$5.5 billion IPO following a failed attempt to attract sufficient support for a higher share price. The company's valuation had been estimated at US$30 billion, but it ultimately withdrew the IPO, citing "recent market volatility and prevailing market conditions."
Firmus had aimed to build a network of data centres across Asia, serving major clients like Meta Platforms and OpenAI, but concerns over its lack of a proven track record, high valuations, and dependence on a few big customers raised red flags among investors. The withdrawal of the IPO signals growing caution in the AI funding boom, as investors question the lofty price tags attached to AI endeavours.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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