{
  "id": 12998925,
  "title": "Nvidia-backed Firmus shelves IPO, eyes private funding",
  "url": "https://urgent.news/2026/10/09/nvidia-backed-firmus-shelves-ipo-eyes-private-funding",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T01:09:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/nvidia-backed-firmus-shelves-ipo-eyes-private-funding"
  },
  "original_language": "en",
  "account": "Australian data centre firm Firmus Grid has abandoned its plan to go public and will explore alternative funding methods. The company announced its decision to withdraw its application to list on the Australian Securities Exchange on October 9. Board members concluded that the terms for the offer would not accurately represent the company's robust business prospects and long-term growth. Instead, Firmus will now seek capital from the private markets and consider mixed public and private funding options. Bloomberg News had previously reported that the company was postponing its listing plans and considering private funding. Firmus, which is backed by Nvidia, is currently discussing a private funding round with existing and new investors. The company aimed to raise up to US$5.5 billion (S$7 billion) for its IPO, which would have valued the firm at A$43.7 billion (S$38.9 billion). Some potential investors grew wary as the deal progressed, expressing concerns about possible market flooding by existing shareholders shortly after the company's debut. Firmus started as a Bitcoin mining operation in Australia in 2019 and has since leveraged the growing demand for AI infrastructure in Asia, with projects planned in Australia and Singapore. If the IPO had gone through, the proceeds would have been used to purchase graphics processing units for the company's first data center project in Batam, Indonesia, in partnership with DayOne Data Centers. The venture is part of an eight-year agreement between Firmus and Nvidia. DayOne, a Singapore-based firm, is also pursuing a US IPO and aims to raise up to US$5 billion. Firmus has secured significant commitments from investors, including Nvidia and Blackstone, as well as existing shareholders such as Jane Street and Coatue Management. The company's joint lead managers for the listing are Bank of America, JPMorgan Chase & Co, Morgan Stanley, and Morgans Financial.",
  "summary": "Recent market volatility and prevailing market conditions cited as reasons.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Nikkei Asia",
        "title": "Nvidia-backed Firmus scraps $5bn Australian IPO on weak demand",
        "url": "https://urgent.news/2026/10/08/nvidia-backed-firmus-scraps-5bn-australian-ipo-on-weak-demand",
        "published": "2026-10-08T22:08:10.000Z"
      },
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Nvidia-backed Firmus scraps US$5 billion Australian IPO on poor demand; eyes private funding",
        "url": "https://urgent.news/2026/10/09/nvidia-backed-firmus-scraps-us-5-billion-australian-ipo-on-poor",
        "published": "2026-10-09T02:04:46.000Z"
      },
      {
        "outlet": "New Straits Times",
        "title": "Nvidia-backed Firmus scraps US$5bil Australian IPO on poor demand",
        "url": "https://urgent.news/2026/10/09/nvidia-backed-firmus-scraps-us-5bil-australian-ipo-on-poor-demand",
        "published": "2026-10-09T02:28:26.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}