{
  "id": 13005436,
  "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",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T02:04:46.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/nvidia-backed-firmus-scraps-us5-billion-australian-ipo-poor-demand-eyes-private-funding"
  },
  "original_language": "en",
  "account": "Australia's Firmus, an AI data centre operator backed by Nvidia, has abandoned its US$5 billion initial public offering (IPO) due to poor demand, according to the wire material. The company says it will pursue private funding instead. Firmus' IPO would have been the second-largest new share sale in Australia's history but faced lukewarm interest from investors. The firm initially planned to sell its shares at A$11 each, which would have valued the company at US$30.6 billion, nearly triple its valuation of US$10.5 billion from a fundraising round in August. Firmus designs and operates modular AI factories using proprietary energy and cooling technology and currently has two leased data centres in Melbourne and Singapore, with plans to build five more in the Asia-Pacific region.",
  "summary": "Fund managers see pulled deal reflecting questions around Firmus, not AI more broadly",
  "key_points": [
    "Nvidia-backed Firmus cancels US$5 billion Australian IPO due to low investor demand",
    "Company shifts focus to private funding instead of public offering",
    "Firmus plans to raise capital through private means after IPO failure"
  ],
  "editors_take": null,
  "illustration": "https://urgent.news/ill/13005436.png",
  "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": "Straits Times Business",
        "title": "Nvidia-backed Firmus shelves IPO, eyes private funding",
        "url": "https://urgent.news/2026/10/09/nvidia-backed-firmus-shelves-ipo-eyes-private-funding",
        "published": "2026-10-09T01:09:00.000Z"
      },
      {
        "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."
}