{
  "id": 13007171,
  "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",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T02:28:26.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/10/1551088/nvidia-backed-firmus-scraps-us5bil-australian-ipo-poor-demand"
  },
  "original_language": "en",
  "account": "Australia's Firmus, a data center operator backed by Nvidia, has canceled its planned US$5 billion initial public offering (IPO), citing market volatility and unfavorable conditions. The company's IPO would have been the second-largest new share sale in Australia's history but failed to generate strong demand, signaling that investors remain selective about AI issuers despite the ongoing AI boom. Firmus plans to pursue capital from private markets and explore alternative public and private market options instead. The company's draft prospectus had projected annual earnings of US$5 billion within five years from its data centers. However, investors were wary due to the company's limited operating data centers, lack of track record in building AI data centers, and the unrealistic valuation expectations.",
  "summary": "SYDNEY: Australia's Firmus, a data centre operator backed by Nvidia, shelved its US$5 billion initial public offering, citing market volatility and conditions, and said it would opt for a private fundraising round instead.",
  "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": "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": "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"
      }
    ]
  },
  "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."
}