Firmus cancels planned Australian listing amid volatile markets
Nvidia-backed data centre company Firmus has cancelled plans for a stock market listing that could have been one of Australia’s largest, saying volatile markets made a flotation against the interests of the company and its shareholders. The decision comes amid wider investor doubts about the scale of spending on AI and whether it will deliver lasting returns.
Firmus had planned a debut valuing it at more than $30bn (£22.65bn), but some investors objected to the price and the debt needed to finance its expansion. The company builds liquid-cooled data centres for clients including OpenAI and Meta, and says it will now seek private funding while considering other market options. Its backers include Nvidia, Blackstone and Jane Street.
- Firmus has dropped its planned Australian stock market listing.
- Investors questioned its proposed valuation of more than $30bn.
- The AI data centre firm will seek private funding.
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Firmus is a data centre company that specialises in providing infrastructure for artificial intelligence, building facilities to cool high-powered computer systems used by AI firms. The company had planned to list on the Australian stock market in what would have been one of the country's largest stock market debuts, with a proposed valuation exceeding $30bn.
Firmus supplies data centres to major technology companies including OpenAI and Meta. The company called off the listing after investors raised concerns about the scale of debt required to finance its expansion and broader doubts in financial markets about whether heavy spending on AI infrastructure will generate adequate returns.
The company is backed by prominent investors including Nvidia, Blackstone and Jane Street. Firmus said it will now seek funding from private sources and may pursue a listing in other markets at a future date.
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Originally published by BBC Technology as “Nvidia-backed AI data centre firm scraps mega stock market listing”.