Artificial intelligence (AI) data centre company Firmus has scrapped its plans for what would have been one of Australia's biggest-ever stock market listings. The Nvidia-backed firm stated that the decision was made due to "recent market volatility and prevailing market conditions," asserting that going public would not be in the best interests of the company or its shareholders.
Initial Plans and Valuation
Firmus had initially announced plans for a stock market debut that valued the company at more than $30 billion (£22.65 billion). However, one investment firm informed the BBC that it opted not to participate in the initial public offering (IPO) due to concerns regarding the company's valuation.
“"Firmus will now pursue capital from the private markets and consider alternative public and private market options. We will provide additional information to shareholders as those options progress," the company stated.
Operations and Backers
Firmus specializes in building and operating liquid-cooled data centres, referred to as "AI factories," for clients including OpenAI and Meta. The company has operations in Australia, Singapore, and other parts of the Asia-Pacific region. Its backers include Nvidia, as well as major investment firms Blackstone and Jane Street. Blackstone declined to comment when contacted by the BBC, while Nvidia and Jane Street have also been approached for remarks.
