NVIDIA-backed data center company Firmus withdraws $5B Australian IPO over valuation and debt concerns (report)

What happened

Citing Reuters and the WSJ, AI Times reported that Firmus, an NVIDIA-backed data center company, has withdrawn its planned IPO of about $5 billion on the Australian Securities Exchange (ASX). The board reportedly canceled the offering entirely after concerns about overvaluation and debt arose during book-building.

Why it matters

This is a case of a large AI infrastructure company failing its first test in the public markets. Together with reports from the same period that OpenAI's revenue is falling short of expectations, it is read as a sign that valuations and funding conditions for AI infrastructure companies could worsen.

Sources

• Press 데이터센터 전문 퍼머스, 호주 IPO 철회…'엔비디아 후광'도 안 통했다 AI Times (Korea)