Nvidia-Backed Firmus Withdraws $5 Billion Australian IPO, Citing Market Volatility

Firmus said its board determined that the terms of the proposed offering did not adequately reflect the strength of its business and long-term growth outlook. "The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders," the company said. Firmus added that it "will now pursue capital from the private markets and consider alternative public and private market options."

CNBC reported that Firmus had planned to raise $5 billion in the IPO, pricing shares at A$11 apiece. The offering would have been the second-largest new share sale in Australia's history, according to the report. The IPO valued the company at around $30.6 billion.

The withdrawal follows recent fundraising and expansion by the Australian company. In August, Firmus announced a $2 billion funding round backed by Nvidia, Coatue Management, Blackstone and Jane Street. That round brought its total equity raised over the preceding year to more than $3 billion and its valuation to over $10.5 billion.

Last month, Firmus announced agreements with Meta to provide GPU computing capacity at its AI data centers in Southeast Asia. The capacity is built on Nvidia's DSX platform and is intended to support Meta's AI research, model development and training.