Australian AI data‑center operator Firmus, which is backed by Nvidia, announced it is cancelling its planned initial public offering. The board said the terms did not reflect the company’s strength or growth outlook. Firmus will look for capital in private markets and keep other public options open. The IPO would have raised about $5 bn, priced shares at A$11 and valued Firmus at roughly $30.6 bn.
Why it matters
Investors in Australian tech will have to wait for a private funding round rather than a public share sale.
