Nvidia-backed AI data centre firm scraps mega stock market listing
Summary
Firmus, an AI data center company supported by Nvidia, has canceled its planned stock market listing in Australia due to market conditions and concerns about its valuation. Instead, the company will seek funding through private markets and explore other financial options.Key Facts
- Firmus builds and runs liquid-cooled data centers, called "AI factories," for clients like OpenAI and Meta.
- The company planned to list on the Australian stock market with a valuation over $30 billion AUD.
- Market volatility and concerns from investors about the company’s high valuation led to the cancellation.
- Major investors like UniSuper chose not to participate in the initial public offering (IPO).
- Firmus is backed by Nvidia, Blackstone, and Jane Street.
- The company will now focus on raising money privately and consider other public and private options.
- OpenAI’s CEO recently expressed caution about public listings in AI technology because of safety and market concerns.
- AI-related stocks, including Nvidia and Oracle, have seen share price drops amid worries over AI industry returns.
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