Australian AI data center operator Firmus, backed by Nvidia, has withdrawn its planned mega IPO, citing market volatility and conditions. The company had planned to raise $5 billion, which would have made it the second-largest new share sale in Australia’s history, with a valuation of around $30.6 billion. In August, a $2 billion funding round backed by Nvidia, Coatue Management, Blackstone and Jane Street had valued Firmus at over $10.5 billion. The company stated it would now pursue capital from private markets and consider alternative public and private market options.
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