Nvidia-backed Firmus drops IPO after seeking $30 billion valuation

The AI cloud company had sought a valuation of about $30 billion and cited market volatility and prevailing conditions for withdrawing the offering. It planned to raise nearly $5 billion, according to The Information, while Bloomberg reports that investors were increasingly wary of high AI valuations.

• Firmus had only two operational data centers, according to The Wall Street Journal.
• Firmus had lowered its initial share price amid weak demand, according to Data Center Dynamics.

Covered by 5 publishers within 3 hours of the first report.

• Data Center Dynamics: Neocloud Firmus cancels IPO, blames market volatility

Reporting5

TI The Information Nvidia-Backed Firmus Scraps $5 Billion Australia IPO as Markets Wobble · Qianer Liu 12:45 AM

BBC BBC Nvidia-backed data centre firm scraps IPO as AI valuation concerns deepen 3:14 AM

WSJ Wall Street Journal Scrapped IPO of Nvidia-Backed Company Points to Limits of AI Boom · Stuart Condie 3:18 AM

DCD Data Center Dynamics Neocloud Firmus cancels IPO, blames market volatility 3:32 AM

BL Bloomberg Nvidia-Backed Firmus IPO Collapses as AI Valuation Concerns Grow 4:01 AM

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Topics NvidiaData centers