Update: Market Chatter: Nvidia-Backed Firmus Reportedly Scraps $5 Billion IPO
MT newswire2026/10/09 09:2805:28 AM EDT, 10/09/2026 (MT Newswires) -- (Updates with details of Firmus' private capital raise in the fifth paragraph.) Nvidia-backed (NVDA) Firmus has withdrawn its planned initial public offering as the Australian AI data center operator grapples with market volatility and conditions, CNBC reported late Thursday. Firmus' board decided that the terms of the proposed offer did not appropriately reflect the strength of its business and its long-term growth outlook, according to CNBC. The company had planned to raise $5 billion through its IPO, pricing shares at 11 Australian dollars ($7.68) apiece, which would have valued the company at about $30.6 billion, CNBC added. However, Firmus now seeks to raise capital from private markets and will consider alternative options in both public and private markets, the report said. Firmus and its advisers are in talks with existing investors to raise $2 billion to $3 billion in a private funding round, compared with its earlier $5 billion IPO target, people familiar with the matter said. Firmus did not immediately respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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