Nvidia-Backed Firmus Scraps Australian IPO as Investors Balk at AI Valuations

Firmus Grid, an Nvidia-backed Australian data center operator, abandoned one of the country's largest-ever initial public offerings this week after failing to attract sufficient investor interest amid growing skepticism over inflated AI infrastructure valuations. The company, which had been aiming to raise up to $5 billion on the Australian Securities Exchange, withdrew from the listing after demand fell short of expectations—a sharp reversal from just days prior, when executives were signaling healthy investor appetite.