Nvidia-Backed Firmus Grid's $30 Billion IPO Collapses in 48 Hours
Data Center Darling's $30B IPO Dream Crushed in 48 Hours
Firmus Grid Ltd., an Nvidia-backed AI data center company, saw its planned Australian IPO of up to $5.5 billion fall apart within 48 hours after US fund managers balked at the valuation. The collapse underscores growing investor skepticism over AI infrastructure valuations and casts a shadow on other data center IPOs in the pipeline.
After months of touting itself as an essential artificial intelligence play, the Nvidia Corp.-backed company was on the cusp of pulling off one of Australia's biggest-ever initial public offerings of up to $5.5 billion, and at a valuation fit for a top 10 player in the industry. But that story wilted under the scrutiny of US fund managers that bankers were counting on to buy a chunk of the deal.