Nvidia-backed data centre firm scraps IPO as AI valuation concerns deepen

What happened: Firmus, an Nvidia-backed AI data centre company, scrapped plans for what would have been one of Australia's biggest-ever stock market listings, citing recent market volatility and prevailing market conditions. Key numbers: Firmus had planned a debut valuing it at more than $30bn. Australia has over 160 data centres. Why it matters: An investment firm and UniSuper skipped the IPO over valuation concerns, with UniSuper calling the story compelling but the valuation not. The decision comes as analysts question AI spending and returns.

Nvidia-backed AI data centre firm scraps landmark listing over market fears.

Nvidia-backed AI data centre firm scraps landmark listing over market fears. — impact context not separately stored; see What changed.