Firmus, the Nvidia-backed AI data center developer, scrapped its Australian IPO after investors balked at a $30.7B valuation. Tamim's Ron Shamgar says they got "a bit too greedy." AI infrastructure is

What happened: Firmus, an Australian AI data center developer backed by Nvidia, withdrew its application to list on the Australian Securities Exchange, citing market volatility and conditions. Key numbers: Sought up to AU$7.9 billion ($5.5 billion) at AU$11 per share. Would have valued it at AU$43.9 billion ($30.7 billion). Why it matters: Analysts called the valuation excessive and said the withdrawal makes raising funds harder, while showing investor selectivity on AI infrastructure. Firmus will pursue private capital and may list on Nasdaq. Coverage: 8 outlets in 24h

Firmus, an Australian AI data center developer backed by Nvidia, withdrew its application to list on the Australian Securities Exchange, citing market volatility and conditions.

Analysts called the valuation excessive and said the withdrawal makes raising funds harder, while showing investor selectivity on AI infrastructure. Firmus will pursue private capital and may list on Nasdaq.