Nvidia-backed data center operator Firmus slashed its IPO price 25% to as low as A$8, still scrambling to hold A$8.25, per Bloomberg and the AFR — the second mega data center listing in a month to hit

What happened: Nvidia-backed Australian data center operator Firmus withdrew its IPO application to list on the Australian Securities Exchange, abandoning a listing that would have been among Australia's largest, and will consider private credit and other funding options. Key numbers: Sought up to $5.5 billion Why it matters: The cancelled deal is a stark example of investor pushback against AI financing terms some worry have become too generous as borrowing costs climb. Ten Cap's Jun Bei Liu called the IPO polarizing, saying demand was not there when investors were asked to commit capital. Coverage: 5 outlets in 24h

Nvidia-backed Australian data center operator Firmus withdrew its IPO application to list on the Australian Securities Exchange, abandoning a listing that would have been among Australia's largest, and will consider private credit and other funding options.

The cancelled deal is a stark example of investor pushback against AI financing terms some worry have become too generous as borrowing costs climb. Ten Cap's Jun Bei Liu called the IPO polarizing, saying demand was not there when investors were asked to commit capital.