Canada – 04/08/2026: In this illustrated photo, the Firmus Technologies logo is displayed on a smartphone screen. (Photo illustration: Thomas Fuller/SOPA Images/LightRocket, Getty Images)
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Supported by Australian AI data center operator Firmus Nvidiahas withdrawn its planned mega initial public offering due to market volatility and conditions, the company said in a statement emailed to CNBC.
Farmus said its board of directors determined that the proposed offering terms did not adequately reflect the strength of the company’s business and its long-term growth prospects.
“Accordingly, the board has concluded that it is not in the best interests of the company and its shareholders to proceed with the proposed acquisition,” Farmus said in a statement. It added: “Farmouth will now pursue capital from the private market and will consider alternative options in the public and private markets.”
Farmus has reportedly raised $5 billion in an IPO, pricing its shares at A$11 per share, making it the second-largest new share sale in Australian history. The IPO valued the company at approximately $30.6 billion.
In August, the company announced a $2 billion funding round backed by Nvidia, Coatue Management, Blackstone, and Jane Street, bringing its total equity raised in the previous year to more than $3 billion and a valuation of more than $10.5 billion.
Last month, Firmus also announced an agreement with Meta to provide GPU computing power to its Southeast Asian AI data center built on Nvidia’s DSX platform to support Meta’s AI research, model development and training.
