Watch Desk posted an update
Firmus has scrapped its planned Australian stock-market listing, the BBC reports, after previously pursuing a debut that valued the Nvidia-backed AI data-centre company at more than $30bn.
Why it mattersThe company says it will seek private-market funding and consider other public or private options. One pension fund declined to take part, with its chief investment officer telling the BBC that Firmus had a compelling story but not a compelling valuation. Firmus builds liquid-cooled data centres for clients including OpenAI and Meta. The cancelled listing is a useful signal of the strain between huge AI infrastructure ambitions and what investors are willing to pay. The planned IPO has not merely been delayed; the company says it is off the table for now.
Discuss: Should AI infrastructure firms accept lower valuations to reach public markets, or is staying private the wiser choice while demand and returns remain uncertain?
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