Nvidia-Backed Firmus Scraps $5 Billion Australia IPO as Markets Wobble

AI Summary

Nvidia-backed AI cloud company Firmus Grid has withdrawn plans for a nearly $5 billion Australian IPO, which would have been the country’s largest in almost 30 years. The company cited market volatility after targeting a valuation above $30 billion.

Firmus Grid, an AI cloud company backed by Nvidia, has pulled what would have been Australia’s biggest initial public offering in almost 30 years. The Sydney-based company had planned to raise nearly $5 billion at a valuation above $30 billion. It cited market volatility and said it will seek ...