# Nvidia-backed Firmus shelved $5B IPO

> Nvidia-backed Firmus cancels $5 billion IPO after investor concerns over AI data centre valuation and debt.
- Title: Nvidia-backed Firmus shelved $5B IPO · Financialexpress
- Summary: Nvidia-backed Firmus cancels $5 billion IPO after investor concerns over AI data centre valuation and debt. Nvidia-backed Firmus abandoned its $5 billion IPO…
- Keywords: firmus, nvidia, ai data centres, ipo, debt, expansion risks, private funding, business, money, news, Nvidia-backed, shelved
- Source: Financialexpress — https://financialexpress.com/business/news/5-billion-ipo-dream-crashes-why-nvidia-backed-firmus-hit-the-brakes/4357882
- Author: FE News Desk
- Published: 2026-10-09T16:56:07+00:00
- Read time: 2 min
- Topics: firmus, nvidia, ai data centres, ipo, debt, expansion risks, private funding, business, money, news
## Firmus shelves $5B IPO
Nvidia-backed Firmus has shelved its planned $5 billion initial public offering after investors questioned its AI data centre valuation, debt levels, and expansion risks.
## Investor concerns
Investors raised questions about Firmus' valuation, mounting debt, and ability to deliver on ambitious expansion plans after the company's board decided the offering terms did not adequately show business strength and long-term growth.
## Valuation drop
Firmus initially sought a valuation of $30.6 billion, nearly three times the $10.5 billion valuation it achieved following an August funding round, raising questions about growth prospects justifying the asking price.
## Debt concerns
The company had debt of about $30 billion, which would have placed its enterprise value at around $60 billion, exceeding valuations of several long-established Australian companies.
## Data centre partnership
CDC Data Centres CEO Greg Boorer said Firmus' plan to develop 1.6 gigawatts of AI factories with CDC was no longer underway, raising investor concerns about the A$73 billion data centre deal.
## Share selling pressure
Existing investors could sell more than half of their shares immediately, raising concerns about potential selling pressure and the stock's early performance after the IPO launch.
## Private funding shift
Firmus will now seek capital from private markets and consider alternative public and private fundraising options, with a potential Nasdaq listing following the private round.
## Market reaction
Investors withdrew orders after CDC Data Centres CEO Greg Boorer's comments, and Firmus considered lowering the IPO price but decided to pursue private funding instead.
## Expansion plans
Firmus plans to build five more AI data centres across Asia-Pacific, with annual earnings projected at $5 billion within five years from its modular AI data centres.
## Key takeaway

Nvidia-backed Firmus abandoned its $5 billion IPO due to investor doubts about AI data centre valuation, debt levels, and expansion risks.