Australian AI data center operator Firmus, which is backed by Nvidia, has withdrawn its planned mega initial public offering, citing market volatility and conditions, the company said in an emailed statement to CNBC.
Firmus said its board determined that the terms of the proposed offering did not adequately reflect the strength of its business and long-term growth outlook.
"The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders," Firmus said in a statement. "Firmus will now pursue capital from the private markets and consider alternative public and private market options," it added.
Firmus had reportedly planned to raise $5 billion in its IPO, pricing shares at A$11 apiece, which woul have made it the second-largest new share sale in Australia's history. The IPO valued the company at around $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 over the preceding year to more than $3 billion and its valuation to over $10.5 billion.