Nvidia Eyes Hundreds of Millions in Firmus After $5B IPO Pulled

Nvidia is in talks to invest hundreds of millions of dollars in Firmus, The Information reported, weeks after the Australian GPU cloud operator abruptly pulled its roughly $5 billion IPO.

Firmus withdrew the listing earlier this month citing market volatility, with its board saying the proposed terms "did not adequately reflect the strength of its business and long-term growth outlook." The offering would have valued the company at about $30.6 billion, nearly triple its August mark. Firmus said it will now pursue capital from the private markets.

The cap table is already dense. Firmus raised $505 million in April at a $5.5 billion valuation, then closed a $2 billion round in August that pushed its valuation above $10.5 billion, with Nvidia, Coatue Management, Blackstone and Jane Street on the ticket.

Firmus's flagship project is a 170,000-GPU Nvidia campus at a DayOne data center in Batam, Indonesia, built on Grace Blackwell, Vera Rubin and Vera AI chips rolling out through 2027 and 2028. The company estimates customer commitments translate to between $25 billion and $30 billion of offtake over the first six years.

Nvidia writing equity into a buyer whose IPO book just balked is now a familiar move on our AI Infrastructure tracker, which has carried 450 stories in the last 90 days.