According to sources, Nvidia is in talks to invest hundreds of millions of dollars in Australian AI cloud services provider Firmus, which withdrew its IPO plans in early October 2026. Nvidia has taken on over $170 billion in exposure to clients such as a new breed of cloud providers.
On Oct 8, Bloomberg reported that Australian data center company Firmus Grid did not receive enough subscriptions at the target price of A$11 per share, days after subscription interest had far exceeded the offering size and valuation had been pointed at nearly US$30 billion. The company planned to raise about US$5.5 billion at a valuation of nearly US$30 billion, but after closing the order book it has yet to announce final pricing; the issue price may be cut or the deal may be shelved.
Firmus Technologies, an Australian AI data center operator, is reportedly seeking to raise up to $5 billion in an Australian IPO, targeting a listing by the end of October 2026. If successful, it would become the largest IPO in Australia's history. The company secured $2 billion in funding commitments in August 2026 at a valuation exceeding $10.5 billion, and has signed a multi-year compute agreement with OpenAI.