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Physix Frontier · News Briefing Card (Hacker News · Oct 12, 2026)

Nvidia-backed Firmus cancels IPO on valuation concerns

KEY FACTS

  • Nvidia-backed AI data center company Firmus has canceled its listing plans in Australia.
  • Firmus had originally planned an IPO valuation exceeding $30 billion but withdrew, citing market volatility.
  • Firmus builds liquid-cooled data centers for clients such as OpenAI and Meta.
  • Australian pension fund UniSuper decided not to participate in the IPO due to excessive valuation.
  • Firmus said it will turn to private market financing and consider other listing options.

KEY DATA

Over $30 billionOriginally planned IPO valuation
Over 160Number of data centers in Australia

PHYSIX OBSERVATION

Firmus's IPO withdrawal is the latest signal of AI valuation bubble concerns. Even a star company backed by Nvidia and Blackstone was rejected by institutions due to excessive pricing, indicating that primary market enthusiasm for AI infrastructure is now facing return doubts. This may force more AI companies to turn to private financing and delay public listings.

Source: Hacker News report