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● LIVE Updated 1h ago · 9 sources tracked

Nvidia and Micron Technology Just Received Some Very Bad News From an Unlikely Place

Nvidia-backed Firmus has cancelled its $5 billion Australian IPO due to weak demand. The company was seeking a $30 billion valuation despite only $51 million in revenue. This development has significant implications for the AI industry and the Australian stock market.

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⚡ Key Developments & Real-Time Context
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  • ✓ Firmus has scrapped its $5 billion Australian IPO due to weak demand.
  • ✓ Firmus was seeking a $30 billion valuation despite only $51 million in revenue.
  • ✓ The cancellation of the IPO has significant implications for Nvidia and Micron Technology.
🛡️ Source Corroboration: 9 independent reporting domains (80% confidence) ⏱ Read time: ~2 min

What changed

Firmus officially cancelled its IPO plans due to weak demand.

Live updates

  1. Nvidia-Backed Firmus Scraps $5 Billion Australian IPO

    Nvidia-backed Firmus has cancelled its $5 billion Australian IPO due to weak demand. The company was seeking a $30 billion valuation despite only $51 million in revenue. This development has significant implications for the AI industry and the Australian stock market.

    Why it matters

    The cancellation of Firmus' IPO is a setback for Nvidia and Micron Technology, which have been investing heavily in the AI sector. The Australian stock market had been expected to play a significant role in the company's growth plans. The failure of the IPO has raised questions about the viability of AI-related investments in the current market.

    What is confirmed

    • Firmus has scrapped its $5 billion Australian IPO due to weak demand.
    • Firmus was seeking a $30 billion valuation despite only $51 million in revenue.
    • The cancellation of the IPO has significant implications for Nvidia and Micron Technology.

    Still unconfirmed

    • Oliver Curtis, a key figure at Firmus, has been using a private jet.

    What to watch next

    • Firmus' future growth plans and potential alternative funding options
    • Impact on Nvidia and Micron Technology's investments in the AI sector
    • Australian stock market's response to the IPO cancellation
    Sources used for this update (12)
    1. Reuters — Nvidia-backed Firmus scraps $5 billion Australian IPO on weak demand
    2. Bloomberg.com — Data Center Darling’s $30 Billion IPO Dream Crushed in 48 Hours
    3. Yahoo Finance — Nvidia-Backed Fermus Wanted $30 Billion Valuation on Just $51 Million in Revenue
    4. The Australian — Oliver Curtis has been getting around in a private jet
    5. The Motley Fool — Nvidia and Micron Technology Just Received Some Very Bad News From an Unlikely Place
    6. Financial Times — What a $30bn Aussie data centre IPO debacle actually means
    7. Bloomberg.com — Firmus IPO Debacle Raises the Bar for Asia AI Deals in Pipeline
    8. AFR — The Firmus flop tells us much about the ASX, AI and super’s exposure
    9. ABC News & Headlines – Australian Broadcasting Corporation — Is the Firmus fiasco a crack in the AI boom?
    10. AFR — Does Firmus have an Oliver Curtis problem?
    11. Yahoo Finance — Firmus Fiasco Wipes Out $700 Million of Early Backer Maas’ Value
    12. finance.yahoo.com — Nvidia and Micron Technology Just Received Some Very Bad News ...
    confidence 80%
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