AI Valuations Drop as Nvidia-Backed Firmus Cancels IPO
Australian AI data centre operator Firmus, backed by chipmaker Nvidia, withdrew its planned $5 billion initial public offering on Friday, October 9, 2026, citing market volatility and conditions, after the deal met lukewarm investor demand and a valuation of about $30.6 billion drew scrutiny, in a sign that investors are becoming more selective about AI companies. The company said it would now pursue capital from private markets and consider other public and private options.
2 hours agoBy Stacy Achieng 
