AITechStartupsabout 2 hours ago
Nvidia-backed Firmus cancels $5 billion IPO
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Nvidia-backed Australian AI startup Firmus abruptly canceled its planned $5 billion initial public offering on Friday. Investors questioned the company's proposed $30.6 billion valuation, which nearly tripled in two months from over $10.5 billion. The board concluded the terms failed to reflect business strength, citing market volatility and risks surrounding ambitious data center construction plans.
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