Following Firmus' withdrawal of its IPO application, the company plans to raise up to $3 billion via private placement financing.

Beating AI News Flash: According to Bloomberg, Nvidia-backed data center firm Firmus Grid is exploring a private placement to raise between $2 billion and $3 billion after withdrawing its Australian IPO application. People familiar with the matter said the company and its advisors are in discussions with existing investors. The financing structure has not been finalized and may include both equity and debt, while the final amount could also be adjusted. It remains unclear whether Nvidia will participate. Firmus pulled its listing application from the Australian Securities Exchange on Friday, noting it would consider alternative financing routes. The company had originally planned to raise around $5 billion via an IPO, which would have given it a valuation of roughly $30 billion. Existing investors were set to contribute approximately half of the IPO’s fundraising target, a factor that could help the company move faster on its new financing round. Firmus requires continuous capital to advance its planned data center projects. It previously secured a total of $2 billion in capital commitments from investors including Nvidia and Blackstone; other shareholders include Jane Street. In April this year, it also closed a $505 million funding round led by Coatue. People familiar with the matter added that Firmus still intends to explore a U.S. listing in the long run. Firmus declined to comment on the ongoing financing discussions.