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Data Center Darling’s $30 Billion IPO Dream Crushed in 48 Hours

Bloomberg Markets Friday 09 October 2026, 14:25 UTC By Julia Fioretti, Sangmi Cha and Manuel Baigorri 1 min read
Key Points

Data Center Darling’s $30 Billion IPO Dream Crushed in 48 Hours In 48 hours, Firmus Grid Ltd. went from a rising star of the artificial intelligence data center boom to one of the biggest deal flops in recent memory. After months of touting itself as an essential artificial intelligence play, the Nvidia Corp.-backed company was on the cusp of pulling off one of Australia’s biggest-ever initial public offerings at a valuation fit for a top 10 player in the industry. But that story wilted...

Data Center Darling’s $30 Billion IPO Dream Crushed in 48 Hours In 48 hours, Firmus Grid Ltd. went from a rising star of the artificial intelligence data center boom to one of the biggest deal flops in recent memory. After months of touting itself as an essential artificial intelligence play, the Nvidia Corp.-backed company was on the cusp of pulling off one of Australia’s biggest-ever initial public offerings at a valuation fit for a top 10 player in the industry. But that story wilted under the scrutiny of US fund managers that bankers were counting on to buy a chunk of the deal.
Data Center Darling’s (ORG) Firmus Grid Ltd. (ORG) Nvidia (ORG) Australia (LOCATION) US (LOCATION)
Originally published by Bloomberg Markets Read original →

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