Firmus Grid, a data center company backed by Nvidia, is exploring a private fundraising round of $2 billion to $3 billion after pulling its listing application in Australia, according to Bloomberg. People familiar with the matter said the company and its advisers are in talks with existing investors, and the structure has not been finalized. The deal could include both equity and debt, and the final size may still change. It is also unclear whether Nvidia will take part.
Firmus withdrew its application to list on the Australian Securities Exchange on Friday and said it would consider other funding options. The company had previously aimed to raise about $5 billion through an IPO at a valuation of roughly $30 billion. Existing investors had been expected to supply about half of that target, which may help the company move faster on a new financing plan. Firmus is seeking ongoing capital to advance its planned data center projects. The company has previously secured $2 billion in funding commitments from investors including Nvidia and Blackstone, with Jane Street also among shareholders. In April, it completed a $505 million round led by Coatue. People familiar with the matter said Firmus still sees a potential U.S. listing as a long-term option. The company declined to comment on the fundraising talks.
Firmus Grid, a data center company backed by Nvidia, is exploring a private fundraising round of $2 billion to $3 billion after withdrawing its listing application in Australia, according to Bloomberg.
People familiar with the matter said the company and its advisers are in discussions with existing investors. The financing structure has not been decided and could include both equity and debt. The final amount could also change. It remains unclear whether Nvidia will participate.
Firmus withdrew its application to list on the Australian Securities Exchange on Friday and said it would consider other funding options. The company had previously planned to raise about $5 billion through an IPO at a valuation of roughly $30 billion.
Existing investors had originally planned to provide about half of the intended IPO proceeds, which could help the company move more quickly on a new fundraising round. Firmus needs continued funding to push forward with its planned data center projects.
The company had previously received $2 billion in funding commitments from investors including Nvidia and Blackstone. Other shareholders include Jane Street. In April this year, Firmus also completed a $505 million financing round led by Coatue.
People familiar with the matter said the company still sees a potential U.S. listing as a long-term option. Firmus declined to comment on the current fundraising discussions.
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