Australian telecoms giant; networks, services, market leader
Firmus Technologies has scrapped its planned ASX listing, citing market volatility and a valuation investors deemed excessive. The Nvidia-backed AI-datacentre developer will pursue private funding and alternative public options. Backers include Nvidia, Coatue, Blackstone and Jane Street. The move underscores caution around AI IPOs despite the sector’s hype.
Investors have cooled after a volatile AI-fueled rally. Tech shares have pulled back amid concerns over funding, valuations, and the pace of profits. Analysts say a broader reassessment is under way as earnings season begins, with Netflix and SpaceX in focus.