Firmus, after withdrawing its IPO application, plans to raise up to $3 billion through a private placement.

动察 Beating AI News Flash: According to Bloomberg, Nvidia-backed data center company Firmus Grid is exploring raising $2 billion to $3 billion through private financing after withdrawing its Australian listing application. People familiar with the matter said the company and its advisers are in discussions with existing investors, the financing structure has not yet been determined and may include equity and debt, and the final size may also be adjusted. It is currently unclear whether Nvidia is participating.

Firmus withdrew its application to list on the Australian Securities Exchange on Friday, saying it would consider other financing methods. The company had previously planned to raise about $5 billion through an IPO, corresponding to a valuation of about $30 billion. Existing investors had originally planned to provide about half of the IPO proceeds, which may help the company move faster on a new round of financing.

Firmus needs to keep raising funds to advance its planned data center projects. The company had previously secured a total of $2 billion in funding commitments from investors including Nvidia and Blackstone, with other shareholders including Jane Street; in April this year, it also completed a $505 million financing round led by Coatue. People familiar with the matter said the company will still explore the possibility of a U.S. listing over the long term. Firmus declined to comment on the financing discussions.