Nvidia-backed Aussie AI firm Firmus withdraws historic IPO, citing market volatility

Australian AI data center operator Firmus, which is backed by Nvidia , has withdrawn its planned mega initial public offering, citing market volatility and conditions, the company said in an emailed statement to CNBC.

Firmus said its board determined that the terms of the proposed offering did not adequately reflect the strength of its business and long-term growth outlook.

"The board therefore concluded that proceeding with the offer was not in the best interests of the company and its shareholders," Firmus said in a statement. "Firmus will now pursue capital from the private markets and consider alternative public and private market options," it added.