Nvidia reportedly eyes Firmus stake weeks after the AI cloud pulled its IPO

Nvidia is in talks to invest hundreds of millions of dollars in Firmus, the Australian AI cloud provider that pulled its initial public offering earlier this month, according to a report by The Information, which cites unnamed sources. Neither company has confirmed the talks publicly.

What the report says, and what it leaves open

The Information reports that the discussions involve an investment worth hundreds of millions of dollars. The outlet says Firmus abruptly withdrew its IPO and cited market volatility. The publicly visible part of the report gives no final amount, no valuation, no form of investment and no timetable. Nothing indicates a deal is signed, and talks of this kind can change or collapse. We have seen no statement from Nvidia or Firmus on the matter.

Because the details rest on anonymous sources and the full article is behind a paywall, everything beyond the headline should be treated as unconfirmed.

An IPO that did not survive investor doubts

Other outlets covering the withdrawal give context on why the listing failed. Coverage of the shelved offering describes a raise of about $5 billion on the Australian exchange, with the company planning to raise money privately instead. Those reports say Firmus told investors its board concluded that going ahead was not in shareholders’ interests. They also point to doubts about how much of its value rested on data center capacity not yet built. These points come from press coverage, not from Firmus filings we have read, and outlets differ on details.

A chipmaker that already sits in Firmus’s corner

Nvidia is already tied to Firmus: press reports describe it as a backer of the company. If the new talks produce a deal, it would deepen a relationship in which the chipmaker supplies hardware and also holds equity in a buyer of that hardware, a pattern some commentators call circular financing. That label is a characterization by critics, not a finding about this deal.

The timing is the notable point. A pulled IPO usually signals that public markets balked at the price. A strategic investor stepping in privately would let Firmus keep building without facing public investors, though the terms would show how far expectations had to move. The report does not say what the price would be.

The episode also sits against a private funding market that is still open to AI hardware and infrastructure companies. Our coverage of Tenstorrent’s Series E round shows capital is available when raised from private backers.

Signals to watch for a confirmation

Readers should look for a confirmation or denial from either company, an announcement to the Australian exchange, and any disclosure of the amount and the instrument. Until then, the established facts are that Firmus withdrew its listing and that The Information says Nvidia is discussing a large investment.