> ## Content Index
> Fetch the complete content index at: https://www.bushletter.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Nvidia in funding talks with Australian AI data centre firm
- URL: https://www.bushletter.com/nvidia-funding-talks-australian-ai-firm-firmus/
- Published: 2026-10-22T01:30:00.000Z
- Updated: 2026-10-22T01:29:59.000Z
- Description: Firmus scrapped its sharemarket float amid weak investor demand and AI bubble fears, just two months after Nvidia joined its last funding round.
- Author: Bushletter Newsroom
- Tags: Technology, Business, Australia

TLDR

Firmus Grid withdrew its ASX listing application on 9 October 2026, abandoning a float that had sought about US$5 billion at a valuation of about US$30.6 billion. Nvidia is now in talks to invest hundreds of millions of US dollars in the Australian AI cloud provider, which Nvidia had already backed in a USD 2 billion equity round in August 2026.

## The float that did not happen

Firmus Grid Limited withdrew its application to list on the Australian Securities Exchange on 9 October 2026, citing market volatility and prevailing conditions that would not reflect the strength of its business and long-term growth outlook.[\[1\]](https://investorpa.com/announcement/355483/?ref=bushletter.com) The float had sought to raise about US$5 billion at a valuation of about US$30.6 billion, CNBC reported.[\[4\]](https://www.cnbc.com/2026/10/09/nvidia-ai-firmus-ipo-.html?ref=bushletter.com) The ABC reported that prospective investors pulled back over the $11 share price and concerns about an AI bubble.[\[5\]](https://www.abc.net.au/news/2026-10-09/firmus-float-gets-pulled-following-lacklustre-investor-demand/107246230?ref=bushletter.com)

Nvidia is now in talks to invest hundreds of millions of US dollars directly in Firmus, The Information reported, according to Bloomberg.[\[6\]](https://investinglive.com/stocks/nvidia-in-talks-to-invest-hundreds-of-millions-in-firmus-after-ai-cloud-firm-s-ipo-flop/?ref=bushletter.com) Nvidia had already participated in the company's most recent private funding round two months before the float was pulled.

## What Firmus builds and the scale of its operations

Firmus Technologies builds and operates hyperscale AI factories across Australia and the Asia Pacific under its Project Southgate initiative, deploying high-density GPU clusters integrated with its proprietary grid-aware Model-to-Grid orchestration software and underpinned by a sovereign advanced manufacturing supply chain.

In March 2026, Firmus announced a multi-year, multi-billion-dollar contract with a leading global technology company for approximately 18,400 Nvidia GB300 GPUs of capacity at its first Project Southgate deployment in Melbourne.[\[2\]](https://firmus.co/newsroom/firmus-signs-multi-year-agreement-with-global-hyperscale-customer-at-project-southgate?ref=bushletter.com) Firmus said it had committed more than USD 300 million to its domestic supply chain to support up to 1.5 gigawatts of AI facility delivery per year in Australia, creating up to 400 advanced manufacturing jobs.[\[2\]](https://firmus.co/newsroom/firmus-signs-multi-year-agreement-with-global-hyperscale-customer-at-project-southgate?ref=bushletter.com)

Co-Chief Executive Tim Rosenfield said the Melbourne agreement was "a defining milestone for Firmus and for Australia's role in the global AI infrastructure landscape", describing it as the second major contract secured under Project Southgate and reflecting "growing market conviction" in the company's approach.[\[2\]](https://firmus.co/newsroom/firmus-signs-multi-year-agreement-with-global-hyperscale-customer-at-project-southgate?ref=bushletter.com)

Maas Group Holdings reported that its subsidiary JLE Group has received work orders from Firmus totalling approximately AUD 1.1 billion for modular Power Cubes, with AUD 373 million paid to date and completion expected by the end of calendar year 2027.[\[1\]](https://investorpa.com/announcement/355483/?ref=bushletter.com)

## Nvidia's existing stake and the chipmaker-customer debate

On 7 August 2026, Firmus announced a fully subscribed USD 2 billion strategic equity round that included follow-on participation from Nvidia, alongside Coatue, Blackstone Tactical Opportunities and Jane Street, lifting the post-money valuation above USD 10.5 billion and bringing total new equity raised over the prior year to more than USD 3 billion.[\[3\]](https://firmus.co/newsroom/firmus-announces-fully-subscribed-usdusd2-billion-strategic-equity-investment-to-accelerate-nvidia-ai-factory-expansion-across-australia-and-asia-pacific?ref=bushletter.com)

Co-Chief Executive Oliver Curtis said the investment allowed Firmus to "move on multiple fronts at once", scaling across Australia while fast-tracking capacity to expand into the wider Asia-Pacific region, including early steps behind a recently announced Indonesia development serving AI-native customers.[\[3\]](https://firmus.co/newsroom/firmus-announces-fully-subscribed-usdusd2-billion-strategic-equity-investment-to-accelerate-nvidia-ai-factory-expansion-across-australia-and-asia-pacific?ref=bushletter.com)

Nvidia backing companies that buy its chips may sharpen questions about how much AI infrastructure demand depends on vendor financing rather than independent capital, investingLive's Eamonn Sheridan wrote.[\[6\]](https://investinglive.com/stocks/nvidia-in-talks-to-invest-hundreds-of-millions-in-firmus-after-ai-cloud-firm-s-ipo-flop/?ref=bushletter.com) Whether the planned fresh investment proceeds, and at what valuation, will be settled through private negotiation rather than the scrutiny of a public market listing.

KEY TAKEAWAYS

01Firmus cited market volatility and conditions that would not reflect its business strength when pulling the float.

02The abandoned float had sought about US$5 billion at a valuation of about US$30.6 billion, CNBC reported.

03Nvidia, Coatue, Blackstone and Jane Street fully subscribed a USD 2 billion Firmus equity round in August 2026.

04In March 2026 a global technology company contracted about 18,400 Nvidia GB300 GPUs of capacity at Firmus's Melbourne site.

05Maas Group subsidiary JLE Group holds roughly AUD 1.1 billion in Firmus work orders, due by end of 2027.

This article contains analysis and commentary on market conditions. It does not constitute financial, investment, or professional advice. Past performance is not indicative of future results. Always consult a qualified adviser before making financial decisions.

SOURCES & CITATIONS

1. [Firmus Grid ASX withdrawal announcement, InvestorPA (Maas Group disclosure)](https://investorpa.com/announcement/355483/?ref=bushletter.com)
2. [Firmus signs multi-year agreement with global hyperscale customer at Project Southgate](https://firmus.co/newsroom/firmus-signs-multi-year-agreement-with-global-hyperscale-customer-at-project-southgate?ref=bushletter.com)
3. [Firmus announces fully subscribed USD 2 billion strategic equity investment](https://firmus.co/newsroom/firmus-announces-fully-subscribed-usdusd2-billion-strategic-equity-investment-to-accelerate-nvidia-ai-factory-expansion-across-australia-and-asia-pacific?ref=bushletter.com)
4. [Nvidia-backed Firmus pulls IPO, CNBC](https://www.cnbc.com/2026/10/09/nvidia-ai-firmus-ipo-.html?ref=bushletter.com)
5. [Firmus float gets pulled following lacklustre investor demand, ABC News](https://www.abc.net.au/news/2026-10-09/firmus-float-gets-pulled-following-lacklustre-investor-demand/107246230?ref=bushletter.com)
6. [Nvidia in talks to invest hundreds of millions in Firmus after AI cloud firm's IPO flop, investingLive](https://investinglive.com/stocks/nvidia-in-talks-to-invest-hundreds-of-millions-in-firmus-after-ai-cloud-firm-s-ipo-flop/?ref=bushletter.com)

FREQUENTLY ASKED QUESTIONS

Why did Firmus pull its ASX float?

Firmus Grid cited market volatility and prevailing conditions that would not reflect the strength of its business and long-term growth outlook, according to its ASX disclosure dated 9 October 2026.

What valuation was Firmus targeting before withdrawing?

The float sought to raise about US$5 billion at a valuation of about US$30.6 billion, CNBC reported.

Has Nvidia invested in Firmus before?

Yes. Nvidia participated as a follow-on investor in Firmus's fully subscribed USD 2 billion equity round announced on 7 August 2026, which valued the company at above USD 10.5 billion post-money.

What is Project Southgate?

Project Southgate is Firmus's initiative to build and operate hyperscale AI factories in Australia, beginning in Melbourne where a global technology company contracted about 18,400 Nvidia GB300 GPUs of capacity under a multi-year agreement announced in March 2026.