NVIDIA-backed data-centre operator Firmus and its advisers are negotiating a $2–3 bln private placement with existing investors after abandoning an IPO that would have been among Australia’s largest, people familiar with the matter said. Firmus needs ongoing capital to complete under-construction data centres; some existing investors had planned to subscribe roughly half of the original IPO proceeds, which could speed this round. Sources said the financing mix is not final and may combine equity

NVIDIA-backed data-centre operator Firmus and its advisers are negotiating a $2–3 bln private placement with existing investors after abandoning an IPO that would have been among Australia’s largest, people familiar with the matter said. Firmus needs ongoing capital to complete under-construction data centres; some existing investors had planned to subscribe roughly half of the original IPO proceeds, which could speed this round. Sources said the financing mix is not final and may combine equity and debt. They declined to say whether NVIDIA will participate.