Nvidia

Whos Paying Whom in AI Booms Circular Money Machine

Analysis of circular financing among AI companies, using Nvidia's investments in OpenAI, Anthropic, CoreWeave and Australian data centre builder Firmus to question how much of the AI boom reflects genuine demand.

Also Rampersand·Dealroom·Cut Through Venture·Startup Daily·SmartCompany·SmartCompany·Forbes Australia·Business News Australia·Forbes Australia·Forbes Australia

‘Confidence evaporated’: Explaining Firmus’ $44 billion IPO flop

Firmus withdrew its ASX listing after weak investor demand. The explainer covers the data centre developer's history, its Nvidia and Blackstone backing, prior raises, and why the float collapsed.

Also Rampersand·Dealroom·Cut Through Venture·Startup Daily·SmartCompany·SmartCompany·Forbes Australia·Business News Australia·Forbes Australia·Mirage News

Live: Oil prices on the rise as energy supply concerns continue

Markets live blog covering rising oil prices, a higher ASX open, weak LVMH quarterly sales, analysis of Firmus Technologies' failed float, and an analyst's bullish view of Meta's new AI models.

‘Confidence evaporated’: Firmus $44 billion IPO collapse explained

Firmus, the Nvidia-backed data centre developer, pulled its planned ASX listing after weak investor demand and will instead seek private capital. Explaining its background, backers, valuation history and why the float failed.

Also Rampersand·Dealroom·Cut Through Venture·Startup Daily·SmartCompany·SmartCompany·Forbes Australia·Business News Australia·Forbes Australia·Mirage News

🇦🇺 This Week in Australian Startups #181, 11th October 2026

Weekly digest: Firmus withdraws its planned listing, Square Peg reaches a billion-dollar close on two vehicles, MUFG clears regulators to buy Grow Inc, and Lubdub, RocketDNA, Energy Bay and Metal all raise.

Also @AuManufacturing·Startup Daily·Startup Daily

OpenAI projected to bring in $20bn less in revenue than expected

OpenAI now expects roughly $50bn in annual revenue, well short of what it told investors earlier; the report also recalls its huge March fundraiser, Anthropic's raise, and SoftBank's bond sale and AI spending.

Also cnbc.com·tech-insider.org

Australian Nvidia-backed AI data centre operator Firmus shelves IPO

Australian Nvidia-backed data centre operator Firmus abandoned its planned US$5 billion IPO citing market conditions, and will instead pursue private capital; investors were reportedly sceptical of its valuation and debt.

Live: AI company quivers worry Wall Street and ASX

ABC's markets live blog reports investor unease over AI valuations, centring on Australian data centre operator Firmus reportedly delaying its planned IPO and weighing private capital, alongside mixed overnight Wall Street results.

The spiky dilution clauses driving Firmus IPO talks behind the scenes

Firmus Technologies' co-founders face pressure to complete a struggling IPO, as dilution clauses could transfer a larger stake to Nvidia and other strategic backers if the float fails; a lower offer price is debated.

Square Peg raises over $1 billion for new funds amid AI bonanza

Venture firm Square Peg has confirmed two funds holding more than $1 billion between them, alongside a look back at its biggest bets, sell-downs and the acquisitions that delivered windfalls.

Also Dealroom

Firmus float in trouble as investors don’t buy the hype

The data centre company's planned multibillion-dollar sharemarket debut is struggling, with institutional investors rejecting the initial share price and bankers reportedly cutting the offer price to prevent the float collapsing.

Also The Age Business

How Oliver Curtis gets hedged in the Firmus IPO

Rear Window reports bankers and brokers are readying data centre firm Firmus for a stockmarket float, with co-founders Oliver Curtis and Tim Rosenfield and other insiders' shareholdings locked in escrow.

Figure's Brett Adcock sold investors a humanoid future. Now he has to build it.

Profile of Brett Adcock probing Figure's $39 billion valuation, narrow robot deployments, disputed claims involving BMW and OpenAI, and his habit of raising vast sums for ventures like Hark before products ship.

Also Crunchbase News

Australia's great AI hope just hit a speed bump

AI infrastructure company Firmus, preparing an ASX listing at a reported $44 billion valuation, has split from partner CDC over a scrapped data centre plan, while its prominent backers stay supportive.

Also The Age Business

From prison to billionaire data centre operator, the incredible story of Oliver Curtis

Analysis tracing Oliver Curtis from an insider trading prison term to his central role in Firmus's planned $7.2 billion Australian sharemarket listing, with Blackstone and Nvidia among its existing backers.

Firmus needs hundreds of billions of dollars for ambitious expansion

Data centre developer Firmus holds a five-year chip agreement with Nvidia and intends an ASX listing in late October; the float and its expansion remain intentions rather than done deals.

OpenAI's $122B Capital Raise Signals a Definitive Transition to Infrastructure Utility

Analysis of OpenAI's completed $122 billion raise at an $852 billion post-money valuation, covering NVIDIA, Amazon and SoftBank participation, a bank credit facility, retail demand, and a delayed IPO plan.

Also forkast.news

OpenAI's $122B Capital Raise Signals a Definitive Transition to Infrastructure Utility

Analysis of OpenAI's completed $122 billion raise at an $852 billion post-money valuation, examining its mix of vendor compute, contingent commitments, retail participation and debt, and arguing the company now operates as an infrastructure utility.

Also finance.yahoo.com

NextDC raises $790M in convertible notes, its third capital raise in four months

NextDC, an Australian operator of data centres, announced a A$1.1 billion convertible note offer, following April equity and May debt raises, to bankroll local expansion.

Q2 2026 Global Fund Newsletter

Quarterly report from the Defender Global Fund flagging an 84.7% portfolio return, profits taken on SharonAI following its February Nasdaq uplisting, SharonAI's GPU collaboration with NVIDIA, and fresh investor subscriptions.

Q2 2026 Global Fund Newsletter

Defender's quarterly newsletter reports an exceptional quarter for its global fund, headlined by portfolio holding SharonAI, which surged after a February Nasdaq uplisting and an NVIDIA GPU deployment partnership.

Also Defender AM portfolio·Startup Daily·AFR Technology·Forbes Australia·Forbes Australia·Dealroom

Centuria-backed ResetData secures AI data centre capacity

ResetData, half-owned by Centuria, has lined up data centre capacity from CDC, secured 72MW of power, and locked in $165m of Macquarie debt for GPU deployment.

🇦🇺 This Week in Australian Startups #173, 9th August 2026

Weekly roundup: Firmus completes its $2.85b round; Procore acquires DroneDeploy; Atlassian rebounds while Canva cuts guidance; plus fresh raises for Zabidou, BioScout, Vexev, Enrola, Spacetalk and others.

Also Dealroom·RenewEconomy·RenewEconomy

Four Aussie startups that raised $2.86 billion this week (sort of)

Roundup of four Australian raises: Firmus Technologies' US$2 billion round at a $15 billion valuation, Eudaemon's $3.75 million, Zabidou's $3.5 million seed round, and Rampart's $2.3 million.

Also This Week in Australian Startups

AI data centre startup Firmus just raised another $2.85 billion at a whopping $15B valuation

Firmus has secured a further US$2bn at a $15bn valuation from Coatue, Nvidia, Blackstone and Jane Street, taking its 12-month capital intake past US$3bn to fund Australian AI data centre projects.

Also SmartCompany·SmartCompany·AFR Technology·Business News Australia·This Week in Australian Startups·Techmeme·Cut Through Venture·AFR Technology·SmartCompany·Startup Daily·Startup Daily·Startup Daily·Startup Daily·iTnews·Forbes Australia·DealStreetAsia·Forbes Australia·Mirage News·SMH Business·ABC News Technology·The Age Business

AI data centre startup Firmus Technologies banks another $100 million

Firmus Technologies received a $100 million strategic investment from Maas Group Holdings, taking total funds raised past $900 million in under five months.

AMD neocloud OneQode rattles the tin with $250m-plus valuation

OneQode, an AI startup using AMD technology, is highlighted alongside other neoclouds, with reports suggesting a valuation exceeding 250 million dollars.

Investment Notes: Outlier Space

Investible's note explains its pre-seed backing of satellite startup Outlier Space alongside GD1 and others, arguing uncrewed return-capable platforms will make off-world manufacturing viable as the ISS retires.

Also Forbes Australia·SmartCompany

Australia doesn’t need copyright change to win data centre billions, AI boss says

The head of neo-cloud firm Sharon AI argues no copyright change is needed to attract data centre investment; the piece recalls its Nasdaq listing raise and a large new financing.

Also AFR Technology·Forbes Australia·Dealroom

IREN co-founders score $1.14 billion pay packet amid AI bonanza

IREN's board has signed off on long-term share awards worth roughly US$788 million for co-founder chief executives Daniel and Will Roberts, as the Sydney-based green data centre operator capitalises on AI demand.

SharonAI to raise $1.5B via equity and convertible notes for Nvidia GPU buildout

Dealroom reports SharonAI Holdings' plan to fund an Nvidia GPU deployment for an Australian AI factory via equity and convertible notes, with both private placements likely to wrap up in June.

Megaport raises $594M to build AI inference cloud, secures four US contracts

Megaport, a network-infrastructure firm based in Australia, has won four US contracts for AI computing and plans a shareholder entitlement offer to fund a new GPU inference cloud service.

Recent Good News from our portfolio

Breakthrough Victoria rounds up April–May 2026 portfolio news, including grants for Number 8 Bio and Xefco, Liquid Instruments' Series C, program selections, partnerships, regulatory clearances and two new Aravax directors.

Also Breakthrough Victoria

OpenAI's $122B Raise at $852B Valuation: IPO Rehearsal [2026]

Analysis of OpenAI's record Series F close, its investor lineup, revenue climb, valuation scepticism, earlier rounds, employee share sales, and its path toward a possible public listing.

AI chip maker Syenta raises $36 million to expand to the US

Chip startup Syenta raised a Series A led by Playground Global with the National Reconstruction Fund to commercialise its packaging technology and expand into the US; ex-Intel chief Pat Gelsinger joins its board.

Also SmartCompany·Startup Daily

ANU spinout raises $36 million Series A to make AI chips

Syenta, an ANU spinout in Sydney, has secured $36 million in Series A funding to commercialise its chip packaging technology; Playground Global and the National Reconstruction Fund led, and Pat Gelsinger joins the board.

💫 Ramplify: April Architect

Rampersand's April newsletter: an essay on AI services startups, model releases from Anthropic and Meta, Firmus Technologies' $505 million raise, Dexibit's sale to accesso, plus portfolio jobs, events and market commentary.

Also Dealroom·Cut Through Venture·Startup Daily·SmartCompany·SmartCompany·Forbes Australia·Business News Australia·Forbes Australia·Forbes Australia·Mirage News

Australia's Firmus raises $505M from Coatue and Nvidia at $5.5B valuation ahead of $2B IPO

Firmus, an Australian builder of AI data centres, has banked $505 million from Coatue and Nvidia at a $5.5 billion valuation, with a $10 billion debt facility already secured and a sharemarket float planned.

Also Startup Daily·SMH Business·The Age Business

Starcloud, the company putting NVIDIA H100s in orbit, becomes unicorn with $170M raise led by Benchmark and EQT Ventures

Also SpaceNews

TechCrunch Mobility: Uber everywhere, all at once

Mobility newsletter roundup: Uber's robotaxi deal with Rivian, Nvidia's automaker partnerships, Advanced Navigation's Series C, other startup raises, and acquisitions including Amazon's purchase of robotics startup Rivr.