Nvidia-backed data centre firm Firmus has called off its plans for a massive IPO, citing market volatility and a lack of compelling valuation.

The company, which builds liquid-cooled data centres or 'AI factories', had been valued at over $30 billion. UniSuper, one of Australia's largest pension funds, decided not to participate due to concerns over the company's debt and valuation.

The decision comes amid broader concerns about the hundreds of billions of dollars being invested in AI, as the long-term returns remain uncertain.

Australia, known for its clean energy and land availability, has seen a boom in data centre investment. However, not everyone is thrilled about the noise and environmental impact of these centres, with some questioning their sustainability.

Despite the setback, the industry remains bullish, with firms like OpenAI and Anthropic eyeing potential blockbuster debuts, although the timing may be less than ideal given recent market conditions.