Nvidia in Talks to Invest Hundreds of Millions in Neocloud Firmus After IPO Withdrawal

Nvidia is reportedly in discussions to make a private investment of several hundred million dollars in Singapore-headquartered neocloud provider Firmus, according to a report from The Information citing people familiar with the matter. The talks follow Firmus's decision earlier this month to abandon its planned initial public offering, a move that has pushed the AI infrastructure specialist toward private capital markets to fund its ambitious expansion.

Firmus had been targeting as much as $5 billion through its IPO, but opted to withdraw after reducing the offer price. In a statement, the company said its board concluded that proceeding with the offer was "not in the best interests of the company and its shareholders," adding that Firmus would "pursue capital from the private markets and consider alternative public and private market options." Bloomberg subsequently reported that the company was seeking between $2 billion and $3 billion in private funding following the IPO withdrawal.

Nvidia is already an established backer of Firmus, having participated in the company's last three funding rounds. The two firms are collaborating on a 170,000-GPU cluster in Batam, Indonesia, under an agreement through 2034 that will see Firmus procure Nvidia AI infrastructure and provide Nvidia-powered cloud services. Firmus has also been an early participant in Nvidia's credit-sharing arrangements, acting as a backstop in return for a share of revenues. According to The Information, Nvidia has invested approximately $170 billion in neoclouds and other large customers to date, including credit guarantees designed to help them raise the debt needed for AI infrastructure buildouts.

Firmus's recent fundraising has been substantial. The company raised $2 billion through an equity sale in August 2026, following a $505 million equity investment round in April, with the August round valuing the business at more than $10.5 billion post-money. In total, Firmus has raised more than $13 billion, including roughly $10 billion in debt, with major investors including Blackstone, Coatue Management and Jane Street. The company's trajectory has also seen it part ways with CDC Data Centres shortly before the IPO withdrawal, as Firmus pursued its own data center development strategy in Asia. CDC CEO Greg Boorer noted that Firmus would need to raise tens of billions of dollars to scale according to its plans.

The potential Nvidia investment underscores the growing reliance of AI cloud providers on private capital as public market conditions prove challenging, and highlights Nvidia's deepening role as a financial backer of the customers that underpin demand for its chips. For Firmus, securing continued support from Nvidia would provide both capital and strategic validation as it seeks to build out large-scale GPU capacity across Southeast Asia.