Nvidia is in talks to back Firmus after the company’s IPO flopped, Bloomberg reported on 20 October, citing The Information.^[1] Firmus’s own releases show a US$10 billion debt facility against more than US$3 billion of new equity in the past year, a ratio of at most about 3.3 to 1.^[2][3] As of 03:07 (UTC) / 11:07 (GMT+8) on 21 October 2026, Nvidia (NASDAQ: NVDA) was last quoted at $216.47 on TradingView, down 0.29%, with an overnight quote of $220.64, up 1.93%, at 11:06 (GMT+8).

What was reported about Firmus and Nvidia

Bloomberg reported on 9 October that Firmus was exploring a private round of up to US$3 billion after its planned IPO, which had aimed to raise about US$5 billion, collapsed; unnamed sources put the raise at US$2 billion to US$3 billion, and talks were with existing investors.^[4] The 20 October report says Nvidia is in talks to back the company.^[1] We could not read that article in full, so the size and terms of any Nvidia commitment are unconfirmed, and the 9 October excerpt we read reports no Nvidia talks.

None of this is in Firmus’s own releases. The 7 August release, which named Nvidia, Coatue, Blackstone and Jane Street among investors in a US$2 billion round, does not mention an initial public offering.^[2] If you follow Nvidia news, that gap between report and filing is worth keeping in mind.

The ratio that headlines skip

US$10 billion divided by US$3 billion is 3.3, and because the equity figure is “more than” US$3 billion, the true ratio is a little lower. The debt facility, announced 9 February for Project Southgate (up to 1.6 gigawatts through 2028), and the equity figure cover different periods, so treat the ratio as a scale marker rather than a precise leverage measure. A facility size is also not necessarily the amount drawn.^[2][3] The raise itself is smaller too: US$2 billion to US$3 billion is 40% to 60% of the roughly US$5 billion the shelved IPO sought, our arithmetic from Bloomberg’s figures.^[4]

Debt-heavy build-outs are where lenders’ patience gets tested. Our CoreWeave debt and backlog note and the analysis of the Gartner neocloud warning cover the same theme, the Nscale and Anthropic cloud talks story shows the scale, and the chip stocks five-session drop is the market-side mirror. For a sceptic’s lens, see our academy piece on AI market signals, and the stock market news today and trending news pages for the wider tape.

What to watch for AI infrastructure financing

• FOMC meeting, 27 to 28 October 2026: borrowing costs are the backdrop for debt-funded infrastructure.^[6]
• Super Micro earnings call, 3 November 2026: 22:00 (UTC) / 06:00 (GMT+8) on 4 November, a dated read on AI-server demand.^[7]

A Firmus or Nvidia release confirming any new round is the dated test of whether the debt-to-equity ratio moves.

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References

[1] “Nvidia in Talks to Back Firmus After IPO Flop, Information Says – Bloomberg (headline only; full text not accessible)” https://www.bloomberg.com/news/articles/2026-10-20/nvidia-in-talks-to-back-firmus-after-ipo-flop-information-says Accessed on 21 October 2026.

[2] “Firmus Announces Fully Subscribed USD$2 Billion Strategic Equity Investment (7 August 2026) – Firmus” https://firmus.co/newsroom/firmus-announces-fully-subscribed-usdusd2-billion-strategic-equity-investment-to-accelerate-nvidia-ai-factory-expansion-across-australia-and-asia-pacific Accessed on 21 October 2026.

[3] “Firmus Secures US$10 Billion Financing led by Blackstone and Coatue (9 February 2026) – Firmus” https://firmus.co/newsroom/firmus-secures-us10-billion-financing-led-by-blackstone-and-coatue-to-scale-energy-efficient-ai-infrastructure Accessed on 21 October 2026.

[4] “Firmus Is Said to Explore Raising $3 Billion After Shelving IPO (9 October 2026) – Bloomberg (via Bloomberg Government)” https://news.bgov.com/private-equity/firmus-is-said-to-explore-raising-3-billion-after-shelving-ipo Accessed on 21 October 2026.

[5] “Firmus closes A$330m raise with NVIDIA joining as an investor (16 September 2025) – Firmus” https://firmus.co/newsroom/firmus-closes-usd330m-raise-with-nvidia-joining-as-an-investor Accessed on 21 October 2026.

[6] “FOMC Meeting Calendars and Information – Board of Governors of the Federal Reserve System” https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm Accessed on 21 October 2026.

[7] “Super Micro Computer, Inc. Form 8-K (20 October 2026) – U.S. Securities and Exchange Commission” https://www.sec.gov/Archives/edgar/data/0001375365/000137536526000025/smcifirstquarterfy2027busi.htm Accessed on 21 October 2026.