Maas Group shares climbed 4.84% on Wednesday following reports that Nvidia is discussing a multi-hundred-million dollar investment in Firmus. The potential deal offers a new funding path for the AI data-centre developer after it withdrew its planned A$5 billion IPO earlier this month.
Maas Group (ASX:MGH) shares rose 4.84% on Wednesday to A$3.90, trading near levels last seen on October 13. The gain followed reports that Nvidia is considering providing further financial support to Australian artificial intelligence data-centre developer Firmus. The news has revived investor hopes that Firmus can secure necessary funding after shelving its planned initial public offering.
According to The Information, Nvidia is in discussions to invest hundreds of millions of dollars in Firmus. The talks emerged after Firmus withdrew its planned A$5 billion ($3.3 billion) IPO earlier this month. The withdrawal came amid investor concerns regarding the company's proposed valuation, financing requirements, and limited operating track record. The offering had targeted a valuation of approximately A$44 billion ($30.5 billion), which was nearly three times the level of its August funding round.
Maas Group holds a 3.2% stake in Firmus and maintains construction contracts linked to the data-centre developer. Consequently, Maas shares are exposed to Firmus's ability to fund and deliver its expansion plans. The failed IPO had previously weighed on Maas shares as investors reassessed the value of their investment and the outlook for related construction work. Nvidia's potential involvement offers a possible funding route for Firmus as it pursues its AI infrastructure ambitions across Australia and the wider Asia-Pacific region.
However, the discussions remain unconfirmed as a completed investment, and the terms and size of any potential financing have not been finalised publicly. The developments occur as investors increasingly scrutinise the cost of building AI data centres. Higher financing requirements and uncertainty over returns have prompted several infrastructure companies to reconsider major fundraising plans. Firmus has stated it will explore alternative private and public funding options moving forward.