Firmus Grid, a Nvidia-backed Australian data center company, is having trouble generating support for its stock market listing, Bloomberg reported Thursday (Oct. 8).

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The development reveals a new weakness in the artificial intelligence funding boom, the report said.

Firmus’ planned $5.5 billion initial public offering is facing uncertainty after the deal failed to garner enough support for the marketed share price of 11 Australian dollars (about $8), according to the report, which cited unnamed sources. Some investors grew cautious days after Firmus said it had learned of interest above the offer size, placing the company on course for a valuation of $30 billion.

Firmus has not provided a clear indication of a price or deal structure, per the report, which called the situation an “unusual communication gap” that has led to speculation the price may be reduced or the IPO simply called off.

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The deal highlights an increasing concern over the amount of capital AI infrastructure companies are seeking from public markets as borrowing costs increase, the report said.

Firmus’ valuation is chiefly based on the company constructing a network of data centers throughout Asia to serve clients like Meta and OpenAI , according to the report. Proceeds from the IPO are needed to finance that effort.

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