Data Center Darling's $30B IPO Dream Crushed in 48 Hours

From an Australian super fund: https://www.abc.net.au/news/2026-10-09/firmus-float-gets-pul...

> "At the current valuation, it's priced to perfection. So much has to go right to justify the valuation.

> "Furthermore, we're quite concerned that Firmus will have to keep coming back to the market for a lot more debt and more equity to fund its expansion plans."

Glad to see risky bets getting flushed out before they reach index funds and regular people pay the price if it falls over.

Nvidia invested $500M in Firmus a few months ago. It is interesting to note how Nvidia is investing in every start up that deals with AI, data centers, etc in order to keep the train going.

There's more to this story than non-existent data centers.

The executive team is rather rotten, too. One of them, Oliver Curtis, having recently spent time in jail for insider trading.

In case you don't pay for Bloomberg: https://www.reuters.com/world/asia-pacific/australian-nvidia...

Archived: https://archive.ph/OQ4Tr