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.