Firmus' $30B IPO collapses: only 46MW operational, valuation tripled in two months
kevinsxu · x · 2026-10-10
Firmus' failed $30B IPO, led by JPM, MS and BofA, briefly hammered public data center stocks but is seen as a healthy rejection of an extractive structure: 58% of shares freely tradable day one with no lock-up, only 46MW operational against 900MW+ contracted, a valuation that nearly tripled in two months to $30B equity, a founder with an insider-trading prison record, a collapsed 1.6GW CDC partnership, and bankers reportedly set to collect A$215M in fees while exploring a 50% price cut.
Related event: Firmus Withdraws $44B ASX IPO as Investors Balk at Rich Valuation(5 posts)→
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