Firmus fizzles out: AI factory firm pulls $44b float

Key points

• Firmus Technologies has withdrawn its application to list on the ASX, abandoning a planned $7 billion equity raising that valued the data centre operator at $44 billion. The board said the offer terms would not reflect the strength of its business.
• The company now plans to seek capital from private markets. Market analysts said investors wanted concrete revenue and contracts signed by customers before committing funds.
• Firmus has two operating data centres, in Melbourne and Singapore.