Firmus abandons a planned Australian AI-infrastructure IPO.

Firmus Technologies abandoned its proposed Australian listing after seeking an A$44 billion ($31 billion) valuation, Reuters Breakingviews reported. The planned deal would have raised more than A$5 billion and ranked as Australia's largest IPO in almost three decades.

Breakingviews noted that Firmus had only 42 megawatts of a targeted 1 gigawatt of capacity operating and had recently widened its strategy from Australia toward Asia. Its analysis also pointed to aggressive valuation metrics and early-sale provisions for existing shareholders as factors that weakened investor confidence.