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

Data Center Darling's $30B IPO Dream Crushed in 48 Hours(bloomberg.com)

20 points by mfiguiere 2 hours ago | 7 comments

RachelF 1 hour ago |

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.

thombles 1 hour ago |

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.

raincom 1 hour ago |

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.

adventured 59 minutes ago | |

They're looking at a likely $300+ billion in operating income over the next four quarters. $500m simply no longer matters. They'd be crazy not to spread that spigot of cash around. Their goal has to be to accelerate and spread the use of their GPUs for AI as far and wide as possible, build that up as much as possible before the music slows or stops. There isn't anything else to do with that much cash other than attempt to buy up the industry (they won't be allowed) or dump it back to shareholders (they don't want to).

aaronbrethorst 1 hour ago |

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

skinnelygs 1 hour ago | |

In case you don't pay for Reuters either: https://www.bbc.com/news/articles/ck9dzpw4ll8po

DANmode 14 minutes ago |

Archived: https://archive.ph/OQ4Tr