Australian data-center developer Firmus Technologies cut its planned IPO price by 25% after investors pushed back on the company’s valuation.
The revision reduces the company’s expected valuation and the amount it could raise in the offering.
AI enthusiasm meets valuation discipline
Firmus is building large-scale data-center capacity for AI customers but has completed only a small portion of its planned expansion.
Investors have questioned project execution risk, financing requirements and the durability of AI demand.
The repricing is one of the clearest recent signs that public-market investors are becoming more selective toward AI infrastructure companies.
Sources
- Firmus IPO materials
- Reuters Breakingviews, Oct. 8, 2026
