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Firmus Fiasco Wipes Out $700 Million of Early Backer Maas’ Value
(Bloomberg) — Maas Group Holdings Ltd. has lost more than A$1 billion ($699 million) in market value as Firmus Grid Ltd.'s initial public offering unraveled, with the shares extending their decline to a fifth day after Jefferies Financial Group Inc. downgraded its rating.
Bessent Will Likely Cut US Long Bond Sales Next Month, Says Citi
Shares of the Australian construction company dropped as much as 14% Monday, taking their five-day decline to 42%. Analysts at Jefferies cut their recommendation on the stock to hold from buy and lowered earnings forecasts, citing heightened uncertainty from the failed Firmus IPO.
Maas Group, which is both an investor and contractor for Firmus, has become a proxy for the data center operator in the last week as its efforts to raise as much as $5.5 billion collapsed. The company builds modular power cubes for Firmus through its JLE unit and reaffirmed its expectations to complete work orders by the end of 2027. It held a 3.2% interest in Firmus as of August.
Nvidia and Micron Technology Just Received Some Very Bad News From an Unlikely Place
Australia is a relatively small country by population, with just 28 million citizens. But it has become a major hub for artificial intelligence (AI) data center projects because of its vast land mass and favorable political climate. In fact, an Australian company called Firmus built a data center in Melbourne that houses the largest cluster of Nvidia's (NVDA -1.29%) Blackwell Ultra chips in the entire Southern Hemisphere.
Last week, Firmus was on track for one of the biggest initial public offerings (IPOs) in the history of the Australian stock market, which would've raised approximately $5 billion (U.S. dollars) at a $30 billion valuation. The company was going to use the funds to build more data centers across Australasia in order to expand its customer base, which already includes OpenAI and Meta Platforms.
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Does Firmus have an Oliver Curtis problem?
The co-founder’s Singapore street interview shows his “fair go” patriotism has its borders.
Kudos (again) to The Australian’s Liam Mendes for finding Oliver Curtis walking alone on the streets of Singapore. Had the sobering events of the past week prompted some introspection from the Firmus co-founder? Perhaps some humility? Maybe an epiphany?
Pausing for several seconds to think about it, Curtis said: “I’m fine. I think it’s a missed opportunity for Australia to be honest, to be brutally honest.”
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