Firmus's reported 25% IPO price cut and $31 billion valuation pitch

Reuters Breakingviews describes Firmus's $4 billion IPO as shaky. Citing AFR, it says the Nvidia-backed Australian data center developer is scrambling to save the listing after cutting the price 25%. The commentary says Firmus is using a potentially useful but easy-to-massage metric to justify a $31 billion valuation, giving AI skeptics ammunition.