🦔Nvidia-backed Firmus pulled its $5 billion IPO on Friday, citing market volatility and bad offering terms. The Australian AI data center builder wanted a $30.6 billion valuation, roughly triple what investors paid in August. My Take Firmus brought in $50.8 million in revenue last fiscal year and lost $68.2 million. It runs two data centers and needs about $37.7 billion to build five more. Asking public investors to pay $30.6 billion for that was a huge swing, and Australian fund managers said so in the press all week before the deal fell apart. Firmus was also one of the first companies to sign up for Nvidia's offer to rent back unused chips if customers don't show up. Even with the biggest name in AI standing behind it, buyers still said no at that price. I think the IPO window is closing for AI infrastructure companies without serious revenue, and I expect the next neocloud listings, like Nscale and Lambda, to face the same hard questions. Hedgie🤗