Firmus IPO cancels listing
What gets me is that the Firmus IPO fell apart and nobody had to look far for the reason. The founder and CEO already did a year in prison for running a securities fraud, and here he was taking the company public anyway. The ask started at a $44,000,000,000,000 valuation, got cut to 30 after investors pushed back, and the deal still couldn't get finished. Stack that next to $30,000,000,000,000 of debt and $81,000,000,000 in revenue lost in 2026 and you start to see why. Then word broke that a first rent payment had been missed on one of the company's data centers in Australia. Same day, a separate story: JP Morgan and MUFG had burned 6 months trying to sell a $38,000,000,000,000 loan tied to an oracle data center and couldn't find buyers. Two things collapsing at once is not a coincidence you shrug off.
