Firmus Grid, an Australian AI data center company, had planned to raise approximately $5.5 billion and list at a valuation of nearly $30 billion, but failed to secure sufficient subscriptions at its target price of A$11 per share on October 8, according to Bloomberg. The IPO plan may be forced to lower its offering price or even be shelved. Impacted by this, Maas Group, which holds an equity stake in Firmus, saw its shares plummet by as much as 30% intraday in Sydney on Thursday, closing down 22%. Market analysts believe this event highlights investors' re-evaluation of the high valuations and capital-intensive models of AI infrastructure companies, indicating that the AI funding boom is facing higher hurdles.