Australian data center operator Firmus Grid announced on Friday that it has withdrawn its plans for an ASX listing and will instead seek private funding, following a cool reception from investors in the public market. The company had originally aimed to raise up to $5.5 billion, implying a valuation of approximately $30.4 billion. This setback directly impacted related parties, with shares of Maas Group, one of Firmus's shareholders, plummeting by as much as 30% intraday, marking its largest single-day drop in history. This is the second major data center IPO to falter within three weeks, highlighting the severe test facing public market pricing for AI infrastructure assets. Firmus had previously secured $2 billion in funding in August, with participation from NVIDIA and others, at a valuation of $10.5 billion. However, the IPO required investors to enter at a higher valuation, and its balance sheet structure and valuation methodology raised concerns among institutional investors. Goldman Sachs noted that while there is no shortage of AI investment capital, investors prefer to gain AI exposure through large technology companies with sound balance sheets, rather than highly leveraged project-based companies.