Sources detail how Firmus' IPO collapsed in 48 hours after US fund managers deemed its $30B valuation too rich for a company with just $51M in FY 2026 revenue
THE SO WHAT
A 600x+ revenue multiple getting rejected in 48 hours is a clear line: even AI‑adjacent data center plays are being forced back toward fundamentals. If you’re raising, expect sharper scrutiny on revenue quality, not just “AI infra” narrative—clean up contracts, churn, and unit economics before you hit the road.
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