Datacentre company Firmus’s high flying valuation may be coming back down to earth ahead of expected ASX debut

Firmus’s plans to list on the ASX on 23 October, in what would have been the largest IPO since Telstra in 1997, are now in doubt. Photograph: PR IMAGE

The momentum behind Firmus Technologies’ high-flying valuation is showing severe cracks just weeks out from its anticipated ASX debut.

Multiple sources briefed on the matter told Guardian Australia the AI datacentre company is slashing its valuation to entice sceptical investors – or may even shelve its initial public offering altogether.