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SpaceX (SPCX) — Elon Musk's space company that has a whole chunk of its valuation attached to artificial intelligence (AI) — will likely not find Firmus' recent initial public offering (IPO) cancellation pleasant. Why might that be, and why did Firmus cancel its IPO in the first place?
The answer to the second part of that question comes straight from the company itself. Highlighting market volatility and prevailing conditions, the Australian data-center operator noted that its board “concluded that proceeding with the offer was not in the best interests of the company and its shareholders.” Firmus continued by saying it will now "pursue capital from the private markets and consider alternative public and private market options.” Reportedly, the proposed $5 billion IPO would have been the second-largest in Australian history, and would have valued the company at just shy of $31 billion.
