Good riddance to Firmus' failed $30B IPO and shame on the lead bankers (JPM, MS, BofA) who tried to dump this crap on public investors. The failure hammered public data center stocks yesterday, but longer term, it's healthy for the sector that investors rejected this extractive structure: >58% of shares freely tradable from day 1, with no lock-up restrictions, despite a capital-intensive business needing years of funding. >Only ~46MW operational against 900MW+ contracted. >Valuation nearly tripled in two months, to $30B equity; wildly overpriced vs public comps >Founder and co-CEO previously served prison time for insider trading. >Major 1.6GW development partnership with CDC fell apart during the bookbuild. >Bankers reportedly stood to collect A$215M in fees and explored a 50% price cut before abandoning the deal. Public shareholders shouldn't be expected to provide overpriced exit liquidity for insiders while underwriting nearly all the execution risk. Established listed operators with access to capital markets, proven execution and funded development pipelines should take share from these less disciplined private competitors as capital becomes more discriminating. Let this be a lesson to boards and investment bankers across the sector. Good work to the market for pushing back on this 💩