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Coatue Management

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MAAS Group infographic showing an AI data centre construction site, A$410 million Firmus investment, A$855 million JLE electrical infrastructure order, withdrawn Firmus IPO and A$1.61 billion asset sale.
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MAAS Group (ASX: MGH) owns 3.2% of Firmus and has A$855m in orders. What happens after the IPO collapse?

Firmus's abandoned Australian IPO creates two distinct risks for MAAS Group Holdings: the valuation and liquidity of its A$410 million minority investment, and the execution of an estimated A$855 million electrical infrastructure order. A completed A$1.61 billion asset sale provides financial flexibility, but the company's increasing exposure to AI infrastructure makes customer funding and contract delivery critical.
byVenkatesh
October 9, 2026
Business News Today infographic showing Firmus Technologies’ planned A$7.1 billion IPO, including an A$11 offer price, implied A$43 billion valuation, more than 900 MW of contracted AI compute capacity and seven AI factories across the region.
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Firmus IPO puts A$43bn valuation against 900MW of contracted AI capacity

Firmus Technologies is seeking about A$7.1 billion in one of Australia’s largest-ever initial public offerings after building a customer roster that includes Meta Platforms, OpenAI and NVIDIA. Yet an implied equity valuation of roughly A$43 billion asks investors to price years of planned AI infrastructure growth before five of the company’s seven identified sites are operating.
byVenkatesh
October 3, 2026