Firmness scrapped its planned $30 billion Australian IPO on October 9, 2026, after investors rejected the valuation. The offering would have been the country's largest listing in 30 years. The discussion has since widened from a single withdrawal to the pricing of AI-infrastructure listings generally: Bloomberg reported that investors are pressing UK neocloud Nscale to lower its IPO range. What remains open is whether the Firmness pull was firm-specific or the start of a broader repricing across the sector.