The data center operator had priced shares at A$11, an equity valuation near $30.6B and almost triple the $10.5B set in an August round. Investors pulled indicative orders on Wednesday after CDC Data Centres' chief said a joint 1.6 GW AI factory plan was no longer underway, and after learning escrow terms would let existing holders sell more than half the stock from day one. Backers include Nvidia, Coatue, Blackstone and Jane Street. Firmus runs two leased sites, in Melbourne and Singapore, and plans five more across Asia Pacific. It will now raise privately and weigh other international listings; a person involved told Reuters a Nasdaq listing could follow. The offering would have been the fourth-largest IPO globally this year, after SpaceX, CXMT and Cerebras. For founders, public investors are now discounting execution risk at newer AI data center builders, the same week reports cut estimates of OpenAI's revenue run rate. Teams relying on capacity from young providers should check their funding and partner commitments.