Maas Group Holdings lost more than $699 million in market value after Firmus Grid cancelled its ASX listing. The Nvidia-backed AI infrastructure company had planned to raise between A$5 billion and A$7 billion at A$11 per share, implying an equity valuation of A$30.6 billion to A$43.7 billion. Maas shares fell 22.4% on October 8, wiping out approximately A$517 million in market capitalization in a single session. By the end of the week, the stock had dropped more than 31%, marking its worst weekly decline in company history. Maas holds a 3.2% stake in Firmus through a A$300 million investment made in August 2026, and has A$1.1 billion in work orders tied to Firmus through its JLE subsidiary, of which A$373 million has already been invoiced.
Source: Read the original article
