MAAS Group Holdings (ASX:MGH) said its unit JLE Group is continuing to deliver on its existing contracts with Firmus after the artificial intelligence infrastructure company withdrew its application to list on the Australian bourse.

Firmus decided that, given recent market swings and current conditions, its initial public offering would not reflect its long-term growth prospects, and it will now seek funding from private investors and consider other public and private options.

JLE is building modular Power Cubes and carrying out related electrical work for Firmus' current AI factory projects, and has received work orders from Firmus totaling about AU$1.1 billion across fiscal 2026 and 2027.

MAAS has received payments of AU$373 million against those orders under the terms of its service agreement with Firmus, and expects the work to be completed by the end of 2027.

MAAS bought about 1.1 million ordinary shares and about 1.1 million preference shares in Firmus within the current year at an average cost of about AU$188 per share, or AU$3.76 per share, adjusting for Firmus' proposed 50-for-1 share split.

The listing was called off even though Firmus' advisers, a group that included JPMorgan, Bank of America, Morgan Stanley and Morgans Financial, said demand far exceeded the shares on offer, the Australian Financial Review reported, citing an email from Morgans Financial.

Firmus is working on plans to list on the Nasdaq instead, AFR said.

UniSuper Chief Investment Officer John Pearce told ABC that while Firmus has a "compelling" story, its valuation is priced for perfection, adding that "so much has to go right to justify the valuation."