Madison Air IPO (~$13B)! Does this valuation actually makes sense?

https://www.ebc.com/forex/inside-the-13b-madison-air-ipo-financials-risks-and-ai-edge

Come across this article about the upcoming Madison Air IPO and trying to wrap up my head around it. From my observation, the revenue growth is pretty solid but actually the profits dropped quite a bit YoY which feels a bit off for a company coming to a market at this kind of valuation.

The whole story seems to lean heavily on data center demand and cooling, especially with AI pushing power usage higher. That part makes sense, but it also feels like the market is already pricing in a lot of that future growth.

Not saying it's a bad business but not sure how much margin for error there is at these levels. Personally I'd probably just watch how it trades after listing instead of jumping in early as their narrative is strong but the execution actually has to be near perfect to justify it.

Anyone else looking at this or planning to touch it?