Firmus claims it will be more profitable (and cheaper) than CoreWeave

Oct 6, 2026 – 5.03pm Firmus Technologies says its data centres will have far higher earnings margins that original neocloud, Nasdaq-listed CoreWeave, as its brokers work on finalising the second-largest float in Australian history. The home-grown artificial intelligence infrastructure play, heading toward a market capitalisation of $43.7 billion, hopes to convert about 75 per cent of its revenue into earnings before interest, taxes, depreciation and amortisation, thanks to its crop of hi-tech processing chips. Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal. Subscribe to gift this article Gift articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber?