Diligence report Enterprise Tech / AI infrastructure / GPU cloud / data centers Private pre-IPO unicorn / late-stage venture-backed infrastructure company

Firmus Technologies / firmus

Firmus Technologies Startup Diligence Research Report

Firmus may have a timely sovereign/efficient AI infrastructure wedge in APAC, supported by NVIDIA/Coatue/Ellerston/partner signals, but valuation support depends on proving contracted demand, facility-level efficiency, financing execution and governance readiness.

Company profile

Firmus Technologies Startup Diligence Research Report

Proceed with standard diligence. Public evidence supports current private unicorn eligibility and a latest known private valuation of about USD$5.5B / AUD$7.95B, but financial quality, customer concentration, contracts, permits, cap table and governance remain major gaps.

Website: firmus.co
Sector: Enterprise Tech / AI infrastructure / GPU cloud / data centers
Geography: Australia and Singapore, Asia-Pacific focus
Stage: Private pre-IPO unicorn / late-stage venture-backed infrastructure company
Known aliases: firmus, Firmus Technologies, Firmus Grid, Firmus Technologies Group, Sustainable Metal Cloud, SMC, Firmus Metal International Pte. Ltd.
Report version: 1.0
Timezone: UTC

Executive summary

Strengths

Private-unicorn eligibility and latest private valuation are supported by CB and independent financing reports.
Named investor/partner support is public, though exact terms are private.
Product/partner evidence supports AI Factory and GPU-cloud operations.

Risks

Valuation and financing execution risk
Financial quality and customer economics are not public
Governance and reputational disclosure risk

Gaps

Audited financials/revenue/margins/backlog not public.
Customer concentration and contract economics not public.
Cap table, investor rights, debt covenants and permits not public.
Facility-level efficiency and sustainability claims require independent substantiation.

Recommended next steps

Request full financial, customer, contract, IP, HR and legal data room.
Run counsel-led ASX suitability, litigation, IP/FTO, regulatory and environmental/marketing-claims reviews.
Conduct customer and supplier reference calls.
Build downside valuation and financing scenarios.

Risk register

high high likelihood

R-001: Valuation and financing execution risk

Rapid repricing to latest USD$5.5B/AUD$7.95B private valuation and A$8B-A$12B IPO expectations relies on large conditional equity and debt financing.

Diligence request: Verify round closing, debt covenants, capex phasing, runway and downside valuation support.

high medium likelihood

R-002: Financial quality and customer economics are not public

Audited financials, revenue, backlog, customer concentration, pricing realization and unit economics are not publicly verifiable.

Diligence request: Request financials, SKU margins, utilization, customer cohorts and top-customer schedules.

high medium likelihood

R-003: Project Southgate delivery risk

A$73.3B / 1.6GW Project Southgate ambition creates construction, permitting, grid, GPU supply and execution risk.

Diligence request: Review EPC, permits, grid/power, GPU supply, milestones and contingency budget.

high medium likelihood

R-004: Governance and reputational disclosure risk

UN-logo removal and prior co-CEO conviction may affect IPO disclosure, ASX suitability and investor confidence.

Diligence request: Obtain ASX suitability/legal memo, disclosure controls and marketing-compliance remediation.

high medium likelihood

R-006: Strategic partner and supplier dependency

Firmus depends on NVIDIA, STT GDC, WEKA, Supermicro/Canonical and large financing providers; terms are private.

Diligence request: Review contracts, SLAs, termination rights, supply allocations and fallback vendors.

medium high likelihood

R-005: Environmental and efficiency claim substantiation risk

Green/efficient AI claims need facility-level substantiation; public MLPerf evidence is node-level and SMH reported environmental-claim changes.

Diligence request: Commission independent PUE/WUE/LCA verification and claims review.

medium high likelihood

R-010: Competitive and pricing pressure

Firmus competes with cooling specialists, neoclouds and hyperscalers; pricing and differentiation are only partially visible.

Diligence request: Benchmark effective pricing, latency, uptime, GPU availability and win/loss.

medium medium likelihood

R-007: Thin visible IP portfolio

Public evidence found one trademark and one patent application, limited relative to technical defensibility claims.

Diligence request: Run IP/FTO, invention-assignment, open-source and trade-secret controls review.

Chapter 01

01Financial Information

Unicorn eligibility and financing momentum are public; operating financial quality is not public.

EC-001 EC-002 EC-003 EC-006 EC-007 EC-008 EC-009 EC-024 EC-025 EC-033

I.A Annual and quarterly financial information for the past three years

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-024.

EC-024

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Financial quality and customer economics are not public

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Public revenue / ARR / unit-economic signals
item	public evidence	status	diligence gap
Revenue/ARR	Not disclosed	not_publicly_verifiable	Audited revenue and ARR bridge
Gross margin/token cost	Efficiency claims only	inconclusive	SKU margins and power costs
Backlog/AR aging	Not disclosed	not_publicly_verifiable	Backlog and AR schedules

I.B Financial Projections

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-006, EC-013.

EC-006 EC-013

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Valuation and financing execution risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Funding timeline Public financing timeline.

I.C Capital Structure

partially verified confidence: high

Public diligence status: partially_verified; key evidence EC-001, EC-007, EC-008, EC-009, EC-025, EC-033.

EC-001 EC-007 EC-008 EC-009 EC-025 EC-033

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Valuation and financing execution risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Public funding-round history
item	public evidence	status	diligence gap
CB unicorn row	$4.1B, joined 2025-06-25	verified row; stale	Confirm currency and later rounds
Sep 2025 round	A$330M, A$1.85B post-money	verified/primary	Round docs
Nov 2025 report	A$500M at A$6B	partially_verified	Round docs
Apr 2026 round	USD$505M expected at USD$5.5B/A$7.95B	verified reporting; closing conditions	Closing confirmation

Capital structure / ownership snapshot
item	public evidence	status	diligence gap
Ellerston	Cornerstone September investor	verified name	Ownership/rights
NVIDIA	Investor/Cloud Partner/GPU ecosystem	partially_verified	Supply and investment terms
Coatue	Expected lead for USD$505M round	partially_verified	Closing/side letters
Blackstone	US$10B debt package reported	reported	Covenants/collateral

Implied valuation trajectory Line chart of public valuation anchors.

I.D Other financial information

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-002, EC-003, EC-006, EC-007.

EC-002 EC-003 EC-006 EC-007

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Valuation and financing execution risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Chapter 02

02Products

Product existence and architecture are publicly supported; full price/performance and profitability require private validation.

EC-005 EC-010 EC-011 EC-012 EC-013 EC-017 EC-034

II.A Description of each product

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-010, EC-011, EC-012, EC-013, EC-017, EC-034.

EC-010 EC-011 EC-012 EC-013 EC-017 EC-034

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Environmental and efficiency claim substantiation risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Product / SKU matrix
item	public evidence	status	diligence gap
Firmus AI Factory	Cooling to grid orchestration	partially_verified	Architecture and P&L
SMC GPU cloud	Managed Metal, H100/A100/L40S/H200 signals	partially_verified	Utilization/revenue
Hypercube/Cube300	DCD immersion systems	verified but 2023	Current specs

Pricing comparison and gaps
item	public evidence	status	diligence gap
Firmus storage	$0.11/GB/month	verified page	Compute rates
SMC storage	$0.065/GB/month	verified page	Entity/site differences
Committed GPU capacity	Contact sales	not_publicly_verifiable	Contract pricing

AI Factory architecture map Public product and dependency architecture.

Chapter 03

03Customer Information

Named partnerships exist; customer revenue, concentration and supplier spend are private.

EC-014 EC-015 EC-016 EC-026

III.A Top customers by application

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-015, EC-026.

EC-015 EC-026

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Financial quality and customer economics are not public

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Publicly known customers and case studies
item	public evidence	status	diligence gap
AI Singapore	Uses SMC H200 GPUs / SEA-LION / benchmarking	partially_verified	Contract value
SMC customers	Segments listed, no names/revenue	not_publicly_verifiable	Top-customer list

Customer / partner concentration proxy Proxy chart because revenue weights are private.

Null values intentionally mark not_publicly_verifiable weights.

III.B Strategic relationships

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-014, EC-015, EC-016.

EC-014 EC-015 EC-016

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Strategic partner and supplier dependency

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Strategic relationships and partnerships
item	public evidence	status	diligence gap
NVIDIA	Investor/marketplace/Cloud Partner	partially_verified	Allocation/economics
STT GDC	Facilities for Hypercube/SMC	verified	MSA/SLA
WEKA	Storage partner/customer story	verified	License terms
Tasmanian Government	Green AI Factory Zone support	partially_verified	Permits/incentives

III.C Revenue by customer

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-026.

EC-026

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Financial quality and customer economics are not public

Follow-up questions

Provide primary documents and management explanation for this checklist area.

III.D Significant relationships severed within the last two years

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-026.

EC-026

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Financial quality and customer economics are not public

Follow-up questions

Provide primary documents and management explanation for this checklist area.

III.E Top suppliers

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-011, EC-014, EC-016, EC-026.

EC-011 EC-014 EC-016 EC-026

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Strategic partner and supplier dependency

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Top supplier / cloud-and-infra dependency
item	public evidence	status	diligence gap
NVIDIA	GPU architecture and marketplace dependency	partially_verified	Supply commitment
STT GDC	APAC facilities	verified 2023	Current status
WEKA	Storage platform	verified	Portability
Supermicro/Canonical	DCD reported systems/software	verified 2023	Current stack

Chapter 04

04Competition

Firmus competes against cooling specialists, modular data centers, neoclouds and hyperscalers.

EC-027 EC-028

IV.A Competitive landscape by market segment

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-027, EC-028.

EC-027 EC-028

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Competitive and pricing pressure

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Competitor comparison matrix
item	public evidence	status	diligence gap
LiquidStack/CoolIT/GRC	CB competitors in liquid cooling	partially_verified	Win/loss
FlexNode/modular providers	CB competitor list	partially_verified	Benchmark
AWS/Azure/GCP/neoclouds	SmartCompany AWS comparison and market context	inferred	Price/performance

Basis-of-competition scoring
item	public evidence	status	diligence gap
GPU access	NVIDIA Cloud Partner/Lepton	medium evidence	Allocation
Energy efficiency	MLPerf node-level; marketing claims	inconclusive	Facility PUE/WUE
Sovereign APAC	Singapore/Australia/AISG/Southgate	medium evidence	Contracts

Competitive market map Positioning by offering scope and AI/GPU focus.

Chapter 05

05Marketing, Sales, and Distribution

Public GTM is visible through direct, marketplace and partner channels; productivity is private.

EC-016 EC-028 EC-013 EC-026

V.A Strategy and implementation

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-016, EC-028, EC-034.

EC-016 EC-028 EC-034

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Competitive and pricing pressure

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Public marketing-signal summary
item	public evidence	status	diligence gap
Funding/IPO PR	SmartCompany/SMH coverage	verified coverage	Disclosure controls
Sustainability positioning	SMC/Firmus claims plus UN issue	inconclusive	Claims substantiation
Partner announcements	NVIDIA/AISG/WEKA/STT GDC	partially_verified	Revenue attribution

Distribution channels and GTM motions
item	public evidence	status	diligence gap
Direct cloud	Pricing/login/enquire pages	verified pages	Conversion
NVIDIA marketplace	DGX Cloud Lepton	partially_verified	Take rate
Sovereign/public sector	AISG/Tasmania	partially_verified	Procurement status

GTM funnel Visible funnel with private counts.

Counts are not public.

V.B Major Customers

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-026.

EC-026

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Financial quality and customer economics are not public

Follow-up questions

Provide primary documents and management explanation for this checklist area.

V.C Principal avenues for generating new business

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-016, EC-028.

EC-016 EC-028

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Strategic partner and supplier dependency

Follow-up questions

Provide primary documents and management explanation for this checklist area.

V.D Sales force productivity model

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-028, EC-026.

EC-028 EC-026

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Financial quality and customer economics are not public

Follow-up questions

Provide primary documents and management explanation for this checklist area.

V.E Ability to implement marketing plan with current and projected budgets

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-024, EC-028.

EC-024 EC-028

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Valuation and financing execution risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Chapter 06

06Research and Development

MLPerf, GB300/Vera Rubin and AISG benchmarking signal R&D activity; budget, IP and roadmap are private.

EC-010 EC-017 EC-018 EC-021 EC-029

VI.A Description of R&D organization

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-010, EC-017, EC-018.

EC-010 EC-017 EC-018

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Environmental and efficiency claim substantiation risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Key R&D personnel / leadership
item	public evidence	status	diligence gap
Daniel Kearney	CTO on careers page	verified page	Full bio/org
Cameron Hanson	COO on careers page	verified page	Delivery KPIs
Assel Sakanova	Senior Thermal Engineer	verified page	Team depth

R&D / IP anchors by year Public R&D and IP evidence count.

VI.B New Product Pipeline

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-006, EC-015, EC-017, EC-029.

EC-006 EC-015 EC-017 EC-029

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Project Southgate delivery risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Public product / research pipeline
item	public evidence	status	diligence gap
GB300	Coming soon navigation	partially_verified	Release plan
Vera Rubin DSX	April 2026 announcement	partially_verified	Dependency plan
MLPerf workloads	Firmus research page	partially_verified	Raw data
SEA-LION benchmarking	AISG partnership	partially_verified	Milestones

Chapter 07

07Management and Personnel

Selected leaders and hiring are public; org chart, compensation, stock and turnover are private.

EC-004 EC-018 EC-019 EC-023 EC-030

VII.A Organization Chart

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-004, EC-018, EC-030.

EC-004 EC-018 EC-030

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Hiring and execution capacity risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Senior management roster
item	public evidence	status	diligence gap
Oliver Curtis	Co-founder/co-CEO; governance issue reported	verified public report	ASX suitability
Tim Rosenfield	Co-founder/co-CEO	verified	Employment/shareholding
Jonathan Levee	Co-founder	verified	Current role
Ted Pretty	Chair reported	reported	Current board role

Public org chart Public leadership map; reporting lines indicative.

Reporting lines are not publicly confirmed.

VII.B Historical and projected headcount by function and location

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-018, EC-019, EC-030.

EC-018 EC-019 EC-030

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Hiring and execution capacity risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Headcount and hiring signals
item	public evidence	status	diligence gap
AI & Applications	AI Engineer open role	verified signal	Total headcount
Operations/construction	Field technician, design manager, engineers	verified signal	Hiring plan
Finance/IT/network	FP&A, accountant, cyber, network roles	verified signal	Controls maturity

Hiring signal by function Open role examples by function.

VII.C Senior management biographies

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-004, EC-018, EC-023.

EC-004 EC-018 EC-023

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Governance and reputational disclosure risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Departures / compensation / turnover gaps
item	public evidence	status	diligence gap
Compensation	Not public	not_publicly_verifiable	Agreements/bands
Incentive stock	Not public	not_publicly_verifiable	Option ledger
Turnover	Not public	not_publicly_verifiable	Attrition data

VII.D Compensation arrangements

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-030.

EC-030

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Hiring and execution capacity risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

VII.E Incentive stock plans

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-025, EC-030.

EC-025 EC-030

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Valuation and financing execution risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

VII.F Significant employee relations problems, past or present

unverified confidence: low

Public diligence status: unverified; key evidence EC-030.

EC-030

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Hiring and execution capacity risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

VII.G Personnel Turnover

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-030.

EC-030

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Hiring and execution capacity risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Chapter 08

08Legal and Related Matters

Public IP exists and UN-logo issue is verified; litigation, contracts, insurance, permits and agency searches require counsel.

EC-020 EC-021 EC-022 EC-031 EC-032 EC-034

VIII.A Pending lawsuits against the Company

unverified confidence: low

Public diligence status: unverified; key evidence EC-031.

EC-031

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Legal, regulatory, insurance and contract opacity

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Pending lawsuits against company
item	public evidence	status	diligence gap
Public-index lawsuit search	No verified authoritative docket result	unverified	Official docket searches
Claims notices	Not public	not_publicly_verifiable	Counsel letters

Legal and IP timeline Public legal/IP/regulatory events.

VIII.B Pending lawsuits initiated by Company

unverified confidence: low

Public diligence status: unverified; key evidence EC-031.

EC-031

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Legal, regulatory, insurance and contract opacity

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Pending lawsuits initiated by company
item	public evidence	status	diligence gap
Company-initiated suits	No verified public result	unverified	Official docket searches
IP enforcement	No public action found	unverified	Counsel search

VIII.C Environmental and employee safety issues and liabilities

inconclusive confidence: medium

Public diligence status: inconclusive; key evidence EC-017, EC-022, EC-032, EC-034.

EC-017 EC-022 EC-032 EC-034

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Environmental and efficiency claim substantiation risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Regulatory / agency actions / material contracts
item	public evidence	status	diligence gap
UN Global Compact logo	SMH verified removal request/no authorization record	verified	Correspondence/remediation
Environmental claims	MLPerf node-level; facility claims unresolved	inconclusive	PUE/WUE/LCA
Insurance/contracts/permits	Not public	not_publicly_verifiable	Policies, permits, contracts

Risk heatmap Top risks by likelihood and severity.

Scores are analyst judgments based on public evidence.

VIII.D Material patents, copyrights, licenses, and trademarks

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-020, EC-021.

EC-020 EC-021

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Thin visible IP portfolio

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Material IP
item	public evidence	status	diligence gap
FIRMUS trademark	Australia registered/protected app 2193653	verified via mirror	Official extract
Electric load network patent application	CB patent table, status Application	partially_verified	Official family/FTO
Software/trade secrets	AI Factory/grid orchestration claims	not_publicly_verifiable	Ownership/open-source review

VIII.E Insurance coverage and material exposures

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-032.

EC-032

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Legal, regulatory, insurance and contract opacity

Follow-up questions

Provide primary documents and management explanation for this checklist area.

VIII.F Material contracts

not publicly verifiable confidence: high

Public diligence status: not_publicly_verifiable; key evidence EC-025, EC-032.

EC-025 EC-032

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Strategic partner and supplier dependency

Follow-up questions

Provide primary documents and management explanation for this checklist area.

VIII.G Regulatory agency problems

partially verified confidence: medium

Public diligence status: partially_verified; key evidence EC-022, EC-031, EC-034.

EC-022 EC-031 EC-034

Evidence gaps

Private data-room records are required where public sources do not answer the checklist question.

Hidden risks

Governance and reputational disclosure risk

Follow-up questions

Provide primary documents and management explanation for this checklist area.

Evidence

Evidence claims
ID	Claim	Status	Sources
EC-001	CB Insights listed firmus as a $4.1B unicorn joined on 2025-06-25 in Australia / St Leonards / Enterprise Tech.	verified high	SRC-001
EC-002	CB profile describes firmus as founded in 2019, alive/private-stage, with $11.121B total raised, $505M last raised and one patent filing.	partially verified medium	SRC-002
EC-003	Firmus announced an A$330M September 2025 equity placement with Ellerston and NVIDIA participation at A$1.85B post-money.	verified medium	SRC-003
EC-004	Independent reporting corroborated A$330M raise, founders and 36,000 NVIDIA GPU Southgate plan.	verified high	SRC-004
EC-005	SmartCompany reported Firmus became a unicorn at about A$1.9B and pivoted from bitcoin-mining cooling to AI data centres.	partially verified medium	SRC-005
EC-006	Startup Daily reported a later A$500M raise at A$6B valuation and a A$73.3B / 1.6GW Project Southgate ambition.	partially verified medium	SRC-006
EC-007	Firmus announced expected USD$505M strategic equity led by Coatue at USD$5.5B post-money, subject to closing conditions.	partially verified medium	SRC-007
EC-008	SmartCompany corroborated the April 2026 USD$505M/AU$725M raise and about AU$7.95B/AU$8B valuation.	verified high	SRC-008
EC-009	SMH reported Firmus remained pre-IPO in May 2026, with an expected A$8B-A$12B ASX valuation range and a US$10B Blackstone debt package.	partially verified medium	SRC-009
EC-010	Firmus says its mission is energy-efficient AI infrastructure and AI Factory platform spans cooling to grid orchestration.	partially verified medium	SRC-019
EC-011	DCD reported Firmus/SMC launched immersion-cooled bare-metal AI cloud with STT GDC using A100/H100 GPUs, Hypercubes, Supermicro and Canonical.	verified high	SRC-010
EC-012	SMC markets managed metal, managed colocation, AI platforms and wholesale GPU clusters, with H100/A100/L40S options and energy-saving claims.	partially verified medium	SRC-011
EC-013	Firmus pricing page discloses GPU categories, storage price, WEKA storage and RDMA InfiniBand, but committed pricing is contact-sales.	partially verified medium	SRC-012
EC-014	WEKA describes SMC as a Singapore AI cloud/GPU service provider and Firmus as SMC infrastructure arm using WEKA NeuralMesh.	verified medium	SRC-013
EC-015	Firmus announced AI Singapore would use SMC H200 GPUs, host SEA-LION and conduct benchmarking research.	partially verified medium	SRC-014
EC-016	Firmus announced participation in NVIDIA DGX Cloud Lepton as a Cloud Partner with Singapore and Australia infrastructure.	partially verified medium	SRC-015
EC-017	Firmus MLPerf page reports node-level Training & Power V4.0 results reviewed by MLCommons, about 30% better than air-cooled H100 SXM, but facility PUE out of scope.	partially verified medium	SRC-016
EC-018	Firmus careers page names CTO Daniel Kearney, COO Cameron Hanson, Senior Thermal Engineer Assel Sakanova and open roles across AI, ops, construction, finance, IT, engineering and network.	verified medium	SRC-017
EC-019	SMC careers page says the team is rapidly growing across Asia and beyond and lists similar open roles.	partially verified medium	SRC-020
EC-020	FIRMUS trademark is registered/protected in Australia for Firmus Technologies Pty Ltd, application 2193653 filed 2021-07-15.	verified medium	SRC-018
EC-021	CB reports one Firmus patent application dated 2021-09-15 for electric-load-network/grid-frequency technology.	partially verified medium	SRC-002
EC-022	SMH reported UN Global Compact requested Firmus remove a UN emblem and had no record of permission for logo use.	verified high	SRC-009
EC-023	SMH reported governance scrutiny from co-CEO Oliver Curtis’s prior insider-trading conviction and ASX good-fame-and-character considerations.	verified high	SRC-009
EC-024	Audited financial statements, revenue, backlog, AR aging, gross margin and unit economics were not disclosed in reviewed public sources.	not publicly verifiable high	SRC-002
EC-025	Cap table, investor preferences, debt covenants, option pool and ownership percentages are not public.	not publicly verifiable high	SRC-009
EC-026	Top customers, revenue concentration, churn, severed relationships and supplier purchase amounts are not publicly disclosed.	not publicly verifiable high	SRC-014
EC-027	CB identifies competitors including LiquidStack, CoolIT Systems, Green Revolution Cooling, FlexNode, KyotoCooling and Vigilent.	partially verified medium	SRC-002
EC-028	Public GTM signals include direct cloud/pricing pages, NVIDIA marketplace, AI Singapore partnership and funding/IPO PR.	partially verified medium	SRC-015
EC-029	R&D roadmap signals include GB300 coming soon, MLPerf workloads, Vera Rubin DSX alignment and SEA-LION benchmarking; budgets and release dates are private.	partially verified medium	SRC-017
EC-030	Full org chart, compensation, stock plans, turnover and employee-relations matters are not public.	not publicly verifiable high	SRC-017
EC-031	No authoritative public litigation docket result was verified during this public-index review; official searches remain required.	unverified low	SRC-021
EC-032	Material contracts, insurance, permits, power/grid agreements, safety records and regulatory files are not public.	not publicly verifiable high	SRC-009
EC-033	Latest valuation should be framed as USD$5.5B/AUD$7.95B latest known private post-money, with A$8B-A$12B IPO aspiration not completed valuation.	verified high	SRC-008
EC-034	Environmental and efficiency claims are mixed: node-level evidence exists, but broader facility/marketing claims and UN-logo issue require substantiation.	inconclusive medium	SRC-016

Sources
ID	Publisher	Title	Accessed
SRC-001	CB Insights	The Complete List Of Unicorn Companies	2026-05-27
SRC-002	CB Insights	firmus - Products, Competitors, Financials, Employees, Headquarters Locations	2026-05-27
SRC-003	Firmus Technologies	Firmus closes $330m raise	2026-05-27
SRC-004	Business News Australia	Tasmanian AI infrastructure group Firmus Technologies raises $330m	2026-05-27
SRC-005	SmartCompany	Newly minted unicorn Firmus raises $330 million to build AI factory in Tasmania	2026-05-27
SRC-006	Startup Daily	AI data centre startup Firmus valuation trebles to $6 billion	2026-05-27
SRC-007	Firmus Technologies	Firmus Raises USD$505 Million in Strategic Equity Investment Led by Coatue	2026-05-27
SRC-008	SmartCompany	Firmus looks to raise another $725 million at $8 billion valuation	2026-05-27
SRC-009	Sydney Morning Herald	Firmus quietly scrubs UN logo ahead of $12b IPO push	2026-05-27
SRC-010	Data Center Dynamics	Australia's Firmus launches immersion-cooled bare metal AI cloud with STT GDC	2026-05-27
SRC-011	Sustainable Metal Cloud	Energy Efficiency. Better AI - SMC	2026-05-27
SRC-012	Firmus Technologies	Pricing - Firmus	2026-05-27
SRC-013	WEKA	Sustainable Metal Cloud - WEKA customer story	2026-05-27
SRC-014	Firmus Technologies	AI Singapore and Firmus Technologies partner to advance sustainable AI infrastructure	2026-05-27
SRC-015	Firmus Technologies	Firmus Technologies expands regional AI Access through NVIDIA DGX Cloud Lepton	2026-05-27
SRC-016	Firmus Technologies	MLPerf - Firmus	2026-05-27
SRC-017	Firmus Technologies	Careers - Firmus	2026-05-27
SRC-018	TrademarkElite	FIRMUS Australia Trademark Filing & Registration	2026-05-27
SRC-019	Firmus Technologies	About - Firmus	2026-05-27
SRC-020	Sustainable Metal Cloud	Careers - SMC	2026-05-27
SRC-021	DuckDuckGo HTML search	Public web search for Firmus litigation	2026-05-27

Disclaimer

This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.