Firmus, a neocloud set to list at $44B, started as a Bitcoin miner
victor_explore · x · 2026-10-21
Ranjan Roy reports that Firmus — a neocloud set to go public in Australia at a $44 billion valuation — began in 2019 as a Bitcoin mining operation.
The backstory adds to the skepticism: one co-founder spent a year in jail for insider trading, and the other, his cousin, has no tech experience beyond a family laundry business.
Roy's take: neoclouds are the first part of the AI boom that pops, suggesting questionable assets are being repackaged as AI cloud plays.
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