- Author tripled SHAZ, arguing Firmus’s attempted ~$30B IPO forced private neoclouds to absorb public-market multiple compression; SHAZ was marked down alongside it.
- Project Southgate deployed ~42MW versus up to 1.6GW planned because Firmus is internalizing infrastructure, not abandoning AI. That could reduce competition for Australian third-party colo and improve SHAZ’s leverage; another entrant would erase the benefit.
- SHAZ still has $8.8B contracted TCV, 68,000+ NVIDIA GPUs targeted by mid-2027, ~$1.86B reported cash, an NVIDIA partnership, and GPU-backed financing. Macro, OpenAI ARR concerns, and execution remain risks.
Investment pitches
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