Crusoe’s Inference ARR Tops $100 Million as Firmus Plans $5 Billion IPO
A $65 million annual agreement accounts for about 60% of Crusoe’s inference contract ARR, while Firmus expects a $77 million fiscal first-half loss.
Crusoe’s managed inference business has surpassed $100 million in annual recurring revenue, while Australian data center operator Firmus plans an IPO of about $5 billion to fund expansion.
Thinking Machines Lab has signed a $65 million annual agreement for production workloads on Crusoe Managed Inference. The workloads include proprietary and open models and will use NVIDIA HGX B200 systems with Quantum-2 InfiniBand networking.
The agreement accounts for about 60% of Crusoe’s inference contract ARR, less than a year after the service launched. Annual recurring revenue measures the value of contracts expected to repeat over a 12-month period.
Firmus plans to list on the Australian Securities Exchange on Oct. 22. The company expects an after-tax loss of about $77 million for the first half of fiscal 2027 and has historically operated at a loss.
Firmus operates two data centers in Australia and Singapore and has five additional projects under development across the Asia-Pacific region. Most of those projects remain in early stages, and the IPO proceeds are intended for capital spending.
The developments show the different capital needs emerging around AI infrastructure. Crusoe is converting contracted inference capacity into recurring revenue, while Firmus is seeking public-market funding to build out additional data center capacity.
