Aug 3, 2026 – 12.00pmRegal Partners has sold part of its stake in Firmus Technologies, as Maas Group founder Wes Maas lines up a $200 million investment into the $15.5 billion AI factory business.Firmus co-founder Oliver Curtis. Dominic LorrimerSarah 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 articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Phil King’s Regal pares Firmus stake as Wes Maas circles
Regal Funds has made a circa 30-times return on the trade.
TL;DRAI
Regal Partners reduces Firmus stake as Wes Maas commits $200M to the $15.5B AI factory, confirming LP confidence in foundation model infrastructure. Capital clustering in AI compute signals margin pressure on chip incumbents and drives vertical ML stack consolidation.
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