Activeport (ASX:ATV) bolts a 6% revenue cut onto Australia’s GPU rush

The neocloud market is forecast to grow 46% a year, and Activeport just plugged into the toll road.

Activeport Group (ASX:ATV) has signed an MOU with FirstWave Cloud Technology and one of Australia’s leading neocloud operators to launch an AI Gateway, giving enterprise and government customers secure access to GPU compute over the country’s largest carrier networks.

The economics for Activeport are the part that should grab attention. The company takes 6% of all GPU consumption revenue flowing through the gateway, plus port fees of up to $2,250 per customer per month, plus variable transit fees tied to committed network capacity. That is a usage-based annuity layered on top of the GPU boom rather than a one-off licence sale.

The context matters. Mordor Intelligence has the global neocloud market growing from US$35 billion in 2026 to US$236 billion by 2031, a compound rate above 46%. Activeport does not need to win that market. It just needs the gateway to sit in the middle of the Australian slice of it.

For a micro-cap, parking yourself between national carriers and the country’s hottest infrastructure category is a meaningful repositioning.

Why a 6% revenue share beats selling software licences

Most network software vendors sell seats or annual contracts. Activeport has structured this deal so its revenue scales directly with how much AI workload the end customers run.

If a single large bank or miner ramps up inference workloads, Activeport’s cut grows automatically without a new sales cycle. The model converts customer growth at the neocloud into recurring revenue growth at Activeport.

The skeptical read is that 6% sounds modest until you put it against the forecast scale of GPU consumption. On even a small Australian share of that US$236 billion 2031 market, the gateway becomes a serious revenue line for a company of Activeport’s current size.

FirstWave brings the carriers, Activeport brings the orchestration

The deal works because of what each party contributes. Activeport’s Global Edge platform handles the pricing, ordering, provisioning and management of GPU access. FirstWave layers cybersecurity, monitoring and the wholesale carrier relationships that make billing seamless.

Without FirstWave’s existing carrier agreements, Activeport would be selling orchestration software into a vacuum. Without Activeport’s gateway, FirstWave would be a security wrapper looking for something to wrap. The combined stack is what the neocloud needs to sell government and regulated industries on AI infrastructure.

We think the bigger validation here is the unnamed neocloud partner choosing this stack as its foundation provider arrangement. Neoclouds typically prefer to control the customer interface themselves.

The execution test sits in conversion, not the addressable market

An MOU is not a binding contract, and the GPU revenue share only matters once enterprise and government customers actually consume capacity through the gateway. The pipeline list reads well, with mining, energy, financial services, transport and government all named as targets.

Our concern is timing. Large government and enterprise procurement cycles for AI infrastructure are not fast, and Activeport’s revenue line will lag the announcement by several quarters even in a good scenario. Investors should watch for the first named customer commitments and committed network capacity figures in upcoming quarterlies.

The Investors Takeaway for Activeport Group

Activeport has positioned itself in front of the single fastest-growing infrastructure category in technology, with a revenue model that compounds as AI consumption grows. The structure looks well-designed and the partner mix is credible.

The next test is conversion. We want to see the MOU progress to a binding agreement, the first named enterprise customer go live, and disclosed port and transit fee revenue in the next two quarterly reports. Until those numbers appear, the gateway remains an attractive thesis rather than a proven business line.

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