Key Takeaways:
Firmus, a former Bitcoin miner, raised $2 billion to nearly double its valuation to $10.5 billion as it scales AI factory construction across Australia and Asia-Pacific.
Firmus, a former Bitcoin miner turned AI infrastructure provider, raised $2 billion at a valuation above $10.5 billion to accelerate AI factory construction across Australia and Asia-Pacific.
"This investment allows us to move on multiple fronts at once," Oliver Curtis, co-chief executive officer at Firmus, said.
The round nearly doubles Firmus' valuation from $5.5 billion in April and brings total equity raised over the past year to more than $3 billion. Existing backers Coatue and Nvidia participated, joined by funds managed by Blackstone Tactical Opportunities and Jane Street. The capital will fund the next phase of Project Southgate, planned to reach 150 megawatts — representing 54,000 Nvidia GB300 systems — by mid-2026, with early stages under construction in Tasmania and Melbourne.
The raise extends Firmus' relationship with Nvidia after a June agreement under which Firmus purchases Nvidia infrastructure and offers cloud services powered by the chipmaker's technology. It also adds Blackstone as a major institutional investor at a time when global funds are increasing exposure to AI infrastructure.
Firmus has established Australian manufacturing for its proprietary HyperCube platform, built on Nvidia's DSX AI Factory Reference Architecture. The company said the design brings computing capacity online faster while improving tokens per watt and system resiliency. Part of the new capital will support early work on a recently announced Indonesia project intended to serve AI-native customers.
Australia will remain the primary destination for most of the newly raised capital, with regional expansion proceeding gradually. Firmus said its existing manufacturing capability and software platform provide the foundation for faster deployment across domestic sites before further Asia-Pacific expansion.
Firmus' pivot mirrors a broader shift as former cryptocurrency mining companies repurpose data centers, power assets and high-performance computing capacity for AI workloads. Core Scientific agreed earlier this year to provide AMD with up to 2.5 gigawatts of data center capacity beginning in 2027. IREN accelerated its AI strategy after completing the acquisition of Spain-based Nostrum Group in June, adding about 490 megawatts of grid-connected power.
Blackstone's participation adds another major institutional investor to the financing round. "We believe AI infrastructure will be a foundational driver of global growth and it is among our highest conviction investment themes," John Watson, senior managing director at Blackstone, said. Coatue also increased its investment, with General Partner Robert Yin citing the company's combination of proprietary technology, manufacturing capabilities and a repeatable deployment model.
The financing highlights continued investor confidence in AI infrastructure despite wider concerns about sector spending. Jane Street's participation — "As AI models become larger and more capable, access to reliable, high-performance compute becomes increasingly important," said Daniel Pontecorvo, head of physical engineering at Jane Street — reflects growing institutional appetite for physical AI infrastructure. For investors, the round shows capital flowing to companies building the compute layer itself, not just the chipmakers, as enterprise demand for AI computing capacity continues to rise.
This article is for informational purposes only and does not constitute investment advice.
