Firmus Raises $2B as Nvidia Backs AI Infrastructure Expansion

• Former BTC miner Firmus raised $2B at over $10.5B valuation with Nvidia, Coatue, Blackstone and Jane Street.
• Firmus pivoted from BTC mining to building AI data centers and factories using Nvidia’s DSX architecture.
• The funding will accelerate Firmus’ AI factory buildout in Australia and support expansion across Asia.

Firmus, an Australian artificial intelligence (AI) infrastructure company that formerly operated as a Bitcoin (BTC) miner, has raised $2 billion in equity funding at a post-money valuation of more than $10.5 billion. The funding was backed by Nvidia Corp and Coatue Management, driven by intense global demand for specialized AI data centers.

Firmus Raises $2B at Over $10.5B Valuation 

Firmus has raised $2 billion in a new equity funding round, pushing its post-money valuation to over $10.5 billion. The funding nearly doubles the company’s valuation from the $5.5 billion it achieved in its previous round in April 2026.

Existing investors Nvidia and Coatue Management participated again as follow-on backers. New deep-pocketed institutional investors also joined, including  trading firm Jane Street, and funds managed by Blackstone, such as Blackstone Tactical Opportunities.

How Surging AI Compute Demand Fueled Firmus’ Strategic Pivot

Firmus Technologies was founded in Australia in 2019 by Oliver Curtis, Tim Rosenfield and Jonathan Levee with a focus on Bitcoin mining and high-performance computing. The company developed immersion and liquid cooling solutions to enhance energy efficiency for intensive workloads, leveraging Tasmania’s renewable hydropower. Its initial innovation lies in its proprietary HyperCube platform and cutting-edge cooling system.

Meanwhile, generative AI and large language models (LLMs) have revolutionized the world’s demand since approximately 2022. The transferability of Firmus’ high-density cooling and compute expertise to AI workloads was underscored. Recognizing the larger opportunity beyond crypto mining, the company strategically pivoted into developing and operating purpose-built “AI Factories” using HyperCube architecture integrated with Nvidia’s DSX AI Factory Reference Architecture.

Additionally, the shift was driven by the rapidly rising demand for AI compute capabilities, especially in the Asia-Pacific region. This demand has driven Firmus’s subsequent growth, including Project Southgate, major partnerships with Nvidia for GPU supply and cloud services.

What’s Next for Firmus AI Expansion

According to co-CEO Oliver Curtis, the new funding will accelerate Project Southgate, the company’s liquid-cooled AI factory rollout across Australia. The project will feature a 90 MW data centre in Launceston, increased capacity in the Tasmanian campus, and growth in Melbourne, South Australia, New South Wales and other markets. The company plans to reach 1.6 GW of AI compute capacity by 2028, powered by renewables, partnerships and the Bernacchi-1 subsea fibre cable.

Internationally, Firmus is now working on its first large-scale project outside Australia, building a 360 MW Nvidia DSX AI Factory campus in partnership with Singapore-based DayOne in Batam, Indonesia. The facility is expected to be operational in Q1 2027, and is projected to install up to 170,000 of Nvidia’s AI accelerators in 2027 and 2028 under an eight-year partnership. Firmus expects $25–30 billion in committed customer offtake revenue over the first six years.

Furthermore, Firmus remains an IPO hopeful on the Australian Securities Exchange. The listing plans,  previously set for the first half of 2026, were delayed as the company focused on negotiating bigger partnerships and certain revenue commitments such as the Indonesia deal. However, if additional financing, customers and site plans are confirmed, the possibility of a fourth listing in 2026 may be a reality, offering a greater visibility for public-market investors to future contracted revenue.

Related: TeraWulf Seeks $3.5B in Debt to Expand Its Kentucky AI Data Center