Firmus Secures $2B to Build AI Factories in Australia

Firmus, a company that once operated as a Bitcoin mining firm, has secured $2 billion in equity funding at a post-money valuation exceeding $10.5 billion.

The capital injection, led by existing investors Nvidia and Coatue Management, with new backing from a Blackstone-managed fund and Jane Street, will accelerate the construction of Firmus' AI factories in Australia and support further expansion across Asia.

Firmus made the strategic shift to AI infrastructure after facing increasing energy costs and regulatory scrutiny in the Bitcoin mining industry. The company's pivot aligns with a broader trend of former crypto miners repurposing their high-performance computing capabilities and energy resources for AI workloads.

The involvement of Nvidia, a leading AI chipmaker, underscores the strategic importance of Firmus' new direction. Nvidia's investment not only provides capital but also signals potential partnerships in supplying GPUs and other hardware essential for AI data centers.