Firmus Transforms from Bitcoin Miner to $10.5B AI Infrastructure Giant

Firmus Technologies has undergone one of the most dramatic corporate pivots in recent memory. The company, which started mining Bitcoin in Tasmania five years ago using renewable hydropower, has repositioned itself as a builder of modular AI data centers optimized for Nvidia's latest GPU architectures.

The $2 billion funding round, which closed on August 7, nearly doubled the company's valuation from $5.5 billion in April 2026. The backing includes Coatue, Nvidia itself, Blackstone, and Jane Street, a lineup that signals Firmus' shift towards institutional finance and AI infrastructure.

From its origins as a Bitcoin mining operation to its current focus on AI data centers, Firmus has made a significant transformation. The company's leadership decided that building 'AI Factories,' modular facilities using liquid cooling for high-density GPU clusters, was more lucrative than selling shovels during an AI gold rush.

The new positioning appears to be complete, with no mention of crypto tokens, Bitcoin mining operations, or blockchain services in Firmus' current narrative. The company is now focused on expanding its presence in Australia and the Asia-Pacific region through Project Southgate, which aims to push into Indonesia and beyond.