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

Firmus Technologies has undergone an extraordinary transformation from a Bitcoin mining company to a $10.5 billion AI infrastructure firm after raising $2 billion in funding.

The company, which was founded in 2019 with the goal of leveraging Tasmania's abundant hydropower for cryptocurrency mining, has made a successful pivot into the AI sector.

Firmus now builds modular data centers optimized for Nvidia's latest GPU architectures and has partnered with Nvidia, Coatue, Blackstone, and Jane Street to support its growth.

The $2 billion raise, which nearly doubles the company's valuation from $5.5 billion in April 2023, will be used primarily for Project Southgate, a multi-site expansion initiative targeting Australia, Indonesia, and the broader Asia-Pacific region.