Firmus Secures $2 Billion Raise, Doubles Valuation to Over $10.5 Billion

Australia-based Firmus has secured a $2 billion equity raise, backed by Nvidia NVDA and Blackstone BX, nearly doubling its valuation to over $10.5 billion in just four months.

The financing highlights continued investor appetite for AI infrastructure, despite concerns about the massive capital required to sustain the boom.

Firmus builds and operates large-scale 'AI factories,' which are essentially specialized data centers packed with advanced GPUs, power systems, and cooling infrastructure. The company's Project Southgate network aims to provide AI training and inference capacity across Australia, while it is also expanding into Southeast Asia.

Nvidia and Coatue made follow-on investments in the latest round, while Blackstone-managed funds and Jane Street joined the financing. Firmus has now raised over $3 billion in equity over the past year, with its valuation jumping from roughly $5.5 billion in April.