Firmus raises $2.85 billion in latest blockbuster funding for AI infrastructure

Firmus, the Australian-born AI data centre infrastructure startup with ASX ambitions, is now valued at a staggering AU$15 billion (US$10.5bn) after raising an additional US$2 billion (AU$2.85 billion) for its AU$73 billion national roll out, Project Southgate.

The round was backed by existing investors Coatue and Nvidia, plus new equity from funds managed by Blackstone Tactical Opportunities and other Blackstone vehicles, with additional participation from US quant trading firm Jane Street.

The total raised by the Singapore-based business, with a Sydney headquarters, now tops US$3 billion (AU$4.25 billion) in just 12 months, adding another AU$3billion to the company’s valuation since it began touting an an IPO on the ASX at an AU$12 billion valuation earlier this year.

Astonishingly, it was only worth AU$1.85 billion in September 2025 when US chip giant Nvidia backed an AU$330 million raise to build a data centre in Tasmania. That project has since expanded to three data centres on the Apple Isle.

Its previous raise was US$505 million (AU$725 million) at an AU$8 billion valuation in April, just weeks after Firmus raised AU$100 million at an AU$6 billion valuation.

Other investors include Phil King’s Regal Funds Management, Archibald Capital and Tectonic Investment Management, Melbourne billionaires Alex Waislitz and the Pratt family, and Ellerston Capital.

Founded in Sydney in 2019 by convicted insider trader Oliver Curtis, Tim Rosenfield and Jonathan Levee, Firmus began as a bitcoin miner. It’s now positioning itself as a key player in the local build of “energy-efficient” AI data centres, building partnerships with CDC Data Centres, Megaport and Nvidia.

The capital is for the Project Southgate “Al factory” rollout in several regions in Australia and preliminary work to expand into other key Asia-Pacific markets. The “green” positioning of Firmus plays to the federal government’s push to force data centre builders to invest in renewables to power the energy-intensive tech infrastructure.

Prime Minister Anthony Albanese has been keen to ensure his government takes the initiative on AI data centres amid growing voter concerns about their impact on local communities.

Firmus has faced resistance from residents in South Australia and Tasmania, where they plan to build AI data centres.

Curtis, the co-CEO, said the latest investment allows them to move on multiple fronts at once.

“We’re scaling across Australia while fast-tracking our capacity to expand into the wider Asia-Pacific region, including the early steps behind our recently announced Indonesia development that will serve Al-native customers,” he said.

“We’re excited to see continued backing from Coatue, Nvidia, Blackstone and Jane Street as we build one of the world’s leading Al infrastructure platforms from Australia.”

In June, Firmus announced it had signed a US$30 billion (AU$43 billion) deal with Nvidia to build one of Asia-Pacific’s biggest AI data centres, a 360-megawatt Nvidia DSX “AI factory” in Batam, Indonesia, just 26km from Singapore. Digital infrastructure company DayOne is also a collaborator on the project.

Daniel Pontecorvo, head of physical engineering at Jane Street said, “as Al models become larger and more capable, access to reliable, high-performance compute becomes increasingly important. Firmus is helping build the infrastructure needed to support that next generation of Al”.

Coatue’s Robert Yin said Firmus represents a differentiated approach to Al infrastructure.

“Its combination of proprietary IP, manufacturing innovation and a repeatable deployment model creates a compelling platform to serve the growing needs of both Al-native companies and enterprise customers as demand for Al infrastructure continues to accelerate,” he said.

This article was first published in Startup Daily.

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