Firmus Technologies, the Australian AI data center startup, has secured a fresh $505 million investment backed by Nvidia (NVDA). This new funding pushes the company’s valuation to $5.5 billion ahead of its expected initial public offering (IPO). The investment also reflects strong demand for the large-scale computing facilities in the global AI market.
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Trade NVDA with leverageFirmus Raises $505 Million to Expand AI Infrastructure
Firmus’ latest $505 million funding round was led by global investment firm Coatue Management, with continued participation from Nvidia and other investors. This capital injection marks Firmus’ third equity funding round in six months, bringing total capital raised during that period to about $1.35 billion.
Earlier, the private company raised AU$330 million (about $215 million) at a valuation of AU$1.85 billion ($1.2 billion) from investors, including Nvidia. The new funding round now lifts Firmus’ valuation to $5.5 billion as it prepares for a possible listing on the Australian Securities Exchange later this year.
Firmus partnered with Nvidia in late 2025. The company is known to build high-density AI data centers called “AI factories.” These facilities are designed to support advanced AI workloads using large GPU clusters, fast networking systems, and cooling technology.
The company has said that the new funding will help deploy advanced AI hardware based on Nvidia’s upcoming Vera Rubin DSX computing technology in the Asia-Pacific region. The AI system is expected to succeed Nvidia’s Blackwell architecture and is scheduled to begin shipping in the second half of 2026.
Firmus Accelerates Southgate Project with Nvidia Chips
Firmus is also leading a new initiative called Project Southgate. The project will build AI data center capacity in Australia using renewable energy, starting with a major site in Tasmania. The company has said a large portion of the new funding will support the Southgate project.
The Southgate facility is expected to use about 36,000 Nvidia accelerator chips during its first two rollout phases. Firmus expects the project to scale to around 1.6 gigawatts of computing capacity within three years, with early usage planned in Melbourne and Tasmania.
The company also confirmed that at least one global hyperscale customer has already signed on, though the customer’s name has not been disclosed. Most of the planned facilities are also expected to run largely on renewable energy. If achieved, the approach could help lower operating costs.
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