Firmus, a former Bitcoin mining company that has repositioned itself as an AI infrastructure provider, has secured $2 billion in new equity funding, lifting its post-money valuation above $10.5 billion as it expands AI factory projects across Australia and the Asia-Pacific region.
According to Firmus, the strategic equity round received full investment commitments from existing backers Coatue and Nvidia, alongside new funding from funds managed by Blackstone Tactical Opportunities and other Blackstone vehicles, with additional participation from global trading and technology firm Jane Street.
The latest raise nearly doubles Firmus’ valuation from the $5.5 billion level recorded during its April funding round. It also brings the company’s total equity raised over the past year to more than $3 billion, providing additional capital for Project Southgate, its AI factory rollout across Australia.
Firmus funding supports Project Southgate expansion
Under the new financing, Firmus plans to accelerate the next stage of Project Southgate while preparing for development across selected Asia-Pacific markets. The company said part of the investment will support early work on its recently announced Indonesia project, which is intended to serve AI-native customers.
Firmus added that it has already established Australian manufacturing for its proprietary HyperCube platform. It is building AI infrastructure based on Nvidia’s DSX AI Factory Reference Architecture, which the company said is designed to bring computing capacity online more quickly while improving tokens per watt and system resiliency.
“This investment allows us to move on multiple fronts at once,” Co-Chief Executive Officer Oliver Curtis said.
“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 AI-native customers,” Curtis added.
The company and Nvidia strengthened their relationship in late June through an agreement under which Firmus would purchase Nvidia infrastructure while offering cloud services powered by the chipmaker’s technology. The latest financing extends that relationship with Nvidia participating again as an investor.
Blackstone, Coatue and Jane Street deepen AI infrastructure bets
Blackstone’s participation adds another major institutional investor to the financing round at a time when large investment firms continue increasing exposure to AI infrastructure.
“We believe AI infrastructure will be a foundational driver of global growth and it is among our highest conviction investment themes,” John Watson, Senior Managing Director at Blackstone, said.
“We are pleased to continue to invest in Firmus and support platforms at the forefront of AI innovation,” he added.
Coatue also increased its investment in the company after backing an earlier funding round.
“We continue to believe Firmus represents a differentiated approach to AI infrastructure,” Robert Yin, General Partner at Coatue, said.
