Firmus nearly doubles valuation to over $10.5 billion in 4 months with Nvidia-backed fundraise

Firmus said on Friday it had raised $2 billion in equity in its latest funding round to speed up the build-out of AI factories in Australia and Asia Pacific, bringing up the company's post-money ‌valuation to ⁠above $10.5 ⁠billion.

The latest funding round saw ​follow-on participation from Nvidia and tech investor Coatue Management, along ​with backing from Blackstone's funds and Jane Street.

The raise values Australia-based Firmus post-money above $10.5 ​billion, nearly double the $5.5 billion ⁠valuation from ‌its earlier round in April.


The AI infrastructure firm said the proceeds would ⁠allow it to accelerate the next phase of Project Southgate, the company's initiative to develop AI training and inference infrastructure in Australia, while it expands into other Asian markets.

Firmus builds infrastructure based on Nvidia's DSX AI Factory Reference Architecture. Both firms ‌struck a deal in late June for Firmus to buy Nvidia infrastructure ​and sell ​Nvidia‑powered cloud services.

"This ⁠investment allows us 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 AI-native customers," said Oliver Curtis, Co-CEO of Firmus.