Overview
- Firmus said the round led by Coatue with Nvidia participating would value the company at $5.5 billion and remains subject to closing conditions.
- This marks the company’s third equity raise in six months, lifting recent equity to $1.35 billion as it prepares for an ASX listing later in 2026, with some reports pointing to a June–July window and a $2 billion target.
- Under Project Southgate with Nvidia and CDC Data Centres, Firmus plans initial sites in Melbourne and Tasmania soon, and reports say total capacity could reach up to 1.6 gigawatts over three years.
- The company’s “AI Factory” sites use liquid immersion cooling and Nvidia reference designs, with builds aligned to Nvidia’s next‑gen Vera Rubin systems expected in the second half of this year.
- Funding for the rollout includes a $10 billion debt facility arranged in February with Blackstone and follows earlier deployment in Singapore with ST Telemedia, reflecting a model where chip suppliers also invest to lock in future compute.