Australian AI infrastructure startup Firmus completed a USD 505 million financing round, led by New York investment firm Coatue Management LLC, with AI chip giant NVIDIA participating in the investment. The funding round brought Firmus' valuation to USD 5.5 billion, marking significant growth for the company that was founded in Australia in 2019.

According to The Australian Financial Review, this financing represents Firmus' final funding round before its planned initial public offering. The company intends to list on the Australian Securities Exchange in the middle of this year.

Company Background and Transformation

Firmus began operations in 2019, initially focusing on cryptocurrency mining and scientific research computing. In 2025, the company shifted its strategic focus to AI infrastructure construction and currently operates data center projects in both Australia and Singapore. Co-founder and CEO Oliver Curtis previously served time in prison for insider trading before entering the cryptocurrency field to start his business.

Curtis has led the company's transformation during the current wave of AI infrastructure development. The company has raised a total of USD 1.35 billion over the past six months, including the recent USD 505 million round. These funds are designated for rapidly deploying AI hardware based on NVIDIA's new-generation computing technology throughout the Asia-Pacific region.

Southgate Project and Technical Infrastructure

Firmus is currently advancing a large-scale initiative called "Southgate," which aims to build a cluster of AI data centers powered by renewable energy in Australia. The most notable component is the Southgate large-scale computing power construction project, with its first phase located in Tasmania, Australia.

The Tasmania facility focuses on using renewable energy to drive AI computing operations. After completing the first two phases of deployment, the project will be equipped with 36,000 NVIDIA AI accelerator chips.

From a technological standpoint, Firmus has adopted the Vera Rubin DSX design scheme provided by NVIDIA. Vera Rubin serves as the code name for NVIDIA's new-generation chips and computing platform, positioned as the core architecture for building AI factories.

The platform is scheduled to begin shipping in the second half of 2026, positioning Firmus as one of the earliest large-scale deployers of this technology in the Asia-Pacific region.

The Southgate project has attracted participation from a global hyperscaler, and Blackstone Inc., identified as the world's largest alternative asset management company, has also contributed to the project financing.

NVIDIA's Investment Strategy and Market Position

The leading investor, Coatue Management, manages assets worth over USD 70 billion and has been actively investing in the AI sector in recent years. The firm's investment portfolio includes computing infrastructure and leading AI companies such as OpenAI and Anthropic.

NVIDIA has emerged as one of the most active industrial investors in the AI field, having invested billions of dollars in AI industry chain companies through partnerships with venture capital institutions.

This strategy aims to cultivate the downstream ecosystem and boost chip sales, contributing to NVIDIA's position as one of the world's highest-valued companies.

Firmus joins a growing list of AI computing power companies that have received NVIDIA investment. Previous investments include US AI cloud providers CoreWeave and Lambda, as well as Dutch AI cloud provider Nebius, all following similar operational models.

The investment pattern involves companies receiving funds from NVIDIA and subsequently using NVIDIA's latest-generation chips and architectures to build data centers, creating a cycle where these companies become major NVIDIA customers.

Firmus follows this model by accepting NVIDIA investment while purchasing NVIDIA's Vera Rubin platform to construct an AI factory in Australia.

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