Firmus raises $505 million to scale AI data center network

On Monday, Singapore-based data center company Firmus announced that it has secured $505 million in a new funding round led by Coatue. This fresh capital injection establishes a post-money valuation of $5.5 billion for the company as it scales its operations as an AI data center provider. The company’s geographic footprint and operations span Singapore, Australia, and Tasmania, where it is building out its infrastructure.

According to Firmus, the company has now raised a total of $1.35 billion over the last six months. This rapid accumulation of capital highlights a significant transition from the company’s original business model. Firmus was previously a provider of cooling technologies for Bitcoin mining, but it has since pivoted to focus on high-performance artificial intelligence infrastructure. This shift makes Firmus another example of a company with roots in cryptocurrency infrastructure that has transitioned into an AI provider favored by investors who are backing the company’s new direction.

The company’s previous financial milestones and valuations include:

• A previous funding round of AU$330 million, which is approximately $215 million, with Nvidia participating as an investor.
• A previous valuation of AU$1.85 billion, equivalent to $1.2 billion, supported by a group of investors that included Nvidia, which serves as both an investor and a technology provider for the company.

Firmus is deploying its capital to expand its “AI factory” network, which is the term the company uses to describe its network of data centers. This infrastructure initiative, known as Project Southgate, is being developed across Australia and Tasmania. To ensure high energy efficiency, Firmus is building these facilities using Nvidia’s reference designs. The data centers will use Nvidia’s Vera Rubin platform, which is the chip giant’s next-generation AI computing system succeeding its Blackwell architecture. The Vera Rubin platform is expected to ship in the second half of 2026.

Why it matters

Firmus is scaling its energy-efficient “AI factory” network by leveraging Nvidia’s Vera Rubin platform, completing its transition from crypto-cooling to high-performance AI infrastructure.