Firmus, the AI data center builder, achieves $5.5 billion valuation

Firmus, an AI data center provider, announced a fresh $505 million funding round, achieving a post-money valuation of $5.5 billion. This round, led by Coatue, brings the total raised by Firmus to $1.35 billion in just six months.

The Singapore-based company previously secured AU$330 million (approximately $215 million) at an AU$1.85 billion ($1.2 billion) valuation from investors, including Nvidia. Firmus is developing an energy-efficient network of data centers in Australia and Tasmania, known as Project Southgate, utilizing Nvidia’s reference designs for these facilities.

The new data centers will leverage Nvidia’s Vera Rubin platform, the next-generation AI computing system that succeeds the Blackwell architecture, expected to be shipped in the second half of 2026. Originally focused on cooling technologies for Bitcoin mining, Firmus has transitioned to become another crypto-rooted company now thriving in the AI sector, attracting significant investor interest.