Firmus, a Singapore-based data centre company, has raised $505 million in a new funding round led by Coatue, achieving a post-money valuation of $5.5 billion. The company, which is backed by Nvidia, announced the raise on Monday, stating it has now secured $1.35 billion in funding over the past six months.
The firm is developing an energy-efficient network of data centres, dubbed "Project Southgate," across Australia and Tasmania. These facilities are designed as "AI factories" and utilise reference designs from the chip giant Nvidia.
Strategic Shift and Technology
Firmus originally specialised in providing cooling technologies for Bitcoin mining operations. It has since pivoted to become a provider of infrastructure for artificial intelligence, joining a cohort of companies with crypto origins that have successfully transitioned to capitalise on the AI boom.
The new data centres in the Southgate project are planned to use Nvidia's forthcoming Vera Rubin platform. This next-generation AI computing system is the successor to the current Blackwell architecture and is expected to begin shipping in the second half of 2026.
Rapid Growth and Investor Confidence
This latest funding round marks a significant valuation jump for the company. Prior to this, Firmus had raised approximately AU$330 million (around $215 million) at a valuation of AU$1.85 billion ($1.2 billion) from investors that included Nvidia.
The substantial and rapid capital infusion underscores strong investor confidence in the demand for specialised, energy-efficient data centre capacity to power advanced AI workloads. The involvement of major firms like Coatue and Nvidia provides significant strategic and technological backing for Firmus's ambitious build-out plans.
Market Context and Future Outlook
The global race to build AI infrastructure has intensified, with data centre providers securing billions in funding to expand capacity. Firmus's focus on energy efficiency and its partnership with Nvidia position it to compete in this high-stakes market, particularly in the Asia-Pacific region.
With the new capital, Firmus is expected to accelerate the construction of its Project Southgate network. The successful deployment of its facilities using Nvidia's Vera Rubin platform in 2026 will be a critical milestone for the company's growth and its role in the expanding AI ecosystem.