Firmus, Nvidia-backed AI data centre builder, reaches $5.5B valuation

Asia-based AI data centre company Firmus announced on Monday that it has secured a new $505 million funding round led by Coatue, bringing its post-money valuation to $5.5 billion. With this latest raise, Firmus says it has raised a total of $1.35 billion over the past six months.

The Singapore-headquartered company had earlier raised AU$330 million (around $215 million) at a valuation of AU$1.85 billion (approximately $1.2 billion). That previous round included backing from Nvidia, which continues to play a key role in Firmus’ infrastructure strategy.

Firmus is currently building what it describes as an energy-efficient “AI factory” network of data centres across Australia and Tasmania. The initiative, known internally as Project Southgate, focuses on delivering high-performance computing infrastructure specifically designed for artificial intelligence workloads.

To support this vision, the company is leveraging Nvidia’s reference architectures for data centre design, aiming to optimise efficiency and scalability. The upcoming facilities will be powered by Nvidia’s Vera Rubin platform — the company’s next-generation AI computing system that will succeed its Blackwell architecture and is expected to begin shipping in the second half of 2026.

Firmus did not start in the AI space. The company initially specialised in cooling solutions for Bitcoin mining operations, before pivoting toward AI infrastructure as demand for advanced compute capabilities surged. It now joins a growing group of companies that have transitioned from crypto-related technologies into AI-focused services, a shift that has attracted strong investor interest.