Firmus Reaches $5.5 Billion Valuation After Raising $1.35 Billion in Six Months

Singapore-based Firmus has raised $1.35 billion over six months, reaching a $5.5 billion valuation following a $505 million funding round led by Coatue announced April 7, 2026. The company, originally a Bitcoin mining cooling provider, has pivoted to building AI data centers across Asia and is developing Project Southgate, an energy-efficient AI factory network in Australia and Tasmania. Firmus is using Nvidia's reference designs and will deploy the chip giant's next-generation Vera Rubin platform, which succeeds the Blackwell architecture and is expected to ship in the second half of 2026. Nvidia participated as an investor in Firmus's previous AU$330 million funding round at a $1.2 billion valuation.

Firmus's Rapid Fundraising and Valuation Growth

• ▪Firmus announced a $505 million funding round led by Coatue on April 7, 2026
• ▪Nvidia was among the investors in Firmus's previous funding round
• ▪Firmus previously raised AU$330 million (approximately $215 million) at an AU$1.85 billion ($1.2 billion) valuation
• ▪Firmus reached a $5.5 billion post-money valuation after the Coatue-led funding round
• ▪Firmus raised $1.35 billion in six months as of April 2026

Project Southgate AI Data Center Development

• ▪Firmus is developing an energy-efficient AI factory network of data centers in Australia and Tasmania called Project Southgate
• ▪The Project Southgate data centers will use Nvidia's Vera Rubin platform
• ▪Nvidia's Vera Rubin platform is the chip giant's next-generation AI computing system succeeding its Blackwell architecture
• ▪Firmus is using Nvidia's reference designs for building the Project Southgate data centers
• ▪Nvidia's Vera Rubin platform is expected to ship in the second half of 2026

Firmus's Evolution from Crypto to AI Infrastructure

• ▪Firmus transitioned from cryptocurrency infrastructure to AI data center provision
• ▪Firmus originally provided cooling technologies for Bitcoin mining

Perspective of Firmus

• ▪Firmus's transition from Bitcoin mining cooling to AI data centers demonstrates strategic pivot to high-growth market opportunity
• ▪Firmus's focus on energy-efficient AI factory design addresses critical sustainability concerns in data center operations
• ▪Firmus's partnership with Nvidia provides competitive advantage through access to cutting-edge Vera Rubin platform technology

Perspective of Nvidia

• ▪Nvidia's investment in Firmus supports the company's strategy to build ecosystem of data center partners deploying its AI platforms
• ▪Nvidia's provision of Vera Rubin reference designs to Firmus accelerates deployment of next-generation AI computing infrastructure
• ▪Firmus's Project Southgate serves as early deployment showcase for Nvidia's Vera Rubin platform ahead of broader market availability

Perspective of Coatue

• ▪Firmus's rapid valuation increase from $1.2 billion to $5.5 billion demonstrates strong market momentum attractive to growth investors
• ▪Coatue's $505 million investment in Firmus reflects confidence in Asia's AI data center market growth potential