Firmus, the ‘Southgate’ AI data center builder backed by Nvidia, hits $5.5B valuation
Asian AI data center provider Firmus on Monday announced a new $505 million raise led by Coatue at a post-money valuation of $5.5 billion. With this round, Firmus has raised $1.35 billion in six months, the company says.
The Singapore-based data center company has previously asked the question AU$330 million (approximately $215 million) at one AU$1.85 billion Valuation ($1.2 billion) from investors including Nvidia.
Firmus is developing an energy-efficient ‘AI factory’ network of data centers in Australia and Tasmania, a project it calls Project Southgate. It uses Nvidia’s reference designs to build these efficient data centers. These new data centers will use Nvidia’s Vera Rubin platform – the chip giant’s next-generation AI computing system, succeeding the Blackwell architecture, which is expected to arrive in the second half of 2026.
Firmus originally provided cooling technologies for Bitcoin mining and has become yet another crypto-roots-turned-AI vendor company that investors love.
