Firmus, a Singapore-based AI data center developer backed by Nvidia, has raised $505 million in new funding led by Coatue, reaching a $5.5 billion post-money valuation. The company said it has secured $1.35 billion in funding within six months, reflecting strong investor demand for AI infrastructure.
Firmus is building an energy-efficient network of “AI factory” data centers across Australia and Tasmania under Project Southgate, using Nvidia’s reference architectures. The facilities are designed to support next-generation AI workloads and will deploy Nvidia’s Vera Rubin platform, the successor to its Blackwell architecture expected in 2026.
Originally focused on cooling technologies for Bitcoin mining, Firmus has transitioned into AI infrastructure, positioning itself to meet rapidly growing demand for high-performance compute capacity.