Firmus raises about $2 billion, nearly doubling its valuation to $10.5 billion

Australian AI-data-center developer Firmus raised roughly US$2 billion in a follow-on round that nearly doubled its valuation to about US$10.5 billion, up from around $5.5 billion in an April 2026 round.

Existing backers Nvidia and Coatue Management were joined by new investors Blackstone Tactical Opportunities and the trading firm Jane Street.

The capital funds Project Southgate, Firmus’s roughly AU$73 billion plan to build green-powered AI data centers across Australia’s capital cities, with early expansion into Asia-Pacific markets including Indonesia.

Project Southgate ranks among the larger announced AI-infrastructure programs in the Asia-Pacific region, and its emphasis on renewable power is central to the pitch as data-center electricity demand strains grids. The April round valued the company at roughly $5.5 billion, so the new financing roughly doubled that mark in about four months.

The raise reflects how far investor appetite for AI infrastructure now reaches beyond the US, and how central Nvidia has become as both a chip supplier and a backer of the data centers that buy its hardware.

Reported figures for the round vary, from about US$2 billion to US$2.85 billion, and no first-party Firmus release could be independently retrieved to reconcile them. The valuation and buildout plans rest on the company’s own account as relayed by outside reporting, not on a company release.