Former Bitcoin miner Firmus has successfully completed a $2 billion equity funding round, bringing its post-money valuation above $10.5 billion. According to reports from Firmus, the strategic equity round received full investment commitments from existing backers Coatue and Nvidia, alongside new funding from funds managed by Blackstone Tactical Opportunities and other Blackstone vehicles, with additional participation from global trading and technology firm Jane Street. This latest raise nearly doubles the company's valuation from the $5.5 billion level recorded during its April funding round.
The new capital will accelerate Firmus' Project Southgate AI factory rollout across Australia while funding early expansion into Indonesia and other Asia-Pacific markets. As reported by Firmus, the company has already established Australian manufacturing for its proprietary HyperCube platform and is building AI infrastructure based on Nvidia's DSX AI Factory Reference Architecture. The company plans to use part of the investment to support early work on its recently announced Indonesia project, which is intended to serve AI-native customers. Co-Chief Executive Officer Oliver Curtis stated that the investment allows the company to move on multiple fronts at once, scaling across Australia while fast-tracking capacity to expand into the wider Asia-Pacific region.
Blackstone's participation adds another major institutional investor to the financing round at a time when large investment firms continue increasing exposure to AI infrastructure. According to Blackstone's Senior Managing Director John Watson, the firm believes AI infrastructure will be a foundational driver of global growth and is among their highest conviction investment themes. Coatue also increased its investment in the company after backing an earlier funding round, with General Partner Robert Yin noting the company's combination of proprietary technology, manufacturing capabilities and repeatable deployment model positions it to support demand from both AI-native businesses and enterprise customers.
The latest raise brings Firmus' total equity funding over the past year to more than $3 billion, providing additional capital for Project Southgate. As reported by Firmus, the company and Nvidia strengthened their relationship in late June through an agreement under which Firmus would purchase Nvidia infrastructure while offering cloud services powered by the chipmaker's technology. The financing comes as investors continue directing capital toward companies building physical AI infrastructure, with industry participants increasingly targeting data centers, electricity infrastructure and high-performance computing capacity as demand for AI services expands.
