Firmus, the ‘Southgate’ AI datacenter builder backed by Nvidia, hits $5.5B valuation

Asia-based AI data center provider Firmus has made headlines with its latest funding round, securing $505 million led by investment firm Coatue. This impressive funding boosts the company's valuation to $5.5 billion, marking a significant milestone in its growth trajectory. In just six months, Firmus has raised a remarkable total of $1.35 billion, showcasing its rapid expansion. The Singapore-based company previously garnered AU$330 million (around $215 million) at an AU$1.85 billion ($1.2 billion) valuation, with notable backing from technology giant Nvidia. Firmus is spearheading the development of a network of energy-efficient data centers in Australia and Tasmania, under the initiative known as Project Southgate. These facilities will incorporate Nvidia's reference designs, aimed at optimizing energy consumption. Additionally, the new data centers will leverage Nvidia’s Vera Rubin platform, set to replace the Blackwell architecture, with shipments expected in the latter half of 2026. Initially focused on providing cooling technologies for Bitcoin mining, Firmus has successfully transitioned into the AI sector, becoming a prime example of a cryptocurrency-related business evolving to meet the demands of modern technology investors.