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

Asia AI data center provider Firmus on Monday proclaimed a fresh $505 million raise led by Coatue at a $5.5 billion post-money valuation. With this round, Firmus has raised $1.35 billion in six months, it says.

The Singapore-based data center firm previously raised AU$330 million (approximately $215 million) at an AU$1.85 billion ($1.2 billion) valuation from investors, including Nvidia.

Firmus is developing an energy-efficient “AI factory” network of data centers in Australia and Tasmania, a project it dubs Project Southgate. It is using Nvidia’s reference designs for building these efficient data centers. These recent data centers will apply Nvidia’s Vera Rubin platform — the chip giant’s next-gen AI computing system succeeding its Blackwell architecture, expected to ship in the second half of 2026.

Firmus originally provided cooling technologies for Bitcoin mining and has become yet another crypto-roots-turned-AI provider business that investors love.

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