Asia AI data center provider Firmus on Monday announced a new $505 million funding round led by Coatue, bringing the company’s valuation to $5.5 billion post-investment. With this funding, Firmus has secured $1.35 billion over a six-month period.
The Singapore-based data center firm had previously raised AU$330 million (around $215 million) at an AU$1.85 billion ($1.2 billion) valuation from backers such as Nvidia.
Firmus is working on an energy-efficient “AI factory” network of data centers in Australia and Tasmania under Project Southgate, utilizing Nvidia’s reference designs. These upcoming data centers will feature Nvidia’s Vera Rubin platform, the chip leader’s next-gen AI computing system that will succeed its Blackwell architecture and is set to be released in the latter half of 2026.
Firmus originally provided cooling solutions for Bitcoin mining and has transitioned into a crypto-to-AI company that investors favor.