AI infrastructure provider Firmus raises $500m

Australian AI infrastructure provider Firmus has said it has received "commitments" for a $500 million equity raise to accelerate the national rollout of Project Southgate, its flagship AI infrastructure initiative.

The round has been priced at a post-money valuation of approximately $6 billion.

This follows the company closing a $330 million equity placement in September to establish what it describes as "Australia’s first sovereign, renewable-powered AI factory campus".

The proceeds of the latest raise will enable further site development,  infrastructure deployment, and energy partnerships across selected locations, including Tasmania, Melbourne, Canberra,  Sydney and Perth.

Project Southgate is aiming to deliver a roadmap of Firmus AI Factory deployments with scale up to 1.6 gigawatts through 2028.

In collaboration with CDC Data Centres and NVIDIA, the initiative is anchored by a flagship green AI Factory Campus in Tasmania, with additional AI Factory deployments rolling out across mainland Australia.

Firmus co-CEO Oliver Curtis said the capital will allow the company to rapidly manufacture and deploy its next generation of AI infrastructure across Australia.

“This raise allows us to deliver on the next phase of Project Southgate - expanding beyond Tasmania into four major mainland regions," he said.

"We’re manufacturing a new class of AI infrastructure, on Australian soil, that is purpose-built for scale,  performance, and sustainability. This means high value local jobs and a critical piece of sovereign capability for Australia.”