Firmus to acquire Benmax's fabrication, design and projects businesses

AI infrastructure company Firmus Technologies has entered into a binding agreement to acquire Benmax's Fabrication, Design and Projects businesses for A$300 million.

The acquisition strengthens Firmus' vertically integrated AI Factory Platform, bringing design, fabrication, construction, and operations together within a single operating model.

Bringing more of the AI Factory value chain together is expected to improve deployment speed, capital efficiency and operating performance, supporting a lower cost of token production and reducing complexity, Firmus said.

Firmus' HyperCube is the company's modular AI Factory system, designed and manufactured in regional NSW by Benmax. It enables Firmus AI Factories to be built rapidly, while reducing energy and water consumption through advanced liquid cooling, mechanical integration and electrification.

Since the inception of the HyperCube in 2020, Benmax has worked alongside Firmus to co-design and manufacture successive generations of the modular platform.

Over the past 12 months, the HyperCube platform has been adapted for the existing CDC facility in Melbourne. It is currently being deployed into Firmus' AI Factory development in Tasmania, while manufacturing activity will also support Firmus' recent expansion into Southeast Asia.

In Australia, Firmus delivers end-to-end AI Factory developments, while in Southeast Asia HyperCube will be integrated into projects delivered with regional build partner DayOne.

Benmax MD Scott Polsen will join Firmus as chief development officer, broadening Firmus' leadership team from engineering and manufacturing to project delivery as the company continues to scale its AI Factory portfolio.

On completion, the acquisition will more than double Firmus' global workforce to 340, significantly expanding its in-house engineering, manufacturing, project delivery and supply chain capabilities.

Firmus Cco-founder and Co-CEO Oliver Curtis said the acquisition reflects the company's long-term strategy.

"Bringing this capability into Firmus extends our vertically integrated AI Factory Platform across design, fabrication and project delivery, supporting our ability to continue innovating as we scale efficiently and responsibly. Scott is a unique operator, and the Benmax team has been instrumental in the evolution of the HyperCube platform," he said.

"Just as importantly, this is an investment in Australian people and advanced manufacturing, strengthening our ability to build world-class AI infrastructure in Australia, supporting our growth across the Asia Pacific region."

Polsen said this is the culmination of years of designing, building and refining the platform together.

"Every generation of the HyperCube has made the next one better, and now we're deploying it across multiple continents at the same time. It shows what's possible when you've got great people, Australian manufacturing and a shared vision," he said.

"It's a proud milestone for our team and a powerful example of what advanced manufacturing can achieve."