Firmus announced on 7 August a fully subscribed US$2bn strategic equity investment at a post-money valuation above US$10.5bn. Its April 2026 round valued it at roughly US$5.5bn — the mark has roughly doubled in four months.
Who is in
Coatue and NVIDIA participated as follow-on investors; Blackstone Tactical Opportunities and other Blackstone vehicles came in new, alongside Jane Street. Coverage describing this as an Nvidia-led or Blackstone-led round adds something the company did not say — Firmus designates no lead. More than US$3bn in equity has now been raised over the past year.
What it builds
The money funds the next phase of Project Southgate, Firmus's NVIDIA AI Factory rollout across Australia, and expansion across Asia-Pacific. The release gives no megawatt or gigawatt figures, so any capacity number attached to this announcement did not come from it.
The detail most outlets omit
Firmus is a former bitcoin miner. That is not incidental: miners spent a decade acquiring the two things AI factories now need most — cheap contracted power and sites already built for dense, hot, high-draw racks. Converting that estate is the fastest route to capacity that exists, and it explains a four-month doubling better than demand alone does.
Not the February money
A separate Blackstone-led package of about US$10bn from February 2026 was debt and project financing, not equity. Adding it to this round, as some coverage does, double-counts — and it matters here, because debt against contracted capacity and equity against a valuation are claims on very different things. The February money buys sites; this money buys the company.
What is not in the release
No customers are named, no contracted capacity is given, and no timeline is attached to the Asia-Pacific expansion beyond "next phase". For a company valued at US$10.5bn, the disclosure is a cap table and a roadmap.