Nvidia-backed Firmus raises $505M at $5.5B valuation ahead of ASX IPO – News

Nvidia Corp.-backed Australian artificial intelligence data center company Firmus Technologies Pty. Ltd. today said it has raised $505 million in new funding on a $5.5 billion valuation ahead of an expected initial public offering on the Australian Stock Exchange later this year.

Founded in 2019, Firums develops and operates data center infrastructure designed to support AI workloads that require large-scale, high-density compute environments. Firmus is building facilities designed to accommodate clusters of graphics processing units interconnected through high-speed networking, alongside storage and cooling systems required for sustained workloads.

The company’s data centers are configured to align with Nvidia-based hardware and software architectures to allow customers to deploy standardized environments for model training and inference. Its power distribution and thermal management systems are designed to support continuous operation under high computational loads.

Firums provides access to dedicated compute capacity through managed infrastructure environments, where deployment, configuration and ongoing operation of systems are handled within a single platform.

Customers can scale workloads across multiple nodes, with support for both training and inference use cases. The operating model centers on delivering integrated infrastructure that combines compute, networking and facility management.

The company is currently building a $1.37 billion flagship campus in the northern Tasmanian town of Launceston. The data center will be designed to be environmentally friendly from the get-go, with water recycling, batteries and power from Tasmania’s hydroelectric dams.

The Tasmanian site is also expected to host 36,000 of Nvidia Corp.’s top-end GB300 chips.

The new funding round was led by Coatue Management, with continued backing from Nvidia, which has maintained an active role as both an investor and a strategic partner.

The funding will be used to expand data center capacity, including new facility development, GPU deployment and supporting power and cooling infrastructure required for large-scale AI workloads.

The new funding comes after Frimus raised approximately $715 million in 2025, including a round of $327 million in November.

According to the Australian Financial Review, the fundraise was the third and final raise ahead of Firmus’s IPO, with sources close to the company saying that management was expected to make their maiden pitch to potential IPO investors on Tuesday.

The IPO, expected in June or July, would see Firmus seeking to raise around $2 billion in additional capital. Bank of America Corp., JPMorgan Chase & Co., Morgans Financial Ltd. and Morgan Stanley are also reported to be introducing the IPO to potential investors via a non-deal roadshow this week.

Should the IPO proceed, it will be one of the largest in Australia this decade and one of the largest of all time in the country for a tech company. Other prominent Australian tech companies that have decided to go public have tended to favor non-Australian exchanges, making Firmus a somewhat rare tech company in seeking to float in Australia.

Photo: Firmus