Firmus, Nvidia-backed ‘Southgate’ AI data center builder, valued at $5.5 billion

Asian AI data center provider Firmus on Monday Announce New raise of $505 million led by Kuato at post-money valuation of $5.5 billion. Through this round, Firmus raised $1.35 billion in six months, it says.

The Singapore-based data center company raised the issue earlier 330 million Australian dollars (about $215 million) in 1.85 billion Australian dollars ($1.2 billion) valuation from investors, including Nvidia.

Firmus is developing an energy-efficient “AI factory” network of data centers in Australia and Tasmania, a project it calls Project Southgate. It uses Nvidia reference designs to build these efficient data centers. These new data centers will use Nvidia’s Vera Rubin platform — the chip giant’s next-generation AI computing system that is a successor to its Blackwell architecture, and is expected to ship in the second half of 2026.

Firmus originally introduced cooling technologies for Bitcoin mining and has done so become another Cryptocurrency-turned-AI provider A company that investors love.