Firmus Technologies has closed a A$500 million ($327 million) funding round led by Nvidia and Ellerston Capital, tripling its valuation to A$6 billion in just two months.
The capital fuels Project Southgate—Australia's most ambitious AI infrastructure buildout targeting 1.6 gigawatts of renewable-powered capacity by 2028.
Company Profile and Strategic Position
Oliver Curtis and Tim Rosenfeld co-founded Firmus Technologies to address Australia's AI compute scarcity through vertical integration.
The company designs and manufactures proprietary AI Factory infrastructure domestically, eliminating dependence on foreign cloud providers.
Core technological advantages:
Investment Analysis and Capital Deployment
| Funding Metrics | Details |
|---|---|
| Current Round | A$500M (~$327M USD) |
| Post-Money Valuation | A$6 billion |
| Previous Round (Sept 2025) | A$330M at A$1.85B valuation |
| Lead Investors | Nvidia, Ellerston Capital |
| GPU Infrastructure | 36,000 Nvidia units |
| Capacity Timeline | 1.6GW by 2028 |
The capital allocation prioritizes multi-site development across Tasmania, Melbourne, Canberra, Sydney, and Perth. Stage 1 targets 90MW delivery by 2026 in Tasmania, scaling to 300MW in Stage 2.
Beyond infrastructure, the funding secures strategic renewable energy partnerships enabling up to 5.1GW of clean energy development.
Capital allocation priorities:
Market Implications and Competitive Positioning
This investment validates accelerating demand for sovereign AI infrastructure amid growing concerns over foreign cloud dependency.
Firmus's vertical integration model—controlling chip design, facility construction, and energy sourcing—creates defensibility against hyperscaler competition.
Australian institutional investors and high-net-worth participants joined the round, signaling domestic confidence in onshore AI capabilities.
Execution Challenges and Growth Trajectory
Firmus confronts simultaneous multi-site development across five regions while scaling domestic manufacturing operations.
The 2026 Tasmania deadline and concurrent energy partnership negotiations test operational capacity.
However, Nvidia's strategic backing provides priority chip access and technical support—critical advantages in supply-constrained markets.
Company Resources
| Platform | Link |
|---|---|
| Website | firmus.co |
| linkedin.com/company/firmustechnologies | |
| Twitter/X | @FirmusCloud |
