AI NewsFirmus, the ‘Southgate’ AI data center builder backed by Nvidia, hits $5.5B valuation

Firmus, the ‘Southgate’ AI data center builder backed by Nvidia, hits $5.5B valuation

7:14 AM IST · April 8, 2026

Asia AI data center provider Firmus on Mondayannounceda fresh $505 million raise led by Coatue at a $5.5 billion post-money valuation. With this round, Firmus has raised $1.35 billion in six months, it says. The Singapore-based data center company previously raisedAU$330 million(approximately $215 million) at anAU$1.85 billion($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 dubs Project Southgate. It is using Nvidia’s reference designs for building these efficient data centers. These new data centers will use Nvidia’s Vera Rubin platform — the chip giant’s next-gen AI computing system succeeding its Blackwell architecture, expected to ship in the second half of 2026. Firmus originally provided cooling technologies for Bitcoin mining and hasbecome yet anothercrypto-roots-turned-AI providercompany that investors love.