tech

April 7, 2026

Nvidia-backed Firmus targets $2bn ASX IPO after $505m raise and $10bn Blackstone debt

In short: Australian AI data centre company Firmus has raised $505m at a $5.5bn valuation in what it says is its final pre-IPO round, and is now targeting a $2bn listing on the ASX in June or July, backed by a $10bn Blackstone-led debt facility secured in February and a plan to deploy 1.6 gigawatts of liquid-cooled AI compute across Australia by 2028.

Nvidia-backed Firmus targets $2bn ASX IPO after $505m raise and $10bn Blackstone debt

TL;DR

  • Firmus has raised $505 million in its final pre-IPO equity round at a $5.5 billion valuation.
  • The company is targeting a $2 billion listing on the Australian Securities Exchange (ASX) in June or July.
  • A $10 billion debt financing facility led by Blackstone is supporting the company's expansion plans.
  • Firmus aims to deploy 1.6 gigawatts of liquid-cooled AI compute across Australia by 2028.
  • Project Southgate in Tasmania is a key asset, utilizing hydroelectric power and liquid-cooling technology for AI Factories.
  • Nvidia is a strategic investor and the primary chip supplier for Firmus facilities.
  • The company plans to expand nationally to Melbourne, Sydney, Canberra, and Perth.
  • Firmus was co-founded by Oliver Curtis, Tim Rosenfield, and Jonathan Levee, with Curtis having a prior conviction for insider trading.
  • Australia is emerging as a significant destination for AI infrastructure investment due to its resources and stability.

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