web3: Firmus Valuation Rises to $10.5 Billion After Transitioning to AI Infrastructure

CoinWorld reports:

According to foreign media, Australian company Firmus, which started in Bitcoin mining, has secured $2 billion in equity investment in its latest funding round, bringing its valuation to over $10.5 billion, nearly doubling from $5.5 billion in April this year. The article suggests that what makes this deal noteworthy is not the valuation itself, but the structure of the investors, indicating that AI data centers are increasingly viewed as financeable infrastructure assets by capital.

More Non-Traditional Tech Capital in Financing

This round of investors includes existing shareholders Nvidia and Coatue, as well as new funds managed by Blackstone and Jane Street. According to the article, Firmus has raised over $3 billion in equity financing in the past year.

Commentators note that Jane Street, as a trading institution, and Blackstone, as a large alternative asset manager, are not typical venture capital firms. Their participation in such projects indicates that the market is evaluating AI computing assets based on cash flow, contracts, and collateral logic, rather than just pricing them as high-growth tech companies.

Transitioning from Bitcoin Mining to AI Data Centers

Firmus initially engaged in Bitcoin mining before shifting to AI infrastructure development. The company is currently building data centers around Nvidia's DSX reference architecture and its own HyperCube hardware platform.

Its core project, Project Southgate, was first launched in Tasmania and has now expanded to Melbourne, Sydney, Canberra, and Perth. The article states that this project is in collaboration with CDC Data Centres, aiming to deploy 1.6 gigawatts of AI computing power across five sites by 2028.

The initial project investment is AU$4.5 billion, starting from a 150-megawatt facility in Melbourne, equipped with 18,500 Nvidia GB300 GPUs. The total investment for the entire Southgate project is expected to reach AU$73.3 billion by 2028.

• Latest equity financing: $2 billion
• Latest valuation: Over $10.5 billion
• 2028 target computing power: 1.6 gigawatts

Debt Financing Amplifies Expansion Speed

The article also mentions that Firmus completed a $10 billion debt financing in February this year, led by Blackstone Tactical Opportunities and Blackstone Credit & Insurance, with Coatue also participating.

Commentators believe that this type of financing structure indicates that AI data centers are being viewed by capital markets as long-term assets similar to power plants, toll roads, or transmission facilities, which can be driven by large-scale debt instruments. Beyond equity financing, debt funding has become an important support for the expansion of such projects.

In comparison, the article notes that American GPU cloud service provider CoreWeave had $25.1 billion in debt at the end of the first quarter this year, along with $10.1 billion in lease obligations. The author points out that AI infrastructure operators generally rely on high-leverage expansion, and future returns will largely depend on subsequent occupancy rates and refinancing capabilities.

Equipment Vendors Get Paid First, Operators Bear Long-Term Risks

The article argues that in the current AI infrastructure boom, profits and risks do not fall on the same segment. Equipment suppliers like Nvidia can confirm revenue immediately after GPU shipments; however, data center operators must bear the risk of utilization rates over many years, as well as the pressure from debt rollover.

Taking Firmus as an example, the large number of GB300 GPUs procured for the Southgate project will allow upstream suppliers to lock in revenue early, but whether the project can continuously fill its computing capacity in the coming years still depends on tenant demand, regional expansion progress, and the financing environment.

Commentators thus conclude that capital is treating AI factories as infrastructure investments, but the companies that truly bear operational fluctuations are primarily the operating-level companies, not the hardware suppliers.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.