Firmus Raises A$500 Million to Accelerate National Rollout of Project Southgate

Australian AI infrastructure company Firmus has raised A$500 million (US$325 million) in new equity at a valuation of about A$6 billion . The funding will accelerate Project Southgate , its programme to build renewable-powered data centres for AI training and inference.

This round follows a A$330 million investment in September 2025, when Firmus was valued at A$1.85 billion , also directed toward the project. The jump in valuation has added to expectations that the company may pursue an IPO as investment in AI compute infrastructure intensifies.

Project Southgate is a multi-year initiative to deploy up to 1.6 gigawatts of AI compute capacity across Australia by 2028. The programme is being developed in partnership with CDC Data CentresDealroom has a profile for this one. Try Dealroom → and Nvidia , whose chips will power the facilities.

Firmus is currently building two data centres in Melbourne and Tasmania , both expected to come online by April 2026 and equipped with Nvidia’s GB300 processors. Additional sites are planned from Perth to Sydney , as the company expands its national footprint.

The new funding will be used to progress land acquisition, construction, grid and energy agreements, and the rollout of Firmus’s “AI factories”—data centres designed to rely on renewable energy sources.

Co-CEO Tim RosenfeldDealroom has a profile for this one. Try Dealroom → said the raise would help the company meet “rapidly accelerating demand for AI infrastructure” while ensuring deployments remain aligned with Australia’s clean-energy ambitions.

Sources:
firmus
Reuters
Bloomberg
Tech Funding News

J.V.