Firmus Technologies, a former Tasmanian Bitcoin miner, has closed a $2 billion funding round at a valuation north of $10.5 billion. The capital backs a pivot into Nvidia-based AI data centers and an Asia-Pacific expansion called Project Southgate.
Firmus Technologies, a Tasmanian company that began mining Bitcoin five years ago, has closed a $2 billion funding round at a valuation north of $10.5 billion. The round, which closed on August 7, nearly doubled the company's valuation from $5.5 billion in April 2026. Backers include Coatue, Nvidia, Blackstone, and Jane Street.
Hydropower once ran the company's Bitcoin mining rigs in Tasmania. Firmus now builds what it calls "AI Factories" — modular, liquid-cooled facilities for high-density GPU clusters, purpose-built around Nvidia's DSX AI Factory Reference Architecture.
Digital assets appear to be out of the picture: there is no mention of crypto tokens, Bitcoin mining, or blockchain services in the company's current positioning.
Most of the new capital is earmarked for Project Southgate, an expansion covering multiple sites across Australia with plans to extend into Indonesia and the wider Asia-Pacific region. Firmus has raised more than $3 billion in equity over the past 12 months.
Its tie with Nvidia extends beyond hardware into cloud services, and the company emphasizes efficient energy and water use across its operations. The same hydropower that once powered Firmus's Bitcoin rigs now anchors its clean-energy pitch for AI workloads.
Source: Crypto Briefing
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