Singapore-Based AI Data Center Firmus Raises $505 Million, Valued at $5.5 Billion

Wed, 08 Apr 2026 14:01:00 +0200

Firmus, an AI-focused data center company based in Singapore, announced a $505 million funding round led by Coatue, bringing its post-money valuation to $5.5 billion. This latest investment adds to the $1.35 billion the company has raised over the past six months. Previously, Firmus secured approximately $215 million from investors, including Nvidia, at a valuation of $1.2 billion. The company is developing a network of energy-efficient AI data centers across Australia and Tasmania, a project called 'Project Southgate.' These facilities leverage Nvidia’s reference designs and the upcoming Vera Rubin AI computing platform, which is expected to succeed Nvidia's Blackwell architecture later in 2026. Originally, Firmus focused on providing cooling solutions for Bitcoin mining but has pivoted toward AI infrastructure, aligning with current investor interest in AI technologies. The project represents a growing trend of cryptocurrency-rooted tech companies transitioning to AI and large-scale