Former Bitcoin miner Firmus has raised $2 billion in fresh equity funding, nearly doubling its valuation as investors continue pouring capital into artificial intelligence infrastructure. The
Former Bitcoin miner Firmus has raised $2 billion in fresh equity funding, nearly doubling its valuation as investors continue pouring capital into artificial intelligence infrastructure.
The Aug. 7 funding round included follow-on participation from Nvidia and Coatue Management, alongside funds managed by Blackstone and trading firm Jane Street.
The raise pushed Firmus’ post-money valuation above $10.5 billion, up from $5.5 billion.
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Firmus said it will use the capital to accelerate Project Southgate, its planned network of AI training and inference facilities across Australia, while expanding into the wider Asia-Pacific region.
“This investment allows us to move on multiple fronts at once,” Firmus co-CEO Oliver Curtis said, adding that the company is scaling in Australia while accelerating expansion across Asia-Pacific, including its recently announced development in Indonesia.
Firmus’ shift mirrors a broader trend among Bitcoin miners, which have increasingly redirected power infrastructure toward AI and high-performance computing.
Core Scientific, Cango and Bitdeer are among miners that have sold Bitcoin to help finance AI infrastructure expansion.
MARA also sold about $1.5 billion worth of Bitcoin during the first quarter as it expanded its focus on power and AI infrastructure.
Founded in 2019, Firmus initially focused on cryptocurrency mining before pivoting toward AI infrastructure.
In 2025, the company unveiled Project Southgate, a plan to develop large-scale AI infrastructure across Australia.
Firmus raised another round in April 2026 that valued the company at $5.5 billion, with Nvidia participating as an investor.
Its relationship with Nvidia expanded in late June, when the companies struck an agreement for Firmus to acquire Nvidia infrastructure and provide Nvidia-powered cloud services.
Firmus also announced plans for an AI factory in Indonesia as part of its regional expansion.
The latest $2 billion raise has now nearly doubled Firmus’ valuation in four months, reflecting growing investor demand for the physical infrastructure supporting AI rather than solely the software companies building AI products.
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