Illustration for: Ex-Bitcoin Miner Firmus Raises $2B for AI Factories

Ex-Bitcoin Miner Firmus Raises $2B for AI Factories

Former bitcoin miner Firmus Grid raised a $2 billion strategic round from Nvidia, Coatue and Blackstone, pushing its post-money valuation above $10.5 billion to build AI data centers across Australia and the Asia-Pacific.

By the Numbers

$2B
New round
$10.5B+
Post-money valuation
$3B+
Total raised (past year)
Bitcoin mining
Original business
Southgate AI Factory
Flagship project
TC
By the Funding Desk
Edited by Trace Cohen · Early-stage VC & angel · Founder, New York Venture Partners
2 min read
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THE RUNDOWN

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Coatue and Nvidia provided follow-on investment, joined by new funding from Blackstone Tactical Opportunities and other Blackstone vehicles plus Jane Street, pushing Firmus's post-money valuation above $10.5 billion

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The $2 billion round brings Firmus's total new equity raised over the past year to more than $3 billion, making it the largest non-US AI infrastructure financing of August

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Firmus, which began as a bitcoin mining operation before pivoting to AI data centers, will use the capital to expand its Project Southgate AI Factory across Australia and take early steps into Indonesia and other Asia-Pacific markets

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The deal extends Nvidia's pattern of taking direct equity stakes in the data center operators building capacity for its GPUs -- the same structure it has used with CoreWeave, Lambda and, this week, OpenAI's Ohio site

TC

The VC Read · Trace's Take

Trace Cohen

The comparable I'd pull for this one is Core Scientific and Cipher Mining's own re-rating from bitcoin miner to AI host in the U.S. -- that trade has worked because U.S. grid interconnection, however slow, is a known process with known timelines. Australia and Indonesia are not the same regulatory environment, and the diligence item before touching this at a $10.5B mark is whether Firmus's Southgate power contracts are actually secured at the capacity its AI-factory roadmap assumes, rather than merely announced.

Analysis

Firmus Grid, an Australian company that started as a bitcoin mining operation before pivoting into AI data center infrastructure, has raised a $2 billion strategic round that pushes its post-money valuation above $10.5 billion, according to Bloomberg. Coatue Management and Nvidia both returned as follow-on investors, joined by new capital from funds managed by Blackstone Tactical Opportunities and other Blackstone vehicles, plus participation from Jane Street. The round brings Firmus's total new equity raised over the past twelve months to more than $3 billion.

Firmus's pivot from crypto mining to AI infrastructure follows a well-worn path this cycle: bitcoin miners built large power-hungry facilities and secured grid interconnections years ago for a different purpose, and many -- Core Scientific, Cipher Mining, TeraWulf among the U.S. names -- have since repositioned that same power and land access toward hosting Nvidia GPUs for AI training and inference, which now commands far higher revenue per megawatt than mining ever did. Firmus is the clearest Asia-Pacific example of that same trade, and its bitcoin-mining origins mean it already controls power-purchase agreements and land entitlements that would otherwise take a new entrant years to assemble from scratch.

The capital will fund the expansion of Firmus's flagship Project Southgate AI Factory across Australia, along with early moves into Indonesia and other Asia-Pacific markets -- a deliberate bet that AI compute demand outside the U.S. and China remains underserved relative to the capital chasing it, with hyperscalers concentrating their largest build-outs domestically and leaving regional gaps for specialist operators like Firmus to fill in markets where Amazon, Google and Microsoft have moved more slowly.

market, and expansion into Indonesia adds sovereign and currency risk that a domestically focused U.S.

Nvidia's participation fits a pattern Pulse has covered repeatedly this month: the company backing the data center operators and neoclouds that buy its chips, whether through direct equity, as with Firmus, or through financing guarantees, as with the $105 billion it committed to OpenAI's Ohio site. Each structure achieves a similar goal -- locking in demand for Nvidia's GPU roadmap years out while giving Nvidia upside exposure to the AI infrastructure buildout beyond chip sales alone.

The risk in Firmus's specific bet is geographic and regulatory: Australia's own grid capacity and interconnection rules are less tested at gigawatt AI-data-center scale than the U.S. market, and expansion into Indonesia adds sovereign and currency risk that a domestically focused U.S. neocloud wouldn't carry. A $10.5 billion valuation on a company that was mining bitcoin a few years ago is a bet that Firmus's power and land assets translate as cleanly into AI hosting revenue across the Asia-Pacific as they have for its U.S. counterparts.

Jane Street's presence in the round stands out: a quantitative trading firm taking a direct stake in physical AI infrastructure, rather than a traditional growth-equity or sovereign-wealth investor, suggests some of the most analytically rigorous capital in financial markets is now pricing gigawatt-scale AI data centers as a distinct, investable asset class alongside more conventional bets like chipmaker equity or hyperscaler debt.

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Key Sources

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Reported by Bloomberg · Analysis by Value Add Pulse.

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