Firmus secures AUD $500m to expand AI infrastructure across Australia

Firmus has secured AUD $500 million in additional equity commitments for the expansion of Project Southgate, an AI infrastructure programme targeting a national rollout across Australia. The funding round values the company at approximately AUD $6 billion post-money.

National expansion

The new capital will support development and deployment of AI infrastructure sites in key locations, including Tasmania, Melbourne, Canberra, Sydney, and Perth. Project Southgate aims to increase capacity to 1.6 gigawatts by 2028, creating substantial investment and jobs in advanced manufacturing for local economies.

Infrastructure growth

Proceeds from the funding round will be directed towards site development, infrastructure delivery, and energy partnerships across the targeted regions. Firmus plans significant direct investment to bolster Australia's advanced manufacturing sector and accelerate industrial growth.

Manufacturing focus

Firmus Co-CEO Oliver Curtis said the additional capital will enable large-scale manufacturing and rapid deployment of the company's next generation AI infrastructure.

"This raise allows us to deliver on the next phase of Project Southgate - expanding beyond Tasmania into four major mainland regions. We're manufacturing a new class of AI infrastructure, on Australian soil, that is purpose-built for scale, performance, and sustainability. This means high value local jobs and a critical piece of sovereign capability for Australia," said Curtis, Co-CEO, Firmus.

Vertically integrated approach

Fellow Co-CEO Tim Rosenfeld emphasised the efficiencies of Firmus's integrated manufacturing approach in the context of increasing demand for AI computing infrastructure.

"We've spent years developing a vertically integrated AI Factory platform that can scale more efficiently than traditional approaches. With demand for AI infrastructure accelerating, this funding ensures we can meet it quickly, cost-effectively, and in line with Australia's renewable energy future," said Rosenfeld.

Partnerships and customers

The latest capital injection follows agreements with CDC Data Centres and NVIDIA, with both companies cited as important partners and customers of the Project Southgate initiative. Morgans acted as sole lead manager, and Highbury Partnership was the financial advisor for the raise.

"Firmus is clearly entering a new phase after signing both the CDC Data Centre alliance, and NVIDIA as a customer. It's the kind of traction that gives investors confidence in the company's ability to deliver," said Rob Douglas, Executive Director, Morgans.