# Firmus valuation tops $10.5 billion after $2 billion AI funding round

**Published:** 2026-08-12T02:45:41.084Z  
**Topic:** Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/7f706758-931c-4a6e-8f0d-73e43cbe90b3

Firmus raises $2 billion, valuation jumps to $10.5 billion, doubling price since April; see who backs the AI‑infrastructure pivot and what’s next.

Firmus Technologies closed a $2 billion equity round on Aug 7, lifting its post‑money valuation to just over $10.5 billion—roughly double the $5.5 billion level recorded in April 2026【2】. The surge signals that institutional investors are treating the former Bitcoin miner as a core AI‑infrastructure asset rather than a crypto play.  

| At a glance | |
|---|---|
| Valuation | $10.5 billion (↑ ≈ 100% vs. Apr 2026) |
| Equity raise | $2 billion |
| Total equity 12‑mo | > $3 billion |
| New backers | Blackstone, Nvidia, Coatue, Jane Street |

## Funding and backer profile  
The round was led by existing backers Nvidia and Coatue, with fresh commitments from Blackstone Tactical Opportunities, Blackstone Credit & Insurance, and global trading firm Jane Street【1】. Counting this financing, Firmus has attracted more than $3 billion in equity over the past year, and its valuation has effectively doubled in four months—a speed that typically raises froth concerns, but the presence of credit‑focused investors suggests a different risk calculus. These firms underwrite cash flows, contracts and collateral, treating the AI “factory” as infrastructure comparable to ports or power plants【1】.

## From Bitcoin mining to AI factories  
Founded in 2019 to exploit Tasmania’s cheap hydropower for proof‑of‑work mining, Firmus has repurposed its assets into modular AI data centers built around Nvidia’s DSX reference architecture and its proprietary HyperCube platform【2】. Its flagship Project Southgate began with a 150‑megawatt build in Melbourne housing 18,500 Nvidia GB300 GPUs, and the company aims to reach 1.6 GW of AI compute across five Australian sites by 2028【1】. The expansion plan includes new sites in Melbourne, Sydney, Canberra, Perth, and later Indonesia, targeting A$73.3 billion of total investment through 2028【1】.

## Debt and leverage backdrop  
Equity is only half the financing story. In February, Firmus secured a $10 billion debt facility led by Blackstone Tactical Opportunities and Blackstone Credit & Insurance, with Coatue participating【1】. This mirrors a broader trend where AI‑infrastructure operators pair large borrowings with long‑dated, government‑adjacent tenancy agreements—similar to the $25.1 billion debt load of U.S. GPU cloud leader CoreWeave【1】. The model relies on building capacity now and counting on future tenants to fill it, shifting utilization risk to operators while hardware suppliers like Nvidia receive cash on delivery regardless of occupancy【1】.

## What to watch  
- **Valuation milestones**: A breach of the $12 billion valuation threshold could trigger a new funding round or secondary market activity.  
- **Debt maturity**: Monitor the schedule of the $10 billion facility, especially any refinancing events slated for 2029‑2030.  
- **Project Southgate rollout**: Completion of the 150 MW Melbourne phase (targeted for late‑2026) will be a key indicator of execution speed and tenant uptake.  

Firmus’s rapid valuation climb underscores a shift in capital allocation from crypto mining to AI‑infrastructure, with institutional investors betting on the durability of compute demand across the Asia‑Pacific. Whether the leveraged build‑out can sustain occupancy once hyperscaler spending moderates remains the central question.

## Sources
1. Forbes — [Former Bitcoin Miner Firmus Became A $10.5 Billion AI...](https://www.forbes.com/sites/jonmarkman/2026/08/09/former-bitcoin-miner-firmus-became-a-105b-ai-infrastructure-company/)
2. Crypto Briefing — [Firmus transforms from Bitcoin miner to $10.5B AI infrastructure...](https://cryptobriefing.com/firmus-bitcoin-miner-ai-infrastructure-company/)
3. Crypto — [Former Bitcoin miner Firmus raises $2B as Blackstone, Nvidia back...](https://crypto.news/former-bitcoin-miner-firmus-raises-2b-as-blackstone-nvidia-back-ai-push/)

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Cite as: TrendWatcher, "Firmus valuation tops $10.5 billion after $2 billion AI funding round", https://www.trendwatcher.in/article/7f706758-931c-4a6e-8f0d-73e43cbe90b3