Firmus Raises $2 Billion at $10.5 Billion Valuation as Nvidia AI Spending Stays Hot
Updated
Updated · BeInCrypto · Aug 7
Firmus Raises $2 Billion at $10.5 Billion Valuation as Nvidia AI Spending Stays Hot
3 articles · Updated · BeInCrypto · Aug 7
Summary
$2 billion in fresh equity lifted Nvidia-backed Firmus above a $10.5 billion valuation in a fully subscribed round, extending a run of multibillion-dollar bets tied to Nvidia's AI ecosystem.
Nvidia and Coatue reinvested, while Blackstone-managed funds and Jane Street joined, backing Firmus' plan to speed Project Southgate and expand AI training and inference sites across Australia and into Asia-Pacific.
Firmus has now raised more than $3 billion in equity over the past year, nearly doubling its April valuation of $5.5 billion after pivoting from Bitcoin-mining cooling systems to Nvidia-based data centers.
Nvidia shares rose 2.14% to $223.67, about $13 below their record high, as investors read the deal as another sign AI infrastructure demand remains strong ahead of the chipmaker's August 26 earnings report.
Skeptics including Michael Burry still question whether Nvidia is helping finance end demand, but the latest round adds to evidence that large private-capital checks for Nvidia-linked projects are still flowing.