Firmus Technologies seeks $10B financing for Nvidia chips

TECHNOLOGY

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Firmus Technologies seeks $10B financing for Nvidia chips

The Australian AI infrastructure firm, which started as a Bitcoin mining operation in Tasmania, is deploying up to 170,000 Nvidia GPUs at a new Indonesian data center campus.

by
Editorial Team

Sep. 23, 2026

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An Australian company that got its start mining Bitcoin in Tasmania is now negotiating one of the largest debt facilities in AI infrastructure history. Firmus Technologies has secured a $10 billion debt facility, arranged by Blackstone and Coatue, to fund an aggressive expansion into AI data centers, with a massive new campus in Batam, Indonesia, serving as the centerpiece.

The financing is earmarked primarily for purchasing Nvidia AI accelerators, the GPU hardware that has become the oxygen supply for modern AI workloads. Firmus plans to deploy up to 170,000 of those chips across its Indonesian facility alone, with deliveries expected through 2027 and 2028 and the campus targeting a go-live date in Q1 2027.

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From Bitcoin mining to billion-dollar AI plays

Firmus Technologies launched in 2019 as a Bitcoin mining and cooling specialist operating out of Tasmania. In April 2026, Firmus completed a $505 million equity round at a $5.5 billion post-money valuation. By August 2026, the company raised a fully subscribed $2 billion round that pushed its valuation above $10.5 billion. In the span of about four months, the company roughly doubled in value.

The $10 billion debt facility, secured in February 2026, sits on top of that equity base.

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The Indonesia campus and the Nvidia partnership

The Batam, Indonesia campus, announced on June 29, 2026, is the flagship project for much of this capital. The facility will add 360 MW of capacity, a significant chunk of Firmus’s broader ambition to reach 1.6 GW of total capacity by 2028 under its “Project Southgate” initiative.

The Indonesian project is structured as an eight-year partnership with Nvidia. The deal includes a revenue-sharing model where Nvidia earns from both the initial hardware sales and an ongoing cut of cloud revenue generated by the facility.

Firmus plans to offer Nvidia-powered cloud capacity to AI-native customers. The projected revenue from the Indonesia campus alone sits between $25 billion and $30 billion in committed offtake over the first six years of operation.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.