Nvidia leads Firmus' A$2B raise at $15.5B valuation ahead of ASX IPO
What's the deal? Nvidia has agreed to invest roughly A$720 million (US$500 million) in Australian cloud infrastructure startup Firmus Technologies, leading the company's A$2 billion late-stage raise, according to the Australian Financial Review. The round values Firmus at around US$15.5 billion post-money, nearly doubling its previous valuation.
How it works: Nvidia's investment will come through preference shares that convert into ordinary shares once Firmus completes an Australian Securities Exchange (ASX) listing, targeted within 12 months.
What's the endgame? Firmus plans to spend much of the capital on Nvidia's AI chips for a planned data centre in Launceston, Tasmania. It also intends to expand its broader Australian data centre pipeline to meet demand for cloud and AI infrastructure.
Why now? Firmus has scheduled an extraordinary general meeting for July 31, 2026, where shareholders will vote on the raise. They will also weigh a 50-for-1 share split designed to lower the per-share price before the IPO and widen retail appeal.
By the numbers: The deal ranks among the largest of its kind — sitting in the top 1% by size across all late-stage venture rounds for hosting companies in Australia, based on a sample of 195 rounds.
What could go wrong? The raise and share split still require shareholder approval at the July meeting. Much of Firmus' plan depends on chip supply and sustained demand for AI data centres, both tied closely to Nvidia.
The signal: Nvidia continues to deepen its role in global AI infrastructure, not just as a chip supplier but as an investor in the customers buying them. Its backing of Firmus points to one of Australia's most closely watched technology listings as demand for AI data centres accelerates worldwide.
Read more: EconoTimes
