Firmus Technologies Revenue, Valuation, Funding & Investors

Firmus Technologies is valued at $11B as of August 2026.

Last Firmus Technologies valuation

$11B

Undisclosed stage · Aug 2026

Last Firmus Technologies funding round

$2B

Undisclosed stage · Aug 2026

Firmus Technologies revenue

$1.4B

Strategic investment · Feb 2026

Key investors in Firmus Technologies

Firmus Technologies Overview

About Firmus Technologies

Firmus Technologies is an Austin-headquartered provider of AI data center infrastructure known as AI Factories, optimizing GPU clusters for maximum token generation throughput and profitability. Featuring liquid cooling across racks, power management, and AI FactoryOS operating system, it supports H100 and H200 GPUs with 99.99 percent uptime. Firmus' SMC cloud platform leverages SHARP networking for hyperscalers training large language models at scale.


Founded

2019

HQ

AustraliaSydney

Website

firmus.co

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$1.4B (Feb 2026)

Valuation

$11B (Aug 2026)

Firmus Technologies Valuation

Firmus Technologies is currently valued at $11B, based on its undisclosed-stage round in August 2026.

The $2B round included NVIDIA, Alex Waislitz, The Pratt family, Archibald Capital, Blackstone and 5 other investors.

Firmus Technologies' valuation has grown 8.0x from $1.3B at its undisclosed-stage round in September 2025 to $11B in August 2026, across 5 priced rounds.

Firmus Technologies valuation by funding round

Revenue multiple
Firmus Technologies valuation by funding round
DateStageValuationRevenue Multiple
Aug 2026Undisclosed stage$11B-
Apr 2026Undisclosed stage$5.5B-
Feb 2026Strategic investment$4.2B3.0x
Nov 2025Undisclosed stage$3.9B-
Sep 2025Undisclosed stage$1.3B-

Firmus Technologies Revenue

Firmus Technologies' latest recorded revenue is $1.4B, as of its strategic investment round in February 2026. At a $4.2B valuation, that implies a 3.0x revenue multiple.

Firmus Technologies revenue by funding round

Firmus Technologies revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2026$1.4B$4.2B3.0xStrategic investment

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Firmus Technologies Funding History

Firmus Technologies has raised a total of $3.1B across 5 funding rounds.

Firmus Technologies' first fundraising round was a $218M undisclosed-stage round in September 2025. The most recent completed round was a $2B undisclosed-stage round in August 2026.

Firmus Technologies funding rounds

Firmus Technologies funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2026Undisclosed stageNVIDIA; Alex Waislitz; The Pratt family; Archibald Capital; Blackstone; Morphic Ethical Equity Fd; Jane Street; Regal Investment Fund; Coatue; Tectonic Investment Management$2B$11BFirmus Technologies raised USD 2000 million in August 2026 in an equity round that lifted its post-money valuation to above USD 10500 million. The round included follow-on participation from Nvidia and Coatue Management, with new backing from funds managed by Blackstone Tactical Opportunities and other Blackstone vehicles, plus Jane Street. Firmus said the capital will accelerate its Project Southgate AI Factory rollout in Australia and support expansion into other Asia-Pacific markets. The financing followed a USD 10000 million debt facility announced in February 2026 and a USD 505 million strategic equity investment in April 2026, bringing new equity raised during the past year to over USD 3000 million. The company’s valuation had been about USD 5500 million in April, so the August round nearly doubled it. Firmus is Sydney-based and operates as an AI infrastructure company focused on liquid-cooled AI factories and data centre build-out across Australia and Asia-Pacific.
Apr 2026Undisclosed stageCoatue (lead); NVIDIA$505M$5.5B-
Feb 2026Strategic investmentMaas Group (lead)$71M$4.2BFirmus Technologies develops AI-powered data centre infrastructure, focusing on modular, liquid-cooled AI Factory platforms in Tasmania, leveraging the region's cool climate and renewable energy. As an Nvidia Cloud Partner on the Lepton marketplace, it designs systems compatible with Nvidia's latest architectures like Spectrum-X Ethernet, aiming to build Australia's sovereign AI supply chain with local manufacturing of cooling, power, and integrated modules through partners like Benmax and Maas subsidiary JLE. The company raised A$330 million in September 2025 at a post-money valuation of A$1.85 billion, followed by A$500 million in November 2025 that trebled the valuation to approximately A$6 billion. Maas Group invested A$100 million (various reports cite ~$70-100 million USD equivalent) in early 2026, securing a 1.7% equity stake and confirming the A$6 billion valuation. This brings total equity raised in the past six months to over $800 million (mixed currencies), with over $210 million committed to the Australian AI factory supply chain. Firmus is contemplating an ASX IPO within 12 months, potentially raising over A$1 billion. Firmus reported A$2 billion revenue for FY2025, up modestly from A$1.95 billion in 2024. Maas funded the investment via proceeds from selling its Construction Materials division to Heidelberg Materials for up to $1.703 billion (expected H2 2026). The deal positions Maas for exposure to AI infrastructure growth without operational control, amid its pivot from construction to digital assets and electrification.
Nov 2025Undisclosed stageNVIDIA; Morphic Ethical Equity Fd$328M$3.9BFirmus Technologies is an Australian AI infrastructure startup that designs energy-efficient AI factories and data center platforms optimized for compute density and renewable power integration. The company has developed a modular, liquid-cooled infrastructure platform in partnership with NVIDIA and serves as an NVIDIA Cloud Partner, leveraging NVIDIA's latest architectures including Spectrum-X Ethernet networking and Nemotron open models. In November 2025, Firmus closed a $327 million funding round (A$500 million) led by Ellerston Capital with participation from NVIDIA, achieving a post-money valuation of $3.9 billion USD. This round came approximately three months after the company closed a $215 million (A$330 million) raise in September 2025, indicating rapid capital deployment and investor confidence in its growth trajectory. The November funding followed Firmus' blockbuster partnership announcement with NVIDIA and CDC Data Centres to deliver over $73 billion in AI data center infrastructure across Australia by 2028. Proceeds from both rounds are directed toward Project Southgate, Firmus' flagship initiative to build 1.6–1.8 gigawatts of sovereign, renewable-powered AI infrastructure capacity across Tasmania, Melbourne, Canberra, Sydney, and Perth. The company's flagship facility in Launceston, Tasmania is designed to host 36,000 NVIDIA GB300 chips and will cost approximately $1.37 billion, utilizing advanced liquid-cooling systems that eliminate water consumption on cooler days (below 78.8°F, which occurs roughly 10 days per year in Launceston). Firmus is now headquartered in Singapore and has attracted backing from leading Australian investors including Regal, Archibald Capital, Tectonic, Alex Waislitz, and the Pratt family, positioning the company as a central player in Australia's sovereign AI infrastructure and national security agenda.
Sep 2025Undisclosed stageMorphic Ethical Equity Fd (lead); NVIDIA; Alex Waislitz; The Pratt family; Archibald Capital; Naos; Regal Investment Fund; Tectonic Investment Management$218M$1.3BFirmus Technologies is an Australian AI infrastructure company specializing in energy-efficient data center solutions for AI computing workloads. The company develops the AI Factory platform, a vertically integrated system designed to optimize compute density, energy efficiency, and cost across multiple dimensions. In September 2025, Firmus closed an A$330 million equity placement at a post-money valuation of A$1.85 billion, with cornerstone investment from Ellerston Capital and participation from NVIDIA, alongside strong interest from institutional and high-net-worth Australian investors. The capital is directed toward Project Southgate, Firmus' flagship initiative in partnership with the Tasmanian Government, establishing Australia's first sovereign, renewable-powered AI factory campus in the newly announced Green AI Factory Zone in northern Tasmania, featuring 36,000 NVIDIA GPUs built over two stages. The project represents the largest deployment of Firmus' AI Factory platform to date, building on existing successful operations in Singapore where the platform underpins Firmus' AI cloud services for research, enterprise, and government clients. Firmus has signed strategic partnerships with CDC Data Centres and NVIDIA as a customer, demonstrating early traction in the AI infrastructure market as global demand for scalable, sustainable compute power accelerates.

Who has invested in Firmus Technologies?

12 investors have backed Firmus Technologies across its funding rounds, including NVIDIA, Morphic Ethical Equity Fd, Coatue, Regal Investment Fund, Alex Waislitz and Archibald Capital.

Lead investors include Coatue, Maas Group and Morphic Ethical Equity Fd.


Firmus Technologies Investors

Investors in Firmus Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
NVIDIAUnited StatesSan Jose, CA4ParticipantSep 2025
Morphic Ethical Equity FdAustraliaSydney3LeadSep 2025
Alex WaislitzAustraliaMelbourne2ParticipantSep 2025
The Pratt family--2ParticipantSep 2025
Archibald CapitalAustraliaSydney2ParticipantSep 2025
Regal Investment FundAustraliaAustralia2ParticipantSep 2025
CoatueUnited StatesNew York City, NY2LeadApr 2026
Tectonic Investment ManagementUnited KingdomLondon2ParticipantSep 2025
Maas GroupAustraliaAustralia1LeadFeb 2026
BlackstoneUnited StatesNew York City, NY1ParticipantAug 2026

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Acquisitions by Firmus Technologies

Firmus Technologies has acquired 1 company to date.

Last acquisition by Firmus Technologies was on August 13th 2026. Firmus Technologies acquired Benmax (fabrication, design and projects unit) for $211M.


Latest Acquisitions by Firmus Technologies

Benmax (fabrication, design and projects unit)
Description
Benmax fabrication, design, and projects unit forms the engineering and production core that handles high-performance HVAC and mechanical systems across their full lifecycle.
HQ CountryAustralia
HQ City
-
Deal Date13 Aug 2026
Valuation$211M
EV/Revenue
EV/EBITDA

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Firmus Technologies Competitors

Firmus Technologies competitors include listed companies like D-Wave Quantum and Core Scientific, and private ones like Nscale, Crusoe Energy Systems, Xsight Labs and NextSilicon.

Public and private companies comparable to Firmus Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NscaleUnited KingdomLondonPrivate$33M-$15B442.4x
D-Wave QuantumUnited StatesUnited StatesPublicly listed$25M($373M)$6.7B166.4x
Core ScientificUnited StatesUnited StatesPublicly listed$319M($211M)$5.5B13.9x
Crusoe Energy SystemsUnited StatesDenver, COPrivate$276M-$30B-
Xsight LabsIsraelKiryat GatPrivate--$2.8B-
NextSiliconIsraelTel AvivPrivate--$1.5B-

Firmus Technologies Public Comps

Firmus Technologies is still privately-owned, but its public comps include Shanghai Biren Technology, Iluvatar CoreX, Oracle Corp Japan, Applied Digital, INWIT, D-Wave Quantum, Lumen, GDS Holdings, TOTO and Nextdc.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Shanghai Biren Technology$154M($2.4B)66.9x33.6x(4.2x)(28.9x)
Iluvatar CoreX$154M($124M)83.3x35.7x(103.4x)(141.7x)
Oracle Corp Japan$1.8B$589M3.9x3.9x12.1x12.2x
Applied Digital$611M($85M)21.3x20.1x(154.0x)78.1x
INWIT$1.2B$1.1B10.6x10.6x11.8x11.7x
D-Wave Quantum$25M($373M)252.9x166.4x(16.7x)(56.5x)
Lumen$12B$1.2B1.5x1.6x14.7x6.1x
GDS Holdings$1.7B$882M6.8x6.3x13.1x13.6x

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Common questions about Firmus Technologies

When was Firmus Technologies founded?Firmus Technologies was founded in 2019.
Where is Firmus Technologies headquartered?Firmus Technologies is headquartered in Sydney, Australia.
Is Firmus Technologies publicly listed?No, Firmus Technologies is a private, VC-backed company.
What is Firmus Technologies' valuation?Firmus Technologies was last valued at $11B in its undisclosed-stage round in August 2026.
How much funding has Firmus Technologies raised?Firmus Technologies has raised $3.1B across 5 funding rounds.
What was Firmus Technologies' last funding round?Firmus Technologies' last funding round was a $2B undisclosed-stage round in August 2026.
Who are Firmus Technologies' investors?Firmus Technologies' investors include NVIDIA, Morphic Ethical Equity Fd, Alex Waislitz, The Pratt family, Archibald Capital, Regal Investment Fund, Coatue, Tectonic Investment Management, Maas Group, Blackstone and 2 others.
What is Firmus Technologies' revenue?Firmus Technologies' latest recorded revenue is $1.4B (February 2026).
What is Firmus Technologies' revenue multiple?Firmus Technologies' latest valuation implies a 3.0x revenue multiple ($4.2B valuation on $1.4B of revenue).
Which companies are comparable to Firmus Technologies?Companies comparable to Firmus Technologies include Nscale, D-Wave Quantum, Core Scientific, Crusoe Energy Systems, Xsight Labs and NextSilicon.
How many companies has Firmus Technologies acquired?Firmus Technologies has acquired 1 company, including Benmax (fabrication, design and projects unit).
What was the largest acquisition by Firmus Technologies?The $211M acquisition of Benmax (fabrication, design and projects unit) in August 2026 is the largest acquisition Firmus Technologies has made to date.

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