Nvidia (NVDA)-Backed Firmus Technologies Targets $10B Funding Round Before Australia Listing

Key Points

• Firmus Technologies, supported by Nvidia, is negotiating approximately $10 billion in pre-IPO financing.
• The financing structure may consist of around $7.5 billion in debt instruments and $2.5 billion in equity capital.
• A separate Australian stock exchange listing planned for October could generate approximately $5 billion.
• Capital will finance GPU acquisitions and AI data center infrastructure buildout throughout the Asia-Pacific region.
• The transaction would strengthen Nvidia’s financial ties with a critical infrastructure ally.

Firmus Technologies, which counts Nvidia among its backers, is currently negotiating to secure approximately $10 billion in capital ahead of its anticipated listing on the Australian stock market, Bloomberg has reported. If finalized, this financing arrangement would represent one of the Asia-Pacific region’s most substantial digital infrastructure funding deals.

According to sources with knowledge of the discussions, the proposed financing package would be structured with roughly $7.5 billion in debt financing and $2.5 billion in equity investment. The debt component could potentially be divided between senior and mezzanine tranches, both carrying five-year maturity terms.

Australian IPO Plans Take Shape for Nvidia Partner

In parallel with its financing discussions, Firmus is advancing plans for an initial public offering that could generate around $5 billion in proceeds. According to Reuters, the institutional investor roadshow is scheduled to commence on October 6, with the company’s shares expected to begin trading on the Australian Securities Exchange by October 22.

If successful, the offering would claim the position of Australia’s second-largest IPO in history, trailing only the 1997 Telstra privatization. The capital raised is earmarked to accelerate the company’s aggressive expansion strategy within AI computing infrastructure markets.

Since its inception as a cryptocurrency mining venture in 2019, Firmus has transformed into a specialized AI data center operator with active facilities and development projects spanning Australia and broader Asia. The company has established Nvidia as a strategic hardware partner during its transition toward AI-focused infrastructure designed around cutting-edge accelerator technology.

Nvidia recently designated Firmus as one of several collaborative partners in an ambitious initiative to dramatically scale AI data center capacity within Australia. This broader program targets the addition of up to 2 gigawatts of AI-optimized computing capacity distributed among multiple infrastructure providers.

Regional Expansion Strategy Gains Momentum

Beyond Australia, Firmus is advancing development of a 360-megawatt AI computing facility located in Batam, Indonesia, through a partnership with DayOne Data Centers. This project will deploy Nvidia computing systems and represents a cornerstone of the company’s strategy to establish large-scale AI infrastructure across multiple markets.

The company has also announced OpenAI as an anchor customer for computing resources from two data centers under development in Malaysia. Reuters disclosed earlier this month that this multi-year capacity agreement adds significant contracted revenue to Firmus’ growing customer base.

The Bloomberg report indicates that Nvidia may contribute revenue-sharing arrangements and credit enhancement mechanisms as components of the latest financing package. Such collaborative financial structures have become increasingly prevalent as Nvidia partners with infrastructure operators to accelerate chip procurement and deployment timelines.

While this approach enables faster scaling, it simultaneously creates deeper financial interdependencies between Nvidia and companies purchasing its hardware platforms. Prospective IPO investors will likely scrutinize Firmus’ leverage levels, operational execution capabilities, and whether sustained AI computing demand can support the company’s ambitious growth trajectory.