Firmus Raises AU$500m for Data Center Roll Out

Australian neocloud Firmus has raised AU$500m (US$327m) in equity for its data center rollout as it aims to expand its data center capacity to 1.6GW through 2028 under an initiative known as Project Southgate, for which the new funding will go towards.

Firmus' co-CEO Oliver Curtis said: "This raise allows us to deliver on the next phase of Project Southgate - expanding beyond Tasmania into four major mainland regions. We’re manufacturing a new class of AI infrastructure, on Australian soil, that is purpose-built for scale, performance, and sustainability. This means high-value local jobs and a critical piece of sovereign capability for Australia.”

Co-CEO Tim Rosenfeld added: “We’ve spent years developing a vertically integrated AI Factory platform that can scale more efficiently than traditional approaches. With demand for AI infrastructure accelerating, this funding ensures we can meet it quickly, cost-effectively, and in line with Australia’s renewable energy future.”