Key Takeaways
- • Nvidia is in talks to invest hundreds of millions of dollars in Firmus, the Australian AI cloud provider that already plans to deploy a large fleet of Nvidia chips, which would make Nvidia both Firmus's supplier and shareholder.
- • Firmus postponed a planned Australian IPO, originally targeting roughly $5 billion, citing market conditions, and is instead pursuing private funding potentially in the range of $2-3 billion.
- • Firmus has raised more than $3 billion in equity over the past year, including $505 million at a $5.5 billion valuation in April 2026 and a $2 billion round in August that lifted its valuation above $10.5 billion.
- • The Batam, Indonesia AI factory campus targets up to 170,000 Nvidia GPUs across 360 MW, with deployment starting in Q1 2027 and a $25-30 billion six-year cloud revenue projection that is Firmus's own estimate.
- • Firmus, which began as a Bitcoin mining operation, illustrates how former crypto miners are pivoting to AI infrastructure.
Summary
Nvidia is negotiating to invest hundreds of millions of dollars in Firmus, according to Crypto Briefing. If the deal closes, Nvidia would hold a dual role as both the primary hardware supplier to Firmus and one of its shareholders. Observers typically scrutinize such arrangements to determine how much demand is organic versus financed by the vendor itself, a concern that is especially relevant given the heavy reliance of Firmus's planned infrastructure on Nvidia hardware.
The talks come shortly after Firmus postponed a planned Australian IPO on or around October 8, 2026, citing market conditions and a cooling of investor appetite for AI infrastructure. The offering had originally aimed to raise around $5 billion. The company has instead chosen to pursue private funding, potentially in the range of $2-3 billion.
Firmus has raised more than $3 billion in equity over the past year. In April 2026 it raised $505 million at a valuation of $5.5 billion, and in August it closed a $2 billion round that pushed its valuation above $10.5 billion. The company is led by co-CEOs Oliver Curtis and Tim Rosenfield, and its backers include Coatue, Blackstone and Jane Street.
The relationship with Nvidia deepened in late June 2026, when the two firms announced a partnership on June 28/29 covering an AI factory campus in Batam, Indonesia. Firmus plans to deploy up to 170,000 Nvidia GPUs across a 360 MW campus, with work beginning in the first quarter of 2027. Firmus projects the site could generate $25 to $30 billion in cloud revenue over its first six years, with Nvidia benefiting through hardware sales and revenue sharing. That revenue figure is a company projection rather than a booked result.
Firmus began as a Bitcoin mining operation before pivoting to AI workloads through its proprietary HyperCube platform, which is built on Nvidia technology. The article notes that mining companies' experience with power procurement and high-density hardware gives them an advantage as demand shifts from hashing to model training.
The talks come shortly after Firmus postponed a planned Australian IPO on or around October 8, 2026, citing market conditions and a cooling of investor appetite for AI infrastructure. The offering had originally aimed to raise around $5 billion. The company has instead chosen to pursue private funding, potentially in the range of $2-3 billion.
Firmus has raised more than $3 billion in equity over the past year. In April 2026 it raised $505 million at a valuation of $5.5 billion, and in August it closed a $2 billion round that pushed its valuation above $10.5 billion. The company is led by co-CEOs Oliver Curtis and Tim Rosenfield, and its backers include Coatue, Blackstone and Jane Street.
The relationship with Nvidia deepened in late June 2026, when the two firms announced a partnership on June 28/29 covering an AI factory campus in Batam, Indonesia. Firmus plans to deploy up to 170,000 Nvidia GPUs across a 360 MW campus, with work beginning in the first quarter of 2027. Firmus projects the site could generate $25 to $30 billion in cloud revenue over its first six years, with Nvidia benefiting through hardware sales and revenue sharing. That revenue figure is a company projection rather than a booked result.
Firmus began as a Bitcoin mining operation before pivoting to AI workloads through its proprietary HyperCube platform, which is built on Nvidia technology. The article notes that mining companies' experience with power procurement and high-density hardware gives them an advantage as demand shifts from hashing to model training.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.