At a glance
Firmus is in talks with lenders for about US$10 billion to buy NVIDIA chips for its 360MW AI factory campus in Batam, Indonesia.
About US$7.5 billion would be debt, split into senior and mezzanine layers over five years, with about US$2.5 billion of equity.
NVIDIA would share revenue and provide credit support, a structure NVIDIA-backed Zankore used for a GPU loan of up to US$3.1 billion in Indonesia in September.
The package comes on top of February's US$10 billion Blackstone and Coatue debt facility, and a month before Firmus's targeted 22 October ASX listing.
Batam is sized for up to 170,000 NVIDIA GPUs, delivered from the first quarter of 2027 into early 2028.
Firmus is lining up about US$10 billion to buy NVIDIA chips for its 360MW campus in Batam, Indonesia, a month before the Australian company's planned 22 October ASX listing. The package would be about US$7.5 billion of debt and US$2.5 billion of equity, with NVIDIA sharing revenue and providing credit support, according to people familiar with the talks cited by Bloomberg on 23 September 2026.
Firmus announced the campus with NVIDIA and DayOne in June as a 360MW NVIDIA AI factory in Batam, sized for up to 170,000 GPUs. Firmus is one of the neocloud providers in Australia, the companies that build GPU capacity and rent it to AI developers.
The Batam package would add US$7.5 billion of debt for one campus, three-quarters the size of February's company-wide facility, ahead of a float targeting about US$5 billion.
US$7.5 billion of debt in two layers
The debt would run for five years and split into a senior portion and a mezzanine portion, which is repaid after the senior lenders and paid a higher rate for that risk. Bloomberg put the senior margin near 275 basis points over SOFR, the US overnight lending benchmark, and the mezzanine near 725 basis points. About US$2.5 billion of equity would sit beneath both.
Batam is a multi-tenant AI factory built with DayOne under an NVIDIA partnership that runs to 2034. Firmus said in June it expects US$25 billion to US$30 billion from committed offtake at the campus over the partnership's first six years.
NVIDIA would support the credit, as it did for Zankore
NVIDIA supplies the chips, holds equity in Firmus and, under the June partnership, takes a share of the cloud revenue Batam earns. The reported credit support would give NVIDIA a role in the credit risk of a loan that buys its own chips, on top of the revenue share it already holds.
Zankore, an NVIDIA-backed AI platform in Indonesia, secured a senior term loan of up to US$3.1 billion, announced on 9 September, from Citi, ING, Natixis, Qatar National Bank and UOB to buy NVIDIA GPUs. That deal carries revenue-sharing and credit-support arrangements that tie the pace of deployment to customer demand. Zankore starts at 100MW and aims to contract 1GW of capacity over three years.
Firmus's reported US$7.5 billion spans senior and mezzanine debt, against Zankore's senior loan of up to US$3.1 billion. The size of Firmus's senior layer has not been reported.
A second facility, on top of February's
Blackstone Tactical Opportunities and Blackstone Credit and Insurance led a US$10 billion debt facility for Firmus in February, with Coatue. The Batam package's US$7.5 billion of debt is tied to one site.
Raise | Date | Amount |
|---|---|---|
Debt facility led by Blackstone, with Coatue | February 2026 | US$10 billion |
Equity round led by Coatue, NVIDIA participating | April 2026 | US$505 million |
Equity round with NVIDIA, Blackstone, Jane Street and Coatue | August 2026 | US$2 billion |
Batam chip financing, in talks | September 2026 | About US$10 billion |
ASX listing, targeted | 22 October 2026 | About US$5 billion (up to US$5.5 billion) |
Source: Firmus (9 February, 6 April, 7 August 2026); Bloomberg (23 September 2026); IPO term sheet reported by Reuters (21 September 2026).
The August round, in which Jane Street took a stake, put the Firmus valuation above US$10.5 billion. The IPO term sheet sets the raise at about US$5 billion, or A$7 billion, with an overallotment option of up to US$500 million more. Reports put the company's value near A$50 billion at listing.
Firmus has five AI factories under development for service within 24 months. OpenAI is the anchor customer for two of them, in Malaysia. Firmus plans for approximately 2 million GPUs by 2028, according to a company job advertisement, and Batam's 170,000 would be about 8.5 per cent of that.
What to watch
The lender group. The banks on the senior and mezzanine layers have not been reported, nor the size of each layer.
The prospectus. Firmus is due to lodge it on 8 October, after an institutional bookbuild on 6 and 7 October, and it is the first place the Batam financing would appear in the company's own figures. The Financial Review has reported that August's investors get better terms on their shares if the listing is not done by 30 November.
Batam's first GPUs. Delivery runs from the first quarter of 2027 into early 2028, according to reports of the June announcement.