Neocloud profile
Firmus
Firmus is an Australian neocloud and AI-factory developer, using immersion cooling to build Project Southgate in Tasmania alongside campuses in Victoria and South Australia, ahead of a planned ASX listing.
Founded: 2019. Headquarters: Singapore, with major Australian operations. Co-CEOs: Oliver Curtis and Tim Rosenfield.
Key figures
- Project Southgate up to about 400MW
- About 1.6GW liquid-cooled AI compute across Australia by 2028
- About US$5.5bn pre-IPO valuation, April 2026
Profile summary
| Field | Value |
|---|---|
| Type | AI-factory developer and operator, immersion cooled |
| Flagship | Project Southgate, Launceston, Tasmania |
| National plan | About 1.6GW of liquid-cooled AI compute across Australia by 2028 |
| GPU fleet | Roughly 36,800 NVIDIA GB300 in Tasmania and roughly 18,500 in Melbourne |
| Platform | Sustainable Metal Cloud immersion plus AI FactoryOS |
| Backers | Coatue, NVIDIA equity and Blackstone debt |
| Status | Private, preparing an ASX IPO |
Facilities and capacity
Firmus's Australian AI-factory capacity is centred on Project Southgate in Launceston and a Melbourne GPU deployment.
| Deployment | Location | Scale or scope | Status |
|---|---|---|---|
| Project Southgate | Launceston, Tasmania | Up to about 400MW at full build, first stage about 90MW | Build-out |
| Southgate Melbourne | Melbourne | Roughly 18,500 NVIDIA GB300 | Planned |
| National multi-capital plan | Australian capitals | About 1.6GW of liquid-cooled AI compute across Australia by 2028 | Planned |
Funding and investors
| Date | Round or agreement | Amount or scope | Counterparty |
|---|---|---|---|
| Apr 2026 | Equity round | About US$505m at about US$5.5bn valuation | Coatue with NVIDIA participation |
| 2026 | Debt package | About A$10bn | Blackstone |
| Target 2026 | Planned ASX IPO | Around A$2bn sought; timing pushed toward about September, pricing flagged well above the US$5.5bn round | Bookrunners Bank of America, JPMorgan, Morgans |
Technology and platform
Firmus uses immersion and liquid cooling for high-density GPU deployments and attributes energy-reduction claims to its platform.
Sustainable Metal Cloud Hypercubes are used across STT GDC-linked deployments by the company's account.
AI FactoryOS is the company's software layer for managing AI-factory operations.
Leadership
| Name | Role |
|---|---|
| Oliver Curtis | Co-CEO |
| Tim Rosenfield | Co-CEO |
| Jonathan Levee | Named in Firmus leadership materials |
How Firmus compares
| Company | Status or presence | Capacity or commitment | Model or program |
|---|---|---|---|
| Sharon AI | NASDAQ:SHAZ | Up to 54MW via NEXTDC | GPU cloud hosted in NEXTDC facilities |
| Firmus | Private, pre-IPO | Project Southgate up to ~400MW; ~1.6GW national plan by 2028 | Own immersion-cooled AI factories |
| IREN | NASDAQ:IREN | Planned 800MW campus at Bundey, SA; operating data centres in the US and Canada | Own North American data centres; Microsoft AI cloud |
Latest coverage
Frequently Asked Questions
What is Firmus?
Firmus is an AI-factory developer and operator using immersion cooling for high-density GPU infrastructure.
Where is Project Southgate?
Project Southgate is Firmus's flagship Australian campus in Launceston, Tasmania.
When is the Firmus IPO?
Firmus is preparing an ASX IPO. June 2026 reporting pointed to timing pushed from June toward around September, with pricing flagged well above its US$5.5bn round; timing and terms remain moving fields.
Who backs Firmus?
Backers include Coatue, NVIDIA equity participation and Blackstone debt.
How big is Project Southgate?
Firmus describes Project Southgate as up to about 400MW at full build, part of an about 1.6GW national plan by 2028.
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