Blackstone joins, NVIDIA backs: Australian AI company secures $10 billion financing, plans IPO within the year

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Australian AI startup Firmus Technologies Pty. has secured a $10 billion loan financing, marking one of the largest private credit deals in the country. The funds will be used to advance its data center construction plans, signaling a further extension of the global AI infrastructure investment boom into the Australian market.

According to Bloomberg’s report on Monday, the financing was provided by funds led by Blackstone Group, with technology investment firm Coatue Capital LLC also participating. The funds will be used for the next phase of Firmus’ data center expansion, with the project to utilize NVIDIA chips. The company announced on Monday that it plans to build data centers in Australia with a total capacity of 1.6 GW by 2028.

Firmus is expected to go public in Sydney later this year and has already become one of Australia’s most active data center developers. In November last year, the company raised AUD 500 million for site development, infrastructure deployment, and energy trading, with a valuation of about AUD 6 billion at the time.

Australia is becoming one of the primary beneficiaries of the global data center construction boom. According to a study by Commonwealth Bank of Australia, the country has become the world’s third-largest AI investment destination after the US and China, and is expected to add data centers worth about AUD 150 billion (USD 105 billion).

Blackstone Bets Big on AI Infrastructure

Blackstone Group, as the world’s largest alternative asset manager, manages $1.3 trillion in assets. The commitment to Firmus is provided through funds managed by Blackstone Tactical Opportunities and Blackstone Credit & Insurance.

This $10 billion financing far exceeds previous reports. According to earlier Bloomberg news, Blackstone had planned to provide a $3.5 billion loan to this Australian AI company; the latest transaction amount shows a significant boost in investor confidence for the project.

Backed by NVIDIA, Firmus Expands Aggressively

Firmus has been advancing expansion projects across Australia, covering major cities from Perth to Sydney and Melbourne. The AUD 500 million financing completed in November last year was mainly used for site development, infrastructure deployment, and energy deals; at that time, the company’s valuation was about AUD 6 billion.

As an AI infrastructure company supported by NVIDIA, Firmus’ data center construction will use NVIDIA’s chip technology, providing a technological advantage in the AI computing power race. The planned 1.6 GW data center capacity to be completed by 2028 will significantly enhance Australia’s AI computing capability.

Australia’s AI Infrastructure Investment Frenzy

According to Moody’s rating forecast, AI-related infrastructure investments, such as data centers, are expected to exceed $3 trillion in the next five years, with most of the expenditures likely funded through debt financing. The combined capital expenditure of tech giants Alphabet, Amazon, Meta, and Microsoft may reach $650 billion in 2026, mainly driven by the expensive AI arms race.

However, this staggering scale of investment has also raised concerns on Wall Street, with investors questioning whether these huge cash outflows can ultimately deliver sustainable returns. Nevertheless, capital continues to pour into the AI infrastructure field, and Firmus’ $10 billion financing is the latest example of this trend.

With abundant resources and strategic location, Australia is occupying an increasingly important position in the global AI infrastructure race.

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