Firmus Technologies
Australian AI-factory developer (Launceston, Tasmania) behind Project Southgate with CDC Data Centres and NVIDIA: renewable-powered AI factories across Australian capitals.
firmus.co · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Profile
- Headquarters
- Launceston, Tasmania, Australia
- Founded
- Not yet recorded
- Ownership
- private
- Operating regions
- Asia-Pacific
- Deployment model
- sovereign ai cloud, infrastructure development
- GPU vendors
- NVIDIA
- GPU generations
- NVIDIA Blackwell Ultra
- Networking
- Not yet recorded
- Storage
- Not yet recorded
- Cooling
- Immersion cooling (Sustainable Metal Cloud HyperCubes)
- Energy strategy
- third party — Renewable PPAs (inferred).
- Platform / control plane
- Not yet recorded
- Business model
- National AI factory rollout.
- Differentiation
- Not yet recorded
Sources: PitchBook — Firmus Technologies Company Profile, SmartCompany — Firmus expands Australian 'AI factory' plan with $73.3 billion from Nvidia, CDC, Firmus — Firmus Expands Project Southgate Across Australia
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
| MW | Maturity | MW type | As of | Status & source |
|---|---|---|---|---|
| 1,600 | announced | unspecified | 1 Nov 2025 | Announced Confidence: medium 1.6 GW across five sites by 2028 (plan). Source: SmartCompany — Firmus expands Australian 'AI factory' plan with $73.3 billion from Nvidia, CDC |
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Project Southgate — Melbourne 18,500 GB300 expected online by April 2026 (plan); current status not confirmed. Participants: CDC Data Centres (partner), NVIDIA (partner). Source: NeoCloud Observatory research. Source: SmartCompany — Firmus expands Australian 'AI factory' plan with $73.3 billion from Nvidia, CDC | Melbourne, Victoria, Australia | planned | Not sourced |
| Project Southgate — Northern Tasmania First-stage renewable AI factory. Participants: —. Source: NeoCloud Observatory research. Source: SmartCompany — Firmus expands Australian 'AI factory' plan with $73.3 billion from Nvidia, CDC | Launceston, Tasmania, Australia | announced | Not sourced |
Disclosed customer contracts
No disclosed customer contracts recorded.
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 1 May 2026 | debt | $6.6B | Firmus Technologies — Project Southgate debt facility '$10bn' facility; currency assumed AUD (Australian reporting) — flagged. Date approximate. Source: DatacenterDynamics — Firmus secures $10bn debt financing facility for Project Southgate |
| 1 Sept 2025 | equity | $217.8M | Firmus Technologies — Growth round (NVIDIA-backed) A$330M at A$1.85B; USD converted at 0.66 (approximate). Date approximate. Investors: NVIDIA Source: SmartCompany — Firmus expands Australian 'AI factory' plan with $73.3 billion from Nvidia, CDC |
Neocloud Observatory
Evidence-scored analysis
Category D · AI Factory / Data Center + Cloud Hybrid · data quality 48.5/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational Unknown
- Under construction Unknown
- Contracted Unknown
- Secured Unknown
- Announced Unknown
- Stated pipeline Unknown
- Company target 1,600 MW
- GPUs operational
- Unknown
- GPUs contracted
- Unknown
- GPUs announced
- 54,500
GPU platforms: GB300 · NVIDIA · NVIDIA GB300
Financial position
- Annualised revenue
- Unknown
- Revenue growth (YoY)
- Unknown
- Backlog
- Unknown
- Disclosed contract value
- Unknown
- Valuationpost money funding valuation
- $1.2B
- Equity raised (captured)
- $217.8M
- Debt raised (captured)
- $6.6B
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- Unknown
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 36 evidence coverage 75%
- contracted revenue model: 45 (weight 0.4) — spot/on-demand oriented
- model diversity: 44 (weight 0.2) — sovereign_ai_cloud, infrastructure_development
- margin: unknown (weight 0.25) — no margin data
- software upside: 0 (weight 0.15) — 0 software layers
Capital Access 70 evidence coverage 90%
- total capital raised: 75 (weight 0.3) — $6.82B equity+debt captured
- raised last 12m: 79 (weight 0.25) — $6.60B in 12m
- valuation: 36 (weight 0.2) — post_money_funding_valuation valuation $1.22B
- strategic backers: 90 (weight 0.15) — NVIDIA/AMD investor or hyperscaler credit support
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat 29 evidence coverage 55%
- physical control: 53 (weight 0.3) — power/land/DC control
- software depth: 0 (weight 0.25) — 0 software layers
- contracted lock in: unknown (weight 0.25) — backlog/contract value UNKNOWN
- operational reputation: unknown (weight 0.2) — not rated
Concentration Risk (higher = riskier) Insufficient evidence evidence coverage 0%
- top customer share: unknown (weight 0.8) — UNKNOWN
- few customers: unknown (weight 0.2) — 0 disclosed customers
Customer Diversification Insufficient evidence evidence coverage 0%
- top customer share: unknown (weight 0.6) — concentration UNKNOWN
- distinct customers: unknown (weight 0.4) — 0 disclosed customer relationships
Customer Quality Insufficient evidence evidence coverage 0%
- hyperscaler or lab: unknown (weight 0.5) — 0 disclosed customers
- contracted value: unknown (weight 0.5) — disclosed contract value UNKNOWN
Execution Risk (higher = riskier) Insufficient evidence evidence coverage 0%
- build to operating ratio: unknown (weight 0.45) — 0 MW to build vs 0 MW operating
- soft pipeline share: unknown (weight 0.25) — 0 MW secured/announced/speculative
- organisational youth: unknown (weight 0.3) — founded UNKNOWN
Financial Durability Insufficient evidence evidence coverage 10%
- revenue scale: unknown (weight 0.3) — annualised revenue UNKNOWN (n/a)
- net margin: unknown (weight 0.2) — no margin data
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: unknown (weight 0.2) — no backlog/revenue
- public disclosure: 40 (weight 0.1) — private
Financial Risk (higher = riskier) Insufficient evidence evidence coverage 0%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: unknown (weight 0.3) — no debt/revenue data
- reliance on new capital: unknown (weight 0.25) — n/a
- revenue scale inverse: unknown (weight 0.15) — revenue UNKNOWN
Geographic Position 45 evidence coverage 100%
- countries: 18 (weight 0.6) — Australia
- sovereign positioning: 85 (weight 0.4) — sovereign AI positioning
GPU Supply Position 93 evidence coverage 60%
- gpu fleet and contracted: unknown (weight 0.4) — 0 GPUs operational+contracted
- vendor relationship: 95 (weight 0.3) — NVIDIA investor/Exemplar
- latest generation: 90 (weight 0.3) — GB300, NVIDIA, NVIDIA GB300
Growth Momentum 47 evidence coverage 35%
- revenue growth yoy: unknown (weight 0.4) — no growth data
- capacity momentum: unknown (weight 0.25) — 0 MW contracted/under construction
- recent major events: 25 (weight 0.2) — 1 major confirmed events in 180d
- capital raised 12m: 76 (weight 0.15) — raised $6.60B in 12m
Infrastructure Execution 13 evidence coverage 60%
- delivered projects: 0 (weight 0.4) — 0/2 tracked projects (partially) operational
- operational share of hard mw: unknown (weight 0.4) — 0 of 0 hard MW operational
- building now: 40 (weight 0.2) — 0 under construction
Management Execution 35 evidence coverage 50%
- delivered capacity: unknown (weight 0.5) — 0 MW delivered to date
- milestones 180d: 25 (weight 0.3) — 1 confirmed major milestones (180d)
- disclosure discipline: 50 (weight 0.2) — private
Operational Capacity Insufficient evidence evidence coverage 0%
- operational mw: unknown (weight 0.65) — operational MW UNKNOWN
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality Insufficient evidence evidence coverage 20%
- weighted pipeline mw: unknown (weight 0.5) — ladder-weighted 0 MW
- hard share: unknown (weight 0.3) — no MW data
- physical power control: 53 (weight 0.2) — physical-layer control 53/100
Software Platform Maturity 0 evidence coverage 50%
- software layers: 0 (weight 0.5) — none evidenced
- software control: unknown (weight 0.25) — software-layer control 0/100
- independent rating: unknown (weight 0.25) — not rated
Strategic Partnerships 95 evidence coverage 40%
- vendor equity: 95 (weight 0.4) — NVIDIA investor
- hyperscaler ties: unknown (weight 0.4) — none evidenced
- exemplar or rating: unknown (weight 0.2) — n/a
Technical Differentiation 25 evidence coverage 70%
- differentiators: 25 (weight 0.7) — liquid/immersion cooling
- independent rating: unknown (weight 0.3) — not rated
Technical Strength Insufficient evidence evidence coverage 25%
- independent rating: unknown (weight 0.45) — not rated
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: unknown (weight 0.15) — fabric UNKNOWN
- stack documentation: 36 (weight 0.25) — 3 technology layers evidenced
Vertical Integration Insufficient evidence evidence coverage 0%
- stack control: unknown (weight 1) — 4 of 12 layers evidenced; 8 UNKNOWN
Career Opportunity 50 evidence coverage 61%
- growth momentum: 47 (weight 0.2) — Growth Momentum
- capital access: 70 (weight 0.15) — Capital Access
- technical strength: unknown (weight 0.12) — Technical Strength
- software platform maturity: 0 (weight 0.12) — Software Platform Maturity
- power pipeline quality: unknown (weight 0.1) — Power Pipeline Quality
- geographic position: 45 (weight 0.06) — Geographic Position
- strategic partnerships: 95 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: unknown (weight 0.1) — 100 - financial risk
Data Quality 49 evidence coverage 41%
- dq coverage: unknown (weight 0) — 0.412
- dq avg confidence: unknown (weight 0) — 0.593
- dq primary source pct: unknown (weight 0) — 0.111
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 10
Worth Investigating? (not investment advice) 51 evidence coverage 60%
- growth momentum: 47 (weight 0.18) — Growth Momentum
- technical differentiation: 25 (weight 0.12) — Technical Differentiation
- customer quality: unknown (weight 0.12) — Customer Quality
- power pipeline quality: unknown (weight 0.12) — Power Pipeline Quality
- capital access: 70 (weight 0.12) — Capital Access
- strategic partnerships: 95 (weight 0.1) — Strategic Partnerships
- technical strength: unknown (weight 0.08) — Technical Strength
- infrastructure execution: 13 (weight 0.08) — Infrastructure Execution
- operational capacity: unknown (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential Insufficient evidence evidence coverage 25%
- power pipeline quality: unknown (weight 0.3)
- capital access: 70 (weight 0.25)
- customer quality: unknown (weight 0.2)
- operational capacity: unknown (weight 0.15)
- vertical integration: unknown (weight 0.1)
Overall Survival Probability (5y, %) 79 evidence coverage 33%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
Insufficient evidence to forecast.
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 80% | 62% | 46% | 17% |
| Acquired | 11% | 21% | 30% | 44% |
| Merge | 3% | 6% | 9% | 14% |
| Fail | 6% | 11% | 16% | 25% |
| IPO | 4% | 8% | 12% | 18% |
| Acquire another company | 4% | 8% | 12% | 18% |
| Financial distress | 8% | 15% | 22% | 34% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 0% | 0% | 0% | 0% |
| Remain niche | 94% | 89% | 84% | 75% |
| Strategic pivot | 10% | 15% | 20% | 30% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy THIRD PARTY Renewable PPAs (inferred). (inferred)
- land UNKNOWN No evidence captured (unknown)
- data center PARTNERED CDC Data Centres. (inferred)
- power cooling OWNED Own immersion technology. (inferred)
- gpu hardware OWNED (inferred)
- network UNKNOWN No evidence captured (unknown)
- storage UNKNOWN No evidence captured (unknown)
- bare metal UNKNOWN No evidence captured (unknown)
- orchestration UNKNOWN No evidence captured (unknown)
- cloud api UNKNOWN No evidence captured (unknown)
- ai platform UNKNOWN No evidence captured (unknown)
- managed ai UNKNOWN No evidence captured (unknown)
Not yet sourced: revenue, revenue run rate, power mw.operational, power mw.contracted, cash, backlog, employees, profile.founded year, customers, stack control.
Timeline
-
1 May 2026 · debt
Firmus Technologies — Project Southgate debt facility '$10bn' facility; currency assumed AUD (Australian reporting) — flagged. Date approximate.
Source: DatacenterDynamics — Firmus secures $10bn debt financing facility for Project Southgate -
1 Nov 2025 · announcement
Firmus expands Project Southgate nationally: up to A$73.3B, 1.6 GW across five sites by 2028
Source: SmartCompany — Firmus expands Australian 'AI factory' plan with $73.3 billion from Nvidia, CDC -
1 Sept 2025 · equity
Firmus Technologies — Growth round (NVIDIA-backed) A$330M at A$1.85B; USD converted at 0.66 (approximate). Date approximate.
Source: SmartCompany — Firmus expands Australian 'AI factory' plan with $73.3 billion from Nvidia, CDC
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
- 9 Oct 2026 Data Centre
Speed Bumps Slow Asia-Pacific’s Data Center Gold Rush
Firmus and PLDT pulled data center IPOs this week while governments pressed pause on development in the latest hurdles to Asia’s data center boom.
Data Center Knowledge
- 9 Oct 2026 Data Centre
Neocloud Firmus cancels IPO, blames market volatility
Firm had reduced initial share price due to weak demand
DatacenterDynamics
- 7 Oct 2026 Data Centre
Firmus drops IPO share price amid weak demand - report
Neocloud not attracting as much interest as it had hoped
DatacenterDynamics
- 7 Oct 2026 Data Centre
Firmus tops out data center building in Tasmania
Indonesia site ready to start deploying HyperCube systems
DatacenterDynamics
- 6 Oct 2026 Data Centre
Firmus and CDC end Project Southgate partnership after 42MW rollout
Australian AI infrastructure company Firmus Technologies and data centre operator CDC Data Centres are ending their partnership on Project Southgate, less than a year after announcing plans to develop up to 1.6GW of AI infrastructure across Australia. Firmus co-chief executive and co-founder Oliver Curtis told…
W.Media
- 29 Sept 2026 Data Centre
Firmus expands Meta AI infrastructure deal into Southeast Asia
Australian AI infrastructure company Firmus Technologies has expanded its relationship with Meta into Southeast Asia, signing agreements for GPU compute capacity at AI factories being developed in the region. The agreements cover contracted capacity as well as options for further expansion, with Meta planning to…
W.Media