Nvidia is in negotiations to invest hundreds of millions of dollars in Firmus, the Australian AI cloud provider that already plans to operate a large fleet of Nvidia chips. If completed, the deal would make Nvidia both a supplier to and a shareholder in Firmus.
The talks come as Firmus recently postponed a planned Australian IPO, citing cooled investor interest in AI infrastructure.
From Bitcoin mining to AI infrastructure
Firmus began as a Bitcoin mining operation before pivoting to build infrastructure for AI workloads. It now delivers this through its proprietary HyperCube platform, which is built on Nvidia technology.
The relationship between the two companies deepened in late June 2026. On June 28/29, they announced a partnership 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 billion to $30 billion in cloud revenue over its first six years. Nvidia would benefit through hardware sales and revenue sharing.
A busy year for Firmus fundraising
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. Four months later, in August, it closed a $2 billion round that pushed its valuation above $10.5 billion.
Firmus is led by co-CEOs Oliver Curtis and Tim Rosenfield. Its backers include Coatue, Blackstone and Jane Street.
On or around October 8, 2026, Firmus postponed plans for a large Australian IPO, citing market conditions. The offering had originally aimed to raise around $5 billion. Instead, the company chose to pursue private funding, potentially in the range of $2 billion to $3 billion.
What this means for AI infrastructure
When a supplier also owns equity in its customer, observers tend to examine more closely how much of the demand is organic and how much is financed by the vendor itself. That applies here, especially because the Batam campus depends heavily on Nvidia hardware.
The Indonesian site is not scheduled to begin deploying until the first quarter of 2027, and the $25 billion to $30 billion revenue figure is Firmus’s own projection, not a booked result.
The postponed IPO had originally targeted roughly $5 billion. Investors were willing to back Firmus privately at rising valuations, yet public appetite for AI infrastructure softened enough to shelve the offering.
For the crypto sector, Firmus is another example of a former Bitcoin mining operation finding a second life in AI. Mining companies already understand power procurement and high-density hardware, which gives them a head start when the compute in demand shifts from hashing to model training.
