Asia-based AI data center operator Firmus revealed on Monday that it has secured an additional $505 million in funding, with Coatue leading the investment round. This latest raise values the company at $5.5 billion post-money.

According to the announcement, Firmus has now raised a total of $1.35 billion over the past six months. The Singapore-headquartered firm had previously secured AU$330 million, which is roughly $215 million, at a valuation of AU$1.85 billion, equivalent to about $1.2 billion. That earlier round included participation from investors such as Nvidia.

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The company is focused on constructing a network of energy-efficient data centers, which it refers to as an "AI factory," across Australia and Tasmania. This initiative is known internally as Project Southgate.

For the technical build-out, Firmus is utilizing Nvidia's reference designs to develop these high-efficiency facilities. The new data centers are planned to operate on Nvidia's upcoming Vera Rubin platform. This next-generation AI computing system is set to succeed the current Blackwell architecture, with shipments anticipated to begin in the second half of 2026.

Firmus has an interesting evolution in its business focus. The company originally specialized in providing cooling solutions for Bitcoin mining operations. It now represents another example of a firm that has successfully transitioned from its cryptocurrency origins to become a provider in the AI infrastructure sector, a move that continues to attract strong investor interest.