Firmus nearly doubles valuation to over $10.5 billion in Nvidia-backed fundraise
NVDA•Valuation nearly doubles from April round
The raise values the Australian firm's post-money above $10.5 billion, which is nearly double the $5.5 billion valuation from its earlier round in April.
The participation of major Wall Street investors and the most valuable chipmaker underscores continued appetite for AI investments despite growing concerns about heavy spending and the sustainability of the AI boom.
Demand for Firmus' equity also displays how investors are increasingly seeking less crowded AI trades, with volatility and uncertainty hitting AI epicenters like South Korea, whose equity index KOSPI shed 22.2% in July alone.
Firmus raises $2 billion in latest funding round
Firmus said on Friday it had raised $2 billion in equity in its latest funding round to speed up the build-out of AI factories in Australia and Asia Pacific, bringing up the company's post-money valuation to above $10.5 billion.
The latest funding round by the AI infrastructure company saw follow-on participation from Nvidia and tech investor Coatue Management, along with backing from Blackstone funds and Jane Street.
