Capital Raise to Expand Project Southgate Nationally

Sydney, Australia – November 14 2025 – Firmus announces it has received commitments for a further A$500 million equity raise to accelerate the national rollout of Project Southgate, its flagship AI infrastructure initiative with scale up to 1.6 gigawatts through 2028. The round has been priced at a post-money valuation of approximately A$6 billion.

The proceeds of the raise will enable further site development, infrastructure deployment, and energy partnerships across selected locations, including Tasmania, Melbourne, Canberra, Sydney and Perth. This will include a major direct investment into Australia’s economy and growing the advanced manufacturing sector, creating high-value jobs and industrial growth over the next 12 months and beyond.

Firmus Co-CEO Oliver Curtis said the capital will allow the company to rapidly manufacture and deploy its next generation of AI infrastructure across Australia.

“This raise allows us to deliver on the next phase of Project Southgate - expanding beyond Tasmania into four major mainland regions. We’re manufacturing a new class of AI infrastructure, on Australian soil, that is purpose-built for scale, performance, and sustainability. This means high value local jobs and a critical piece of sovereign capability for Australia.”

Co-CEO Tim Rosenfeld added:

“We’ve spent years developing a vertically integrated AI Factory platform that can scale more efficiently than traditional approaches. With demand for AI infrastructure accelerating, this funding ensures we can meet it quickly, cost-effectively, and in line with Australia’s renewable energy future.”

Morgans acted as sole lead manager, with Highbury Partnership serving as financial advisor.

About Project Southgate

Project Southgate is a national initiative delivering a roadmap of Firmus AI Factory deployments with scale up to 1.6 gigawatts through 2028. In collaboration with CDC Data Centres and NVIDIA, the initiative is anchored by a flagship green AI Factory Campus in Tasmania, with additional AI Factory deployments rolling out across mainland Australia.

Firmus’ AI Factories are a new kind of infrastructure designed specifically to meet the needs of energy-intensive AI computing workloads - with a focus on energy efficiency, high performance, and sustainability.