Australian artificial intelligence company Firmus said on Monday it had finalised a $10 billion debt funding package led by global private equity firm Blackstone (BX) and Coatue Management, a New York-based technology investor.
Firmus said the funding would be used to build the next phase of its Project Southgate, the company’s initiative to develop AI training and inference infrastructure, which includes data centres, across Australia.
The initiative, done in collaboration with CDC Data Centres and U.S. chip giant Nvidia is expected to reach a capacity of up to 1.6 gigawatts over the next three years.
“The picks and shovels powering the AI revolution are one of our highest conviction investment themes, and we are excited to finance Firmus’ continued growth,” said John Watson, a senior managing director in Blackstone’s Tactical Opportunities Group.
“AI is driving one of the most significant infrastructure build-outs in decades, and we believe Australia can play a central role in that transformation.”
Firmus raised A$830 million ($582.41 million) in two separate equity placements last year that were backed by Nvidia and Australian investor Ellerston Capital, Reuters reported.
($1 = 1.4251 Australian dollars)
