Nvidia-Backed Firmus Seeks $10 Billion Ahead of Australian IPO

TLDR

• Nvidia-backed Firmus Technologies is reportedly seeking about $10 billion in financing before its Australian IPO.
• The package could include roughly $7.5 billion of debt and $2.5 billion of equity.
• Firmus is also preparing an IPO that could raise about $5 billion in October.
• The funding would support GPU purchases and expansion of AI data center capacity across Asia-Pacific.
• The deal would deepen Nvidia’s financial links with one of its key infrastructure partners.

Nvidia-backed Firmus Technologies is in talks to raise about $10 billion in financing ahead of a planned Australian stock market listing, according to Bloomberg. The proposed deal would rank among the largest digital infrastructure financings in the region if completed.

Nvidia-backed Firmus is in talks to raise $10B to buy $NVDA chips for its 360MW AI data center in Batam, Indonesia, ahead of an Australian IPO that could raise up to $5B

Financing: $7.5B debt + $2.5B equity

Nvidia is also expected to provide revenue-sharing and credit support pic.twitter.com/z0Gm5g5SA9

— Wall St Engine (@wallstengine) September 23, 2026

The reported package would include about $7.5 billion of debt and $2.5 billion of equity. The debt could be split between senior and mezzanine portions with a five-year term, according to people familiar with the talks.

Nvidia-Backed Firmus Prepares Major IPO

Firmus is separately preparing an initial public offering that could raise around $5 billion. Reuters reported that the institutional bookbuild is expected to begin October 6, with trading on the Australian Securities Exchange targeted for October 22.

The IPO could become Australia’s second-largest ever, behind Telstra’s 1997 privatization. Proceeds are expected to help fund the company’s rapid expansion across AI computing infrastructure.

Firmus has grown from a Bitcoin mining operation founded in 2019 into an AI data center business with operations and projects across Australia and Asia. Nvidia has become a major partner as Firmus expands capacity designed around its latest AI hardware.

Nvidia recently named Firmus among several partners in a plan to sharply expand AI data center capacity in Australia. The wider initiative aims to add up to 2 gigawatts of AI-related capacity across multiple operators.

Nvidia-Backed Firmus Expands Across Asia

Firmus is also developing a 360-megawatt AI facility in Batam, Indonesia, alongside DayOne Data Centers. The project is expected to use Nvidia systems and forms part of a broader push into large-scale AI infrastructure.

The company has also secured OpenAI as a customer for computing capacity from two planned data centers in Malaysia. Reuters reported earlier this month that the multi-year agreement adds another major customer to Firmus’ growing contracted capacity.

According to the Bloomberg report, Nvidia could provide revenue-sharing arrangements and credit support as part of the latest financing package. Similar structures have become more common as Nvidia works with infrastructure partners to accelerate purchases and deployment of its chips.

That model can support faster expansion, but it also creates tighter financial links between Nvidia and companies buying its hardware. Investors considering the IPO will likely focus on Firmus’ debt load, execution risks and whether contracted AI demand remains strong enough to support its planned expansion.