Firmus Applied sciences has banked one other $100 million in a strategic funding from ASX-listed Maas Group Holdings because the startup ramps up plans for AI knowledge centres throughout Australia.
The Australian-founded, Singapore-based firm, based in 2019 by Oliver Curtis, Tim Rosenfield and Jonathan Levee, has now has now raised greater than $900 million in lower than 5 months, having secured $500 million in mid November, and simply two months earlier, $330 million in a deal with Nvidia. The brand new funding is at November’s c. $6 billion valuation.
Maas Group (ASX:MGH) stunned the market on Thursday when it revealed the sale of half the enterprise, the development supplies division for $1.7 billion.
The $100m funding in Firmus provides the enterprise a 1.7% stake, with founder and CEO Wes Maas saying it’s about deploying capital into areas the place they see sturdy structural tailwinds.
“The funding helps nearer strategic alignment and positions MGH to take part in future digital infrastructure alternatives, whereas retaining flexibility and capital self-discipline,” he stated.
Firmus, beforehand a bitcoin miner, made a dramatic entrance in 2025, asserting plans to construct a green-powered AI knowledge centre in Tasmania within the partnership with the state authorities. Inside months, the corporate then revealed a $73.3 billion plan, dubbed Challenge Southgate, for AI infrastructure in Melbourne, Canberra, Sydney and Perth.
Sovereign manufacturing
Maas subsidiary JLE (electrical and electrification techniques) will likely be a part of the Firmus provide chain for his or her roll out, with the startup’s co-CEO, Tim Rosenfield, stated that deal was a part of their concentrate on establishing sovereign Australian manufacturing capability for the core elements required to construct AI services, together with cooling, energy and built-in system modules.
Benmax, a 40-year-old Queanbeyan-based air-conditioning enterprise, can also be a part of the collaboration.
“Firmus’ co-designed AI Manufacturing unit platform is being produced at scale in Australia,” he stated.
“We work intently with world expertise companions to outline the efficiency, cooling and power necessities of AI infrastructure from the bottom up. These designs are then manufactured and delivered by Australian industrial partnerships resembling Maas and Benmax, who construct the bodily techniques at scale.”
His co-CEO, Oliver Curtis, stated the aim was to create a sooner, extra dependable mannequin for AI infrastructure supply.
“By investing early in a sovereign provide chain and partnering with teams like Maas and Benmax we’re eradicating friction from world supply and constructing a platform that may reply to AI demand in actual time,” he stated.
“That is about turning Australia right into a builder of AI infrastructure, not only a host while creating lots of of extremely expert lasting jobs for area people.”
The corporate stated its AI Manufacturing unit warehouses and Challenge Southgate deployments are underneath building throughout a number of websites, with new capability coming on-line by 2026.
Challenge Southgate is hoping to ship Firmus AI Manufacturing unit deployments of as much as 1.6 gigawatts by 2028. The enterprise can also be reportedly considering an IPO within the subsequent 12 months.
The Firmus cap desk contains Nvidia, Ellerston Capita,l Phil King’s Regal Funds Administration, Archibald Capital, Tectonic Funding Administration, Alex Waislitz and the Pratt household.
