Nvidia has committed around A$720 million, or about $500 million, to Australian cloud infrastructure startup Firmus Technologies, according to a report by the Australian Financial Review.
The investment makes Nvidia the largest investor in Firmus’ $2 billion equity raising. The funding round comes ahead of the company’s planned listing on the Australian Securities Exchange later this year.
Firmus Valuation Nearly Doubles
According to the report, Nvidia’s investment values Firmus at about $15.5 billion on a post-money basis.
That is nearly double the company’s previous valuation, highlighting strong investor interest in AI cloud infrastructure and data centre growth.
Nvidia’s investment will reportedly be made through preference shares. These shares are expected to convert into ordinary shares when Firmus completes its initial public offering.
Funding to Support Nvidia Chip Purchases
Firmus plans to use the proceeds from the capital raising to buy Nvidia chips for its data centre project in Launceston.
The funds will also support the company’s wider expansion plans across Australia, as demand for AI computing power continues to grow.
Shareholder Vote Planned for July 31
The Australian Financial Review also reported that Firmus has scheduled an extraordinary general meeting for July 31.
At the meeting, the company will seek shareholder approval for the capital raising. It will also ask shareholders to approve a proposed 50-for-1 share split.
The share split is designed to reduce the per-share price before the IPO. This could make the stock more accessible to retail investors.
Firmus Targets ASX Listing
Firmus is aiming to list on the Australian Securities Exchange within the next 12 months, according to the report.
The planned IPO could give investors exposure to one of Australia’s fastest-growing AI cloud infrastructure companies.
