Nvidia Weighs New Investment in Firmus Grid Limited After IPO Withdrawal

Nvidia is discussing a new investment of hundreds of millions of dollars in Firmus Grid Limited after the Australian AI cloud company withdrew its planned listing and turned to private capital.

The talks follow Nvidia’s participation in a $2 billion Firmus equity round announced in August. Firmus had raised more than $3 billion in new equity over the preceding year, with a post-money valuation above $10.5 billion. The investment now under discussion is separate from that round.

Firmus withdrew its application for an Australian stock market listing this month and plans to seek private capital. It is also considering other public and private market options. The Nvidia talks follow that change in fundraising plans; neither company has announced a new investment.

The companies have a separate arrangement for a 360-megawatt AI campus in Batam, Indonesia. Plans call for up to 170,000 Nvidia AI accelerators to be deployed across 2027 and 2028. The project is part of Firmus’s expansion into AI cloud computing.

Under the Batam arrangement, Nvidia would receive revenue from accelerator sales and a share of cloud revenue tied to supported capacity. The arrangement also includes credit support. Those terms connect Nvidia to the project through equipment sales and cloud revenue as well as its earlier equity investment.

Firmus expects committed customer offtake agreements to generate $25 billion to $30 billion during the partnership’s first six years. Offtake agreements are commitments to buy future services, so the figure is a projection rather than revenue already earned. It covers a longer period than the planned 2027 and 2028 accelerator deployment.

Firmus began as a Bitcoin (BTC) mining company before shifting to AI infrastructure. Both businesses use large computing facilities, but the Batam project is planned for AI workloads. Its power capacity and proposed accelerator count show the scale of Firmus’s current plans.

As of Sept. 8, two of Firmus’s seven AI factory sites were operating, while five were under development. The planned Batam accelerator deployment is set to take place across 2027 and 2028.