Australian artificial intelligence infrastructure developer Firmus has secured a US$10 billion debt funding package, led by global private equity firm Blackstone alongside New York-based technology investor Coatue Management. The company confirmed on Monday that the financing has been finalised, marking a major milestone as Firmus accelerates its long-term infrastructure ambitions.
The newly secured funding will support the next stage of Project Southgate, Firmus’ large-scale initiative focused on building AI training and inference infrastructure across Australia. The project encompasses the development of advanced data centres designed to meet growing demand for AI compute capacity as adoption accelerates across industries.
Project Southgate is being developed in collaboration with CDC Data Centres and U.S. chip giant Nvidia, and is expected to reach a total capacity of up to 1.6 gigawatts over the next three years. The scale of the initiative positions it among the most significant AI infrastructure developments currently underway in the region.
Blackstone highlighted the strategic importance of AI-related infrastructure as a key driver behind the investment.
“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.
He added that the broader transformation underway in artificial intelligence is reshaping global infrastructure priorities.
“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.”
The debt financing follows substantial equity backing secured by Firmus last year. In 2025, the company raised A$830 million (US$582.41 million) through two separate equity placements, with participation from Nvidia and Australian investor Ellerston Capital, according to Reuters.
Together, the equity and debt funding underscore growing investor confidence in Firmus’ strategy and Australia’s potential role in supporting global AI compute demand. As Project Southgate progresses, the company aims to establish a foundational layer of infrastructure capable of supporting next-generation AI workloads at scale across the region.
