EL7.AI
StocksMedium•15 November 2026•
3 min read

Firmus weighs private funding of up to $3 billion after abandoning IPO

Key Facts

1Firmus is considering a private funding round of up to $3 billion.
2The company and its advisers discussed raising between $2 billion and $3 billion from existing investors.
3Chip-purchasing commitments for the Indonesian data center project total $8.3 billion, with payments of up to $550 million due by the end of 2026.
4Firmus's contracted capacity across all customers exceeded 900 megawatts on September 8, 2026.

Firmus is considering raising up to $3 billion in a private funding round after abandoning its Australian IPO amid muted investor interest, Bloomberg reported on October 9, with ABC later reporting the news. Bloomberg said the company and its advisers had discussed raising between $2 billion and $3 billion from existing investors. ABC reported that Firmus said it would seek private funding after abandoning the offering. The company had aimed to raise about $5 billion through the listing, according to Bloomberg. The shift comes as its expansion plans are tied to major spending on chips and data centers.

The commitment figures reflect the scale of the funding the company needs to continue its projects. ABC said the bill for chips needed for the Indonesian data center project is $8.3 billion, and that Firmus had relied on raising money through the IPO to fund it. The report added that advance payments of up to $550 million were due by the end of 2026. The financial statements also included payments of about $311 million for Australian data center projects, known as Project Southgate, due by June 2027. Firmus said its forecasts had assumed the offering would contribute to funding, making the shift to private markets dependent on securing alternative sources of capital.

The company announced a $2 billion strategic equity round in August and said it had received full commitments from investors. Firmus said the round brought total new equity raised over the previous year to more than $3 billion, and that its post-money valuation exceeded $10.5 billion. In September, it announced that its contracted capacity across all customers had surpassed 900 megawatts, following a multiyear agreement with OpenAI to provide dedicated computing capacity at two sites in Malaysia. The company said its portfolio includes seven AI factories in four countries, including two operational sites in Australia and Singapore and five sites under development. These contractual commitments provide context for its regional expansion as it seeks to arrange the financing needed to meet its spending commitments.

Firmus's announced partnerships include agreements with Nvidia and Meta in computing infrastructure. In June, the company announced a partnership with Nvidia running through 2034, including a 360-megawatt data center campus in Batam, Indonesia, and an agreement covering up to 170,000 accelerators during 2027 and 2028. In September, Firmus and Meta announced strategic agreements to provide GPU computing capacity at the company's factories in Southeast Asia. On revenue, ABC said three contracted sites were expected to begin generating revenue from March 2027. Firmus added that two sites in Tasmania had already secured funding in October. Payments due for the Australian projects and Indonesian chips remain among the upcoming funding deadlines cited in the report.