Former Bitcoin Miner Firmus Became A $10.5B AI Infrastructure Company
Firmus, an Australian AI data center builder that originated as a Bitcoin miner, raised $2 billion in equity at a $10.5 billion valuation, doubling its value in four months. The funding came from major investors including Jane Street and Blackstone Tactical Opportunities.
The Atomic take
Firmus's pivot from Bitcoin mining to AI hosting shows how quickly crypto infrastructure can be repurposed for GPU workloads, and a valuation doubling in four months suggests investors like Jane Street and Blackstone are racing to lock up scarce data center capacity rather than betting on the underlying technology. The Australian angle matters too, since power availability and cooling economics down under could make it a hedge against strained grids in the US and Europe. Watch whether Firmus can actually secure the Nvidia chips and long-term power contracts to justify that $10.5 billion price, since equity valuations are running well ahead of delivered compute.
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