AI infrastructure company Firmus announced it has secured a US$10 billion debt financing facility led by funds managed by Blackstone Tactical Opportunities, Blackstone Credit & Insurance, and affiliated funds, with additional support from Coatue, to fund the next phase of Project Southgate, a national rollout of the company’s AI Factory platform based on the NVIDIA DSX reference architecture.
Firmus said the financing will support an expanded build-out of high-performance compute capacity as global demand accelerates, and will be used to speed AI Factory deployment, infrastructure manufacturing, and energy integration for hyperscale and AI-native customers.
The company described the transaction as one of the largest private debt financings in Australian history, and said it aligns with Blackstone’s broader strategy of financing large-scale AI compute and data center infrastructure platforms. Firmus said AI Factories are already under construction across multiple Australian sites, with thousands of GPUs planned for deployment.
Project Southgate is expected to scale up to 1.6 gigawatts of infrastructure through 2028, according to the company, with each factory designed for energy efficiency and “token production” intended to serve demanding AI workloads. Firmus also positioned Australia as a competitive location for AI factory development, citing its energy profile, skilled workforce, and export-ready infrastructure.
KEY QUOTES
“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. 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.”
John Watson, Senior Managing Director, Blackstone Tactical Opportunities Group
“This milestone reflects the trajectory of Australia as a global player in powering AI. With Blackstone and Coatue’s financing, we’re helping meet the rising global demand for AI compute. On the ground, we’re focused on rapidly scaling our energy-efficient AI Factories to meet demand and create lasting value for both our customers and the broader local economy.”
Oliver Curtis, Co-CEO, Firmus
