Firmus Technologies has banked another $100 million in a strategic investment from ASX-listed Maas Group Holdings as the startup ramps up plans for AI data centres across Australia.
The Australian-founded, Singapore-based company, founded in 2019 by Oliver Curtis, Tim Rosenfield and Jonathan Levee, has now has now raised more than $900 million in less than five months, having secured $500 million in mid November, and just two months earlier, $330 million in a deal with Nvidia. The new investment is at November’s c. $6 billion valuation.
Maas Group (ASX:MGH) surprised the market on Thursday when it revealed the sale of half the business, the construction materials division for $1.7 billion.
The $100m investment in Firmus gives the business a 1.7% stake, with founder and CEO Wes Maas saying it’s about deploying capital into areas where they see strong structural tailwinds.
“The investment supports closer strategic alignment and positions MGH to participate in future digital infrastructure opportunities, while retaining flexibility and capital discipline,” he said.
Firmus, previously a bitcoin miner, made a dramatic entrance in 2025, announcing plans to build a green-powered AI data centre in Tasmania in the partnership with the state government. Within months, the company then revealed a $73.3 billion plan, dubbed Project Southgate, for AI infrastructure in Melbourne, Canberra, Sydney and Perth.
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Sovereign manufacturing
Maas subsidiary JLE (electrical and electrification systems) will be part of the Firmus supply chain for their roll out, with the startup’s co-CEO, Tim Rosenfield, said that deal was part of their focus on establishing sovereign Australian manufacturing capacity for the core components required to build AI facilities, including cooling, power and integrated system modules.
Benmax, a 40-year-old Queanbeyan-based air-conditioning business, is also part of the collaboration.
“Firmus’ co-designed AI Factory platform is being produced at scale in Australia,” he said.
“We work closely with global technology partners to define the performance, cooling and energy requirements of AI infrastructure from the ground up. Those designs are then manufactured and delivered through Australian industrial partnerships such as Maas and Benmax, who build the physical systems at scale.”
His co-CEO, Oliver Curtis, said the goal was to create a faster, more reliable model for AI infrastructure delivery.
“By investing early in a sovereign supply chain and partnering with groups like Maas and Benmax we’re removing friction from global delivery and building a platform that can respond to AI demand in real time,” he said.
“This is about turning Australia into a builder of AI infrastructure, not just a host whilst creating hundreds of highly skilled lasting jobs for local community.”
The company said its AI Factory warehouses and Project Southgate deployments are under construction across multiple sites, with new capacity coming online through 2026.
Project Southgate is hoping to deliver Firmus AI Factory deployments of up to 1.6 gigawatts by 2028. The business is also reportedly contemplating an IPO in the next 12 months.
The Firmus cap table includes Nvidia, Ellerston Capita,l Phil King’s Regal Funds Management, Archibald Capital, Tectonic Investment Management, Alex Waislitz and the Pratt family.
