Nvidia has agreed to invest approximately A$720 million (equivalent to about $500 million) into Firmus Technologies as part of a proposed A$2 billion equity raising, according to a recent report. The commitment positions Nvidia as the largest investor in the funding round and comes ahead of Firmus' planned initial public offering on the Australian Securities Exchange within the next 12 months.
The investment is being made through preference shares that are expected to convert into ordinary shares when the company completes its IPO. The injection of capital places Firmus on a post-money valuation of roughly A$22.3 billion, or about $15.5 billion, nearly double the company's prior valuation, the report added.
Firmus intends to allocate the proceeds in part to acquire Nvidia chips for a data centre project the company is developing in Launceston. The capital will also be used to support the company's broader pipeline for expansion across Australia, as outlined in the report.
To secure shareholder approval for the capital raise, Firmus has called an extraordinary general meeting for July 31. Alongside the funding resolution, the company is seeking approval for a proposed 50-for-1 share split. The split is intended to lower the per-share price ahead of the IPO and make the stock more accessible to retail investors, according to the filing described in the report.
Management is targeting an ASX listing within the next 12 months. The preference-share structure and planned conversion at the IPO are notable elements of the financing, as they determine how Nvidia's stake will transition into ordinary equity once Firmus becomes publicly traded.
Contextual note - The details above reflect the financing terms, use of proceeds, shareholder meeting timeline, and listing target as set out in the public report cited.