Firmus secures $14.2bn from Blackstone to build Australian AI factoriesOliver Curtis says data centres should be regarded as the smelters of this century and supported by clean energy infrastructure to unlock economic riches.Colin PackhamEnergy reporter@Colpackham3 min readFebruary 9, 2026 - 10:39AMThe Australian Business NetworkFirmus Technologies co-founders Oliver Curtis, left, and cousin Tim Rosenfield.BusinessDon't miss out on the headlines from Business. Followed categories will be added to My News.The co-chief executive of hot data centre technology start-up Firmus, Oliver Curtis, said the economy needs greater investment in battery capacity to play host to Australia’s next generation of industrial stars. The entrepreneur who runs the $6bn private company with his cousin Tim Rosenfield argued sufficient renewable generation backed up by batteries was the missing productive piece.“What Australia needs is new investment,” Mr Curtis said. “We’re coming to the market much like aluminium and metal smelters did in the 1950s and 60s, saying: ‘this is the next 100 years’. “We will be investing in 10, 20, 30-year power purchase agreements with renewable projects coming online over the next five years, while we transition to that future,” he told The Australian on Monday after Firmus secured a $US10bn ($14.2bn) debt financing package from US private capital giant Blackstone and technology investor Coatue.The rapid growth of data centres and their ravenous energy appetite has asked hard questions of climate policies that some critics say are incompatible with modern artificial intelligence.That was on display at Davos, where BlackRock chief executive Larry Fink told the World Economic Forum that renewables cannot be relied upon to deliver the constant, high-load power required by data centres.Mr Curtis, who disagrees with Mr Fink and has said that decarbonising is not a hurdle to data centre success, believes the industry can help unlock new renewable energy developments by acting as a customer to underwrite green investment. But Australia also needed more reliability, too. A company spokesman clarified that he was referring to renewable generation backed by firming capacity, not fossil fuel-generated dispatchable power as Mr Fink referred to.As one of the largest private debt transactions ever completed in Australia, the funding will underpin the next phase of Firmus’ rollout of energy-efficient AI data centres, as demand for high-performance computing strains existing capacity. Firmus said the capital would accelerate Project Southgate, its flagship program to deploy so-called “AI factories” across multiple Australian sites using Nvidia’s DSX reference architecture. The project is expected to reach up to 1.6 gigawatts of infrastructure capacity by 2028, placing it among the largest planned AI compute developments globally.It also underscores the growing intersection of energy policy and technology investment, with AI workloads increasingly testing electricity networks and power prices worldwide.Blackstone senior managing director John Watson described the sector underpinning the AI boom as a “high-conviction investment theme,” and AI one of the most significant infrastructure build-outs in decades. He said Australia’s competitive energy profile, skilled workforce, and export-ready infrastructure made it well placed to participate in that transformation.Firmus said construction of its AI factories is already under way at multiple sites, with thousands of graphics processing units planned for initial deployment. Each facility is being designed to maximise energy efficiency and AI output, as customers seek to control operating costs while running increasingly complex models.The financing will also support infrastructure manufacturing and energy integration, enabling the platform to serve demanding customers.Mr Curtis said the deal reflected Australia’s emerging role in powering the global AI economy, with international capital recognising it as a credible destination for sovereign and export AI infrastructure. The transaction builds on Blackstone’s broader global strategy to finance large-scale AI compute and the challenge of aligning energy systems, industrial strategy, and capital to support that growth.The rollout of Firmus’ AI factories is promised to deliver local economic benefits, too.A float on the ASX is expected in the first half of 2026, although March is no longer a tentative target.Going public will confirm Mr Curtis and Mr Rosenfield as billionaires. Mr Curtis, who is married to publicist Roxy Jacenko, was jailed for insider trading in 2016 and served a year in prison. Firmus was founded in 2019, and has just added Wes Maas, the rugby league player turned businessman, as a shareholder after his Maas Group snapped up a $100m stake last week.More CoverageRich lister sells construction ops for Firmus love-inDavid Ross, Joseph CarboneOliver Curtis’s start-up Firmus eyes $7bn pre-IPO valuationJohn StensholtOriginally published as Firmus secures $14.2bn from Blackstone to build Australian AI factoriesJoin the conversationAdd your comment to this storyTo join the conversation, please log in. Don't have an account? 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