Nvidia-backed crypto mining firm Firmus raises $2 billion, valuation nearly doubles

A crypto-mining company backed by Nvidia has pulled in a new infusion of capital valued at $2 billion, according to a report published Aug. 7 by Yahoo Finance via TheStreet. The funding round, which the report said nearly doubled Firmus’s valuation, underscores how quickly capital is flowing toward companies positioned around artificial intelligence infrastructure rather than only traditional computing markets.

The report characterizes Firmus as a former Bitcoin miner that has moved into a broader strategy aligned with AI-related demand. While the company’s historical identity is rooted in crypto, the fresh equity round appears to be pitched to investors seeking exposure to the compute buildout required for AI training and inference workloads.

The funding amount in the report was $2 billion in new equity. In addition, the report said the round pushed Firmus’s valuation to nearly twice its prior level. No further valuation figures, post-money number, or breakdown of the financing terms were included in the accessible excerpt.

TheStreet’s account also ties the transaction to investor appetite for AI infrastructure. In that framing, Firmus is presented as a vehicle to finance or scale compute and related capabilities where Nvidia hardware is often used, given the company’s dominant role supplying GPUs and accelerated computing platforms for AI workloads.

Nvidia’s position in AI infrastructure is built on its data-center GPUs and the surrounding software ecosystem used to train and serve machine learning models. In practical terms, companies building AI compute capacity typically need high-performance accelerators, high-speed interconnect, and an AI software stack, and Nvidia has become a common choice for those requirements in the broader industry.

The report did not lay out any details about the investors involved, the size of each check, or whether the financing included new investors versus participation by existing backers. It also did not describe whether Firmus will allocate the capital to new hardware purchases, data-center buildout, power procurement, or other operational upgrades.

It remains unclear from the available reporting how Firmus’s Nvidia “backing” is structured, whether it reflects strategic partnership arrangements, preferred access to technology, or board and investment participation. The excerpt also did not explain what specific AI infrastructure deliverables Firmus plans to produce with the raised equity, beyond the general link to AI infrastructure demand.

Investors will likely watch whether Firmus provides more granular updates on how the funding translates into capacity growth. Additional disclosure around capital allocation, timelines, and performance targets would help clarify whether the company’s shift from mining to AI compute is primarily an expansion story, a technology transition story, or both.