Firmus and CDC end 1.6GW Project Southgate partnership, deploy just 42MW

Firmus and CDC Data Centres have terminated their partnership on the 1.6GW Project Southgate buildout, having deployed only 42MW. The split stems from Firmus' Asia expansion raising funding concerns. Firmus is preparing an IPO aiming to raise about $5 billion.

• Project Southgate was expected to see up to $47.68bn in investment and 1.6GW of capacity
• Only 42MW deployed at CDC's Melbourne data center instead of the planned 150MW
• Firmus is building three campuses in Tasmania and has deals with Meta and OpenAI
• The company is preparing a public offering to raise around $5 billion