Milbank LLP advised AI infrastructure company Firmus in connection with a senior secured financing which will be used to acquire AI compute and related infrastructure to be deployed in an “AI factory” data center in Melbourne, Australia, with further deployments expected in other locations in Australia. Firmus entered into the US$10 billion debt financing facility with funds led by Blackstone Tactical Opportunities and Blackstone Credit & Insurance with the support of Coatue, a global investment firm.
This transaction is one of the largest financings for an Australian AI infrastructure company and positions Firmus to rapidly scale high-performance AI compute capacity to meet surging demand from hyperscalers and other blue-chip AI customers. Structured to support the staged acquisition and deployment of high‑performance AI compute and associated networking, storage and data‑center infrastructure, the debt facility will be available to be drawn against executed long-term customer contracts with leading hyperscalers and other blue‑chip AI customers.
“We are thrilled to support Firmus on this significant transaction,” said Milbank partner James Orme. “This financing will set the benchmark for other AI compute financing in Australia and around Asia-Pacific more broadly and it has been a privilege to help bring such a transformative deal to fruition.”
“Demand for digital infrastructure solutions continues to grow exponentially, and this transaction is yet another testament to the financial markets’ desire to invest around leading AI compute/data center-focused companies like Firmus,” added Global Project, Energy and Infrastructure Finance partner James Murray.
A multi-office and multi-practice Milbank team was led by partners James Orme and James Murray and special counsel Rosaline Yusman, with support from An Guo, Lauren Kava and Ed Skowronek. Additional senior support was provided by partners Jaime Ramirez, Dan Bartfeld, Nicholas Smith and Bijan Ganji.
Milbank’s Digital Infrastructure Practice Group is the leading legal advisor driving digital infrastructure transactions across the entire value chain – from GPU procurement to powered land, data centers, buy-side/sell-side and capital raises (debt/equity) throughout the capital stack. In 2025, Milbank had the lead legal role in over $150 billion of digital focused transactions, including several of the largest capital markets, project finance, real estate and M&A transactions to date, and ranked #1 in several year-end telecoms-related league tables.
