Street Talk

Blackstone moves to lock down Firmus multibillion-dollar debt package

Sarah Thompson, Kanika Sood and Emma Rapaport

Nov 30, 2025 – 4.53pm

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Alternative asset management giant Blackstone is seeking to deepen its exposure to Australian data centres, building on its $24 billion acquisition of hyperscale data centre specialist AirTrunk last year alongside a consortium.

Street Talk understands Blackstone is in live negotiations to provide billions of dollars in financing to artificial intelligence infrastructure start-up Firmus Technologies, which tripled its valuation to an eye-watering $6 billion earlier this month.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.