Skip to content

Product Reports disagree2 publishers 3 min read Published

Firmus sells OpenAI the grid connection Stargate Korea still cannot find

Two Malaysian sites take Firmus past 900MW of contracted capacity, though five of its seven data centres are still unbuilt, which puts the scarce input in this trade on the grid side rather than the silicon side.

The Product Desk

Send a correction

What happened

  • OpenAI has signed a multi-year capacity agreement with Firmus, contracting compute from two Firmus data centre locations in Malaysia and taking the role of anchor customer at both.
  • Firmus says the OpenAI agreement lifts its total contracted capacity across all customers to more than 900MW.
  • The company counts seven AI data centres across Australia, Singapore, Indonesia and Malaysia, of which five are still under development and expected to be ready for service within 24 months.
  • The sites will run Nvidia Vera Rubin NVL72 systems on Nvidia's DSX AI Factory Platform, integrated into Firmus's prefabricated HyperCube modules.

Why it matters

  • What it limits constraint The binding input in these deals is a site that can be powered and cooled, so American compute demand routes to whichever jurisdiction can clear a substation rather than whichever can buy accelerators.
  • Who has to decide decision A buyer contracting from a site still in development is buying a delivery date, and the schedule risk lands on its own product plans rather than on the operator's balance sheet.
  • Who's exposed exposure OpenAI's regional serving footprint now sits in a country Washington has already warned over export controls, which puts a licensing decision made in Washington inside the dependency chain.
  • What's now possible capability The Australian capability being built and exported here is heavy prefabrication in regional New South Wales, not model development, which is a different industrial base than the announcement language implies.

In South Korea, OpenAI has held a letter of intent with Samsung Electronics and SK Hynix since last October and still has no ground under it. Korea JoongAng Daily reports, citing unnamed sources, that the parties cannot acquire a site able to accommodate the power and water the two data centres would need [8]. SK Telecom says nothing has progressed since the LOIs were signed, and OpenAI's only comment was that the domestic project is "still under discussion" [9]. Silicon is not the constraint in that account.

That is the value of what Firmus is selling. The Malaysian sites had not been publicly disclosed before this week [10], and TNW's reading of the arrangement is that Malaysia supplies land, grid connection and power while the tokens produced there serve OpenAI users worldwide [18]. The HyperCubes are prefabricated in regional New South Wales, combining liquid cooling, mechanical systems and electrification [6], so the Australian contribution that actually crosses a border is a manufactured module. Tim Rosenfield, Firmus co-founder and co-CEO, called the deal the moment Asia-Pacific becomes a producer of intelligence rather than a consumer of it [19]. OpenAI's Sachin Katti described the same sites as helping serve growing demand for OpenAI's products across the region and around the world [5]. Katti's sentence describes who owns the output, while Rosenfield's describes the address.

For scale on what is still to be built, Firmus's Batam campus in Indonesia is 360MW with a first-quarter 2027 target and expected offtake of $25bn to $30bn over six years [12]. That one campus equals 40 percent of the 900MW being announced [16], and the offtake range divides out to roughly $12m to $14m of revenue per contracted megawatt per year [17]. On that arithmetic a signed megawatt is worth a great deal inside a document, which is why the calendar is worth reading: the Australian Financial Review reports that Firmus has instructed bankers, is working on a pathfinder prospectus and is arranging investor meetings for next week, with no ASX timeline but an accelerated path [11].

Teams in this position describe themselves as procuring compute, when what they are actually procuring is a delivery date on a substation. The sorting question for a capacity contract has two parts: is the site and its power secured, and is the silicon and the offtake secured. Stargate Korea holds the second and is stuck on the first [8]. Firmus claims both in Malaysia, and until the sites energise, the claim rests on paper.

The residual risk is jurisdictional rather than technical. TNW reported the same day that Malaysia is weighing Huawei chips for a sovereign AI project, and that Washington has warned it about US export controls [13]; Armenia's AI factory, the same piece notes, exists because Washington signed a licence [14]. Taking both sides is comfortable for Malaysia. For OpenAI it means regional serving capacity that is only as durable as the export licence sitting under the Nvidia hardware.

What to watch

  • Whether the pathfinder prospectus turns into an ASX listing, and at what valuation against the $10.5bn Firmus carried in August.
  • Whether any of the five sites under development reach service inside the 24 month window Firmus has given itself.
  • Whether Washington's export-control warning to Malaysia turns into licence conditions attached to the Nvidia systems in these sites.

Clarity's read

What the record supports and how the coverage leans. The claims behind it follow.

Reality

Evidence52
Adoption35
Hype gap+34
Incentives76
Confidence58
Why these scores

Claim ledger

Ranked by verification strength, evidence, and original report placement.

  1. [1]

    OpenAI has signed a multi-year capacity agreement with Firmus under which it will contract capacity from two Firmus AI data centre locations in Malaysia, with OpenAI as the anchor customer.

    Reported Supported
  2. [2]

    According to Firmus, the OpenAI agreement brings its total contracted capacity across all customers to more than 900MW.

    Reported Supported
  3. [3]

    Firmus has seven AI data centres across Australia, Singapore, Indonesia and Malaysia, either in operation or under development; five remain under development and are expected to be ready for service within 24 months.

    Reported Supported
  4. [4]

    The sites will use the Nvidia DSX AI Factory Platform to integrate Nvidia Vera Rubin NVL72 systems into Firmus's HyperCube prefabricated modular units.

    Reported Supported
  5. [5]

    Sachin Katti, VP of Compute Strategy at OpenAI, said the new data centres in Malaysia will help OpenAI serve growing demand for its products across the region and around the world.

    Reported Supported Source: Sachin Katti, OpenAI
  6. [6]

    Firmus builds units it calls HyperCubes, combining liquid cooling, mechanical systems and electrification, and prefabricates them in regional New South Wales.

    Reported Supported
  7. [7]

    OpenAI's Stargate project in South Korea was first announced in October 2025, with OpenAI signing letters of intent with Samsung Electronics and SK Hynix for two AI data centres in the southwest region of South Korea.

    Reported Supported
  8. [8]

    Korea JoongAng Daily reports, citing unnamed sources, that little progress has been made on OpenAI's Stargate project in South Korea because the companies are struggling to acquire a site that can accommodate the power and water needs of the data centres.

    Reported Supported Source: Korea JoongAng Daily
  9. [9]

    SK Telecom said no further progress has been made following the signing of the LOIs, and OpenAI declined to comment beyond saying the domestic project is "still under discussion".

    Reported Supported
  10. [10]

    Plans for Firmus to establish a site in Malaysia had not been previously shared.

    Reported Supported
  11. [11]

    The Australian Financial Review reported that Firmus is setting up investor meetings for next week, is working on a pathfinder prospectus and has instructed its bankers, citing unidentified people; there is no timeline for an ASX debut, though the AFR describes the path as accelerated.

    Reported Supported Source: Australian Financial Review
  12. [12]

    TNW reported in June that Firmus would build a 360MW campus in Batam, Indonesia, going live in the first quarter of 2027, with expected offtake there of $25bn to $30bn over six years.

    Reported Supported Source: thenextweb.com
  13. [13]

    TNW reported hours before the Firmus announcement that Malaysia is weighing Huawei chips for a sovereign AI project, and that Washington has warned it about US export controls.

    Reported Supported Source: thenextweb.com
  14. [14]

    TNW notes that Armenia's AI factory exists because Washington signed a licence, making the site an instrument of American policy as much as an Armenian asset.

    Reported Supported Source: thenextweb.com
  15. [15]

    TNW reported in August that Firmus raised $2bn at a valuation of more than $10.5bn, roughly double its valuation four months earlier, with Coatue, Nvidia, Blackstone Tactical Opportunities and Jane Street participating.

    Reported Supported Source: thenextweb.com
  16. [16]

    The 360MW Batam campus equals 40 percent of the more than 900MW of contracted capacity Firmus announced.

    Derived Supported
  17. [17]

    Batam's expected offtake of $25bn to $30bn over six years across 360MW implies roughly $11.6m to $13.9m of revenue per contracted megawatt per year.

    Derived Supported
  18. [18]

    TNW's assessment is that what Malaysia supplies in the deal is land, grid connection and power, while the tokens serve OpenAI users worldwide.

    Reported Contested Source: thenextweb.com
  19. [19]

    Tim Rosenfield, Firmus co-founder and co-CEO: "This multi-year partnership marks the moment Asia-Pacific becomes a producer of intelligence, not just a consumer of it."

    Reported Contested Source: Tim Rosenfield, Firmus

Sources

2 independent publishers whose own reporting we read for this story.

  1. datacenterdynamics.com

    1 article · September 8, 2026

    Firmus to provide OpenAI with compute capacity in Malaysia
  2. thenextweb.com

    1 article · September 8, 2026

    OpenAI just anchored an Australian company’s Malaysian data centres

Topics and entities

Topics

Entities