FluidStack is currently negotiating a funding round of $1 billion at a valuation of $18 billion.

FluidStack is currently negotiating a funding round of $1 billion at a valuation of $18 billion.

      Jane Street and Situational Awareness are reportedly in talks to co-lead a funding round, according to Bloomberg. The Oxford-based neocloud, which moved from the UK to the US after securing a $50 billion partnership for data centers with Anthropic, has seen its revenue grow from $1.8 million in 2022 to $66.2 million in 2024.

      FluidStack, a startup focused on building AI data center infrastructure specifically for AI firms, is in negotiations to raise about $1 billion with a target valuation of $18 billion, as reported by Bloomberg on Tuesday, referencing sources familiar with the situation.

      Trading firm Jane Street and Situational Awareness—a fund concentrated on AGI founded by former OpenAI researcher Leopold Aschenbrenner and supported by the Collison brothers, former GitHub CEO Nat Friedman, and investor Daniel Gross—are currently discussing the possibility of co-leading the funding round. Morgan Stanley is providing guidance for the investment.

      The target valuation of $18 billion would mean a significant increase in the company’s value within just a few months. In December 2025, Bloomberg noted that FluidStack was in talks to secure around $700 million at a valuation of $7.5 billion, with that round reportedly being led by Situational Awareness; however, it did not officially close or receive public confirmation.

      The new discussions indicate that FluidStack's negotiating power has greatly improved since then, likely due to the $50 billion data center deal signed with Anthropic in November 2025.

      This agreement, to construct tailored facilities in Texas and New York focused on optimizing efficiency for Anthropic’s Claude AI workloads—with sites expected to launch throughout 2026—was the largest infrastructure undertaking Anthropic had made independently of cloud providers like AWS and Google.

      It marked a pivotal moment for FluidStack, which had been a relatively obscure player in European AI infrastructure before this deal. After signing the agreement, the company moved its headquarters from the UK to the United States.

      FluidStack was established in 2017 as a spin-off from Oxford University and shifted its focus towards AI compute infrastructure following the launch of ChatGPT in late 2022. Its revenue soared from $1.8 million in 2022 to $66.2 million in 2024 as the company expanded its capabilities for AI clients. It operates over 100,000 GPUs and counts Anthropic, Meta, Poolside, Black Forest Labs, and France’s Mistral among its clients.

      A $200 million Series A funding round in February 2025 facilitated the company’s growth. Additionally, in early 2025, it was named the main partner for a one-gigawatt AI infrastructure initiative supported by the French government, which signifies over $11 billion in investment.

      Two long-term hosting agreements with TeraWulf worth a total of $6.7 billion in contracted revenue are set to commence in 2026. Should the new funding round be finalized, it would elevate FluidStack to a leading position among the most valuable AI infrastructure companies outside the hyperscaler category.

      The valuation progression, from startup to $18 billion in less than ten years, underscores the high demand for customized AI compute at a time when cutting-edge AI laboratories are competing to secure infrastructure that hyperscalers cannot develop quickly enough or tailor adequately for specific tasks.

      Unlike general-purpose cloud providers, FluidStack constructs data centers optimized for the training and inference needs of particular AI systems, offering customers greater control over costs and performance compared to traditional rack rental from AWS or Google Cloud.

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FluidStack is currently negotiating a funding round of $1 billion at a valuation of $18 billion.

FluidStack is in discussions to secure $1 billion at an $18 billion valuation, which is more than twice its valuation from December 2025. Jane Street and Situational Awareness are in negotiations to potentially co-lead the funding round.