FluidStack is negotiating to secure $1 billion at a valuation of $18 billion.
Jane Street and Situational Awareness are reportedly in negotiations to co-lead a funding round, according to Bloomberg. Neocloud, founded in Oxford and recently relocated from the UK to the US following a significant $50 billion partnership with Anthropic for data centers, has seen its revenue soar from $1.8M in 2022 to $66.2M in 2024.
FluidStack, an AI data center startup that specializes in building computing infrastructure tailored for AI companies, is reportedly seeking around $1 billion at a target valuation of $18 billion, as reported by Bloomberg on Tuesday, based on information from sources familiar with the situation.
The trading firm Jane Street, along with Situational Awareness—a fund focused on AGI established by former OpenAI researcher Leopold Aschenbrenner, with backing from the Collison brothers, former GitHub CEO Nat Friedman, and investor Daniel Gross—are in talks to jointly lead this round. Morgan Stanley is providing advisory services for the investment.
The targeted $18 billion valuation would mark a significant increase in the company’s value within just a few months. Bloomberg had previously reported in December 2025 that FluidStack was negotiating to raise approximately $700 million at a valuation of $7.5 billion in a round that was expected to be led by Situational Awareness; however, this round never officially closed or was publicly confirmed.
These new discussions imply that the company’s negotiating position has significantly improved since then, most likely due to the $50 billion data center partnership established with Anthropic in November 2025.
The deal with Anthropic involves creating custom facilities in Texas and New York specifically designed to optimize efficiency for Anthropic’s Claude AI workloads, with the sites slated to start operations throughout 2026. This partnership represents the largest infrastructure commitment Anthropic has made outside of traditional cloud providers like AWS and Google.
This agreement marked a pivotal moment for FluidStack, which was previously a lesser-known entity in the European AI infrastructure landscape before this deal. Following the partnership, the company moved its headquarters from the UK to the US.
Founded in 2017 as a spin-off from Oxford University, FluidStack shifted towards AI computing infrastructure after the launch of ChatGPT in late 2022. Its revenue jumped from $1.8 million in 2022 to $66.2 million in 2024 as the company expanded its capacity for AI clients. It manages over 100,000 GPUs and serves notable customers including Anthropic, Meta, Poolside, Black Forest Labs, and France's Mistral.
A $200 million Series A funding round in February 2025 accelerated the company’s growth, and it was named the primary partner for a one-gigawatt AI infrastructure project supported by the French government in early 2025, which represents over $11 billion in investment.
Starting in 2026, FluidStack will also initiate two 10-year hosting agreements with TeraWulf, amounting to $6.7 billion in contracted revenue. If this new funding round successfully concludes, FluidStack would rank among the most valuable AI infrastructure firms outside the hyperscaler category.
The valuation journey, moving from startup to $18 billion in less than ten years, showcases the strong demand for tailored AI computing solutions at a time when leading AI labs are competing to secure infrastructure that hyperscalers cannot develop quickly or customize adequately for particular workloads.
In contrast to general-purpose cloud providers, FluidStack specializes in building data centers optimized for the training and inference patterns of specific AI systems, thereby giving clients better control over costs and performance compared to traditional rack rentals 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.
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FluidStack is negotiating to secure $1 billion at a valuation of $18 billion.
FluidStack is negotiating to secure $1 billion at a valuation of $18 billion, which is more than twice its valuation from December 2025. Jane Street and Situational Awareness are discussing co-leading the effort.