Ten months ago, Fluidstack was worth $7.5 billion. The AI data center specialist, founded in Oxford in 2017 and based in New York since late 2025, could cross the $40 billion mark before December 31. This trajectory is driven by a leading client, Anthropic, by the support of Google and by investor appetite for AI infrastructure.
A $40 billion Series C in preparation
According to a source in the financial sector, Fluidstack is preparing a new funding round, a Series C, that would value the company at around $40 billion. The deal would be finalized by the end of 2026. At this stage, the identity of the investors has not been disclosed, nor has the amount of the round. Fluidstack has not issued any press release.
The information therefore remains to be confirmed. It follows a pattern the company has already gone through twice in less than a year: talks reported by the press, then a closed round, each time larger than announced.
- December 2025: Bloomberg reports talks to raise about $700 million at a $7 billion valuation. The Series A eventually reaches $830 million at $7.5 billion.
- April 2026: Bloomberg reports talks for about $1 billion at an $18 billion valuation, with Jane Street and Situational Awareness leading and Morgan Stanley advising.
- September 2026: Forbes reveals on September 3 that the round closed at about $1.5 billion, led by Jane Street, at a valuation above $18 billion.
What is known and what remains to be clarified
A private round valuation is a price negotiated between a company and a small number of investors, not a market price. The size of the Series C, any portion of shares sold by existing shareholders and the terms attached to the new shares are not known. The September round was reported by Forbes without any communication from Fluidstack.
Fluidstack, from a GPU marketplace to a neocloud
Fluidstack was born in 2017 at the University of Oxford, founded by Gary Wu and Jamie Cox. The starting point was simple: AI researchers lacked computing power, while many graphics cards sat unused much of the time. The first version of Fluidstack was a marketplace renting out these available GPUs. César Maklary joined in 2020 and became co-founder and president. Gary Wu leads the company.
Fluidstack has since changed scale. It builds and operates computing clusters dedicated to training and running AI models, and reports more than 100,000 GPUs under management. Its model relies on leasing: Fluidstack buys the chips, leases the buildings and secures electricity from partners, including former bitcoin miners such as TeraWulf, Cipher Mining and Hut 8. These multi-year agreements represent a little under one gigawatt, according to Forbes.
Its clients include Anthropic, Meta, Jane Street, Mistral AI, Character.AI, Poolside and Black Forest Labs. The headquarters moved from London to New York in December 2025.
The Anthropic contract and Google’s support
Everything accelerated in November 2025. Anthropic announced a $50 billion investment in new data centers in the United States, built with Fluidstack in Texas and New York State, with sites coming online throughout 2026. Anthropic explained its choice by its partner’s “exceptional agility”. According to Forbes, this program supports the deployment of one million TPUs, the AI chips designed by Google.
Google is the other key player in this trajectory. Fluidstack supports its strategy of selling TPUs outside its own data centers. As early as 2025, Google guaranteed part of Fluidstack’s lease commitments, up to $3.2 billion at the TeraWulf campus and $1.4 billion at Cipher Mining, in exchange for warrants in these two companies. Several sources cited by Forbes also list Alphabet among Fluidstack’s shareholders.
Fast growth in revenue and capacity
| Year | Revenue | Source |
|---|---|---|
| 2022 | $1.8M | Tech Times |
| 2024 | more than $66M | Forbes |
| 2025 | about $200M | Forbes |
| 2026 | $660M (projection) | Forbes |
Between 2022 and the 2026 projection, revenue would be multiplied by more than 350. Capacity is following: Fluidstack is deploying 1.3 GW across more than ten sites in 2026, and an investor cited by Forbes mentions a target of more than 17 GW by 2030. The company says it can bring capacity online within a few months, whereas the industry usually needs 18 to 24 months.
To fund these projects, Fluidstack also uses debt on a large scale. According to SEC filings cited by Forbes, Fluidstack and its partners, including the data center division of the fund Coatue, have raised more than $15 billion in debt financing. On September 10, 2026, the Wall Street Journal reported that the Pentagon was discussing a loan of about $5 billion to Fluidstack, through its Office of Strategic Capital, to develop the manufacturing of data center components in the United States. It would be the largest loan granted by this office. Talks were not finalized at that date.
Fluidstack funding history
| Date | Round | Amount | Valuation | Lead | Status |
|---|---|---|---|---|---|
| 2017 to 2024 | Early financing | $30M in equity, $38M in debt | n/a | n/a | According to Forbes |
| Dec. 2025 to Jan. 2026 | Series A | $830M | $7.5B post-money | Situational Awareness | Confirmed by Fluidstack on July 20, 2026 |
| September 2026 | Round following the Series A | about $1.5B | more than $18B | Jane Street | Reported by Forbes |
| By end of 2026 | Series C | n/a | about $40B | n/a | In preparation, according to a source in the financial sector |
Investors already on Fluidstack’s cap table
Two investors drove the latest rounds. Situational Awareness, an investment fund dedicated to artificial intelligence, led the Series A. Jane Street, the New York quantitative trading firm, led the September round. It is also a Fluidstack client and invests heavily in AI infrastructure, notably through a five-year, $13 billion cloud contract signed with Crusoe.
According to corporate documents and sources cited by Forbes, BlackRock, Atreides Management, Spark Capital and Alphabet are also reportedly shareholders.
Fluidstack and other neoclouds
| Company | Round | Amount | Valuation | Investors cited |
|---|---|---|---|---|
| Crusoe | Series F, September 2026 | $3.9B | about $30.9B | Atreides Management, Valor Equity Partners, Mubadala Capital |
| Fluidstack | September 2026 round | about $1.5B | more than $18B | Jane Street |
| Fluidstack | Series C, in preparation | n/a | about $40B | n/a |
At $40 billion, Fluidstack would move ahead of Crusoe, which reports more than 6 GW of contracted capacity and about 1 GW already operational. CoreWeave, another major player in the sector, has been listed on Nasdaq since March 2025.
A refocus on the United States
In February 2025, at the AI Action Summit in Paris, Fluidstack signed a memorandum of understanding with the French government for a 1 GW AI supercomputer powered by low-carbon electricity, with a first phase valued at €10 billion.
According to Bloomberg, Fluidstack chose in March 2026 to concentrate its investments in the United States, where the Anthropic program is being deployed, and withdrew from the Bosquel site in the Somme department, as well as from a second project south of Paris. The Bosquel site will eventually host a 1 GW AI data center led by SoftBank and Sesterce, announced at the Choose France summit in June 2026.
Gaining exposure to unlisted AI as an individual investor
Fluidstack’s funding rounds bring together institutional investors. For an individual, access to unlisted companies goes through other routes, presented in the guide what is private equity.
Some platforms provide access to shares of unlisted companies before their IPO: they are compared in the article on unlisted shares secondary market platforms. Solutions focused on artificial intelligence, listed and unlisted, are detailed in the article on AI investment platforms.
Frequently asked questions
How much is Fluidstack worth in 2026?
The latest valuation reported by the press is above $18 billion, following a round of about $1.5 billion led by Jane Street in September 2026, according to Forbes. According to a source in the financial sector, the Series C in preparation would value the company at around $40 billion.
Who is investing in Fluidstack's Series C?
The names of the funds have not been disclosed so far. The two previous rounds were led by Situational Awareness, for the Series A, and then by Jane Street, in September 2026.
Is Fluidstack a listed company?
No. Fluidstack is a private company, with no shares available to the public. No initial public offering has been announced.
Who founded Fluidstack?
Fluidstack was founded in 2017 at the University of Oxford by Gary Wu and Jamie Cox. César Maklary joined them in 2020 as co-founder and president. Gary Wu leads the company, which has been headquartered in New York since December 2025.
Who are Fluidstack's clients?
Anthropic is the main client, with a $50 billion data center program in Texas and New York announced in November 2025. Fluidstack’s clients also include Meta, Jane Street, Mistral AI, Character.AI, Poolside and Black Forest Labs.
What is a neocloud?
A neocloud is a cloud provider specialized in computing power for artificial intelligence, unlike general-purpose hyperscalers such as AWS, Microsoft Azure or Google Cloud. CoreWeave, Crusoe, Nebius and Fluidstack belong to this category.
Sources: Forbes (September 3, 2026); Bloomberg (December 2025, April 2026 and March 2026); Wall Street Journal (September 10, 2026); Fluidstack press release (July 20, 2026); Anthropic (November 2025); Tech Times; Fluidstack (February 2025); SoftBank (June 2026); information on the Series C from a source in the financial sector, not confirmed by the company. Investing in unlisted securities carries a risk of capital loss and illiquidity.