FluidStack, an AI compute infrastructure startup, is in talks to raise $1 billion at an $18 billion valuation — more than double its December 2025 valuation of $7.5 billion. Jane Street and Situational Awareness (an AGI-focused fund backed by the Collison brothers and others) are in discussions to co-lead the round. The valuation surge follows FluidStack's $50 billion data centre partnership with Anthropic signed in November 2025, which prompted the company to relocate from the UK to the US. Founded in 2017 as an Oxford University spin-off, FluidStack grew revenue from $1.8M in 2022 to $66.2M in 2024, manages over 100,000 GPUs, and counts Anthropic, Meta, and Mistral among its customers. Additional milestones include a $200M Series A, a French government-backed 1GW AI infrastructure project, and $6.7B in contracted hosting revenue with TeraWulf.
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