Investing in Fluidstack: what to know about the builder of AI's data centers

Fluidstack is not listed on a stock exchange: an individual cannot buy its shares directly, but can gain exposure to the company through a dedicated investment vehicle, such as the one offered by Fundora, or indirectly through its listed partners. Fluidstack builds data centers for Anthropic and its valuation rose from $7.5 billion to over $18 billion in 2026.

This page details Fluidstack's business, its contracts, its valuation, the conditions for accessing its capital, the other ways to gain exposure and the risks.

Fluidstack, the neocloud building AI's data centers

Fluidstack is a “neocloud”: this British start-up builds and operates data centers that supply computing power, or “compute”, to artificial intelligence labs such as Anthropic, to train and run their models. It secures electricity and the grid connection, designs the sites, builds them and then operates them, with the goal of delivering 250 megawatts in six months.

Founded in 2017 by Oxford students, Fluidstack started by renting out unused GPUs to researchers, before scaling up with dedicated clusters, notably of Nvidia GPUs, and then full data centers. It is now among the few operators able to deliver this power to the largest labs. It is led by Gary Wu, chief executive officer, with co-founders César Maklary, chairman, and Jamie Cox, and moved its global headquarters to New York in December 2025. Its cited customers include Anthropic, Meta, Poolside and Black Forest Labs.

Its audited revenue rose from £1.57 million in 2022 to £52.7 million in 2024. The 2025 accounts had not yet been filed in October 2026. According to an unaudited investor memo cited by Forbes, it reportedly reached $200 million in 2025 and is aiming for $660 million in 2026.

Sources: Companies House, “Fluidstack Ltd, annual accounts”, find-and-update.company-information.service.gov.uk; Fluidstack, “Fluidstack Expands U.S. Investment by Relocating Global Headquarters to New York City” (December 2025), fluidstack.io; L'Usine Digitale, “$830 million raised: from GPU cloud to multi-gigawatt infrastructure” (July 2026), www.usine-digitale.fr.

Anthropic, Google, TeraWulf: the contracts behind Fluidstack

Fluidstack leases nearly 980 megawatts across four US campuses, with leases of ten to twenty-five years partly guaranteed by Google, and builds data centers for Anthropic in Texas and in New York State.

• Anthropic announced in November 2025 a $50 billion data center program in the United States, built with Fluidstack. This amount is Anthropic's overall envelope, not a single contract with Fluidstack.
• TeraWulf leases to Fluidstack more than 360 megawatts at Lake Mariner (New York), for about $6.7 billion over ten years, and shares with it a 168-megawatt campus at Abernathy (Texas), whose share Fluidstack has been buying out since July 2026.
• Cipher Digital leases to it the entire Barber Lake campus (Texas), or 207 megawatts, for about $3.8 billion over ten years.
• Hut 8 leases to it 245 megawatts at River Bend (Louisiana), for about $7 billion over fifteen years.

Google provides a financial guarantee of at least $6.2 billion of rent on the first three campuses, and over the whole base term of the River Bend lease. In exchange, Google received warrants that could give it about 14% of TeraWulf and 5.4% of Cipher.

Sources: TeraWulf, Form 8-K (August 2025), www.sec.gov; TeraWulf, Form 8-K (October 2025), www.sec.gov; Cipher Mining, “Cipher Mining Signs Additional 56 MW 10-Year AI Hosting Agreement with Fluidstack” (November 2025), www.nasdaq.com; Hut 8, 2025 annual report 10-K, www.sec.gov; Anthropic, “Anthropic invests $50 billion in American AI infrastructure” (November 2025), www.anthropic.com.

Fluidstack's valuation: from $7.5 billion to over $18 billion

Fluidstack has been valued at over $18 billion since a round of about $1.5 billion led by Jane Street, according to Forbes in September 2026, against $7.5 billion at its Series A. Fluidstack has not confirmed this latter round.

The Series A, led by the fund Situational Awareness, raised $830 million starting in January 2026, a deal made public in July. The valuation would therefore have been multiplied by 2.4 in under eight months. In September 2026, the American press also reported talks with the Pentagon for a loan of about $5 billion, with no agreement announced.

Can you buy Fluidstack shares?

No, not on a stock exchange. Fluidstack is a private company, with no listed share or ticker, and no IPO has been announced. Its shares trade only among professional investors, in funding rounds or on private secondary markets.

• EquityZen and Nasdaq Private Market offer Fluidstack securities, but only to accredited investors as defined by US regulations, with high minimum amounts.
• The $153.11 price displayed by Nasdaq Private Market is not a stock market price, but an estimate calculated by an algorithm from funding rounds and private transactions.
• US SPVs filed with the SEC to invest in Fluidstack are also reserved for accredited investors.

Fluidstack has issued no crypto token: the FLUID token belongs to a decentralized finance protocol with no link to the company.

Sources: Nasdaq Private Market, “FluidStack”, www.nasdaqprivatemarket.com; U.S. Securities and Exchange Commission, “SMALLCAP World Fund, Forms N-PORT” (March and June 2026), www.sec.gov.

Fluidstack and France: the abandoned €10 billion project

Fluidstack gave up in March 2026 on its €10 billion supercomputer project in France, to focus its resources on its contracts in the United States, according to Bloomberg and then Les Echos. The company has never officially commented on it.

The project, announced in February 2025 at the Paris AI Summit, was based on a non-binding memorandum of understanding: up to 1 gigawatt at Bosquel, in the Somme, powered by nuclear electricity, as well as a cluster for Mistral AI in the Essonne. At the end of May 2026, a joint venture between SoftBank and Sesterce was selected to take over a 1-gigawatt project at the Bosquel site.

Sources: World Nuclear News, “France tempts AI firms with its nuclear electricity” (February 2025), www.world-nuclear-news.org; Les Echos, “"But where is the national strategy?": after Fluidstack's withdrawal and its 10 billion, the slump in data centers in France” (March 2026), www.lesechos.fr; SoftBank Group, press release of May 31, 2026, group.softbank.

Other ways to gain exposure to Fluidstack

You can gain indirect exposure to Fluidstack through its listed partners, TeraWulf, Cipher Digital, Hut 8 and Alphabet, and to the sector through listed neoclouds such as CoreWeave and Nebius.

• TeraWulf (WULF), Cipher Digital (CIFR) and Hut 8 (HUT), listed in the United States, lease their campuses to Fluidstack. Their revenues depend partly on its rent, but also on their other activities, notably bitcoin mining.
• Alphabet, Google's parent company, guarantees part of Fluidstack's rent, with a very diluted exposure at the scale of the group.
• CoreWeave and Nebius, two listed neoclouds, do the same job as Fluidstack. CoreWeave went public in March 2025 at a valuation of about $23 billion and was worth about $33.7 billion on October 19, 2026; Nebius stood at about $46.7 billion. They are competitors, not an exposure to Fluidstack.
• Unlisted assets. The other major neoclouds, Crusoe ($30.9 billion in September 2026), Nscale or Lambda, are still private, as is Anthropic, Fluidstack's main customer, covered on our page on how to invest in Anthropic. Our page on how to invest in AI compares the different approaches.

Sources: StockAnalysis, “CoreWeave market cap” (accessed October 20, 2026), stockanalysis.com; Crusoe, “Crusoe announces Series F funding” (September 2026), www.crusoe.ai.

The risks to know before investing in Fluidstack

The main risks are capital loss, illiquidity, dependence on a few large customers, the weight of committed rents and the lack of public information.

• Capital loss. A private-round valuation is a price negotiated between a few investors, not a market price: it can fall at the next round.
• Liquidity. Shares of an unlisted company cannot be freely resold, and no IPO has been announced.
• Customer concentration. The 2024 accounts indicate that a large share of revenue comes from a small number of contracts, and Anthropic is diversifying its suppliers.
• Financial commitments. The base rents of the four documented campuses amount to about $27 billion.
• Execution. The data centers are due to be delivered between 2026 and 2027, amid strain on electricity, grid connection and equipment.
• Information. The round led by Jane Street has not been confirmed by Fluidstack, and its 2025 accounts are late.
• Currency. The business and valuations are denominated in dollars.

Past performance is no guarantee of future results.

Investing in Fluidstack with Fundora

Since October 2026, Fundora has offered an operation that gives indirect exposure to Fluidstack, through a dedicated investment vehicle. This operation is structured by Fundora independently: there is no partnership between Fundora and Fluidstack, which is neither its issuer nor its promoter, and the investor does not directly hold shares of the company. The detailed terms, the risks and the structure of the vehicle are presented on the operation's page.

Fundora more broadly makes it possible to invest in unlisted assets, in diversified portfolios of fast-growing companies, in growth equity as well as venture capital. The platform relies on an FPCI (Fonds Professionnel de Capital Investissement, a professional private equity fund) and an SPV (Special Purpose Vehicle), which pool the subscriptions of several individual investors within a single structure investing directly in the target funds. This mechanism significantly lowers the entry threshold compared with a direct subscription, where institutional minimum tickets usually range from €200,000 to €1 million. The minimum amount varies according to the strategy open for subscription.

The strategies are selected from the global top 25% of funds, with actual management carried out by Kyoseil Asset Management under the mandate, a portfolio management company approved by the AMF under number GP-99040. Strategies already offered include, for example, Nextwave AI, Genesis AI Venture or Phoenix Venture, dedicated to artificial intelligence.

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