Fluidstack
London-founded AI cloud that operates large GPU/TPU clusters for frontier labs (Anthropic, Google-backed deals) largely in third-party-built campuses (TeraWulf, Cipher, Hut 8) with Google credit backstops.
www.fluidstack.io · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Business model and differentiation text: NeoCloud Observatory research (analysis, not HYBSIS assessment).
Profile
- Headquarters
- London, United Kingdom
- Founded
- 2017
- Ownership
- private
- Operating regions
- Europe
- Deployment model
- managed ai infrastructure, infrastructure development, gpu hour rental
- GPU vendors
- NVIDIA, Google TPU
- GPU generations
- NVIDIA Ampere, NVIDIA Hopper
- Networking
- Not yet recorded
- Storage
- Not yet recorded
- Cooling
- Not yet recorded
- Energy strategy
- third party — Landlords (former miners) supply power.
- Platform / control plane
- Not yet recorded
- Business model
- Operation of very large dedicated AI clusters for frontier labs; increasingly design/build of AI campuses.
- Differentiation
- Speed: 'gigawatt-scale capacity in six months' (company claim) using miners' powered shells; Google credit backstops make leases financeable.
Sources: Tracxn — FluidStack - 2026 Company Profile, Forbes — Fluidstack Hit A $18 Billion Valuation By Helping Build Google and Anthropic's Data Centers
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
| MW | Maturity | MW type | As of | Status & source |
|---|---|---|---|---|
| 360 | contracted | it load | 10 Aug 2026 | Announced Confidence: high Lake Mariner (TeraWulf) contracted critical IT for Fluidstack. Source: SEC EDGAR — TeraWulf Q2 2026 earnings release (8-K) |
| 300 | contracted | it load | 3 Nov 2025 | Announced Confidence: medium Barber Lake (Cipher) — full site leased. Source: DatacenterDynamics — AWS signs 300MW hosting deal with Cipher Mining (incl. Fluidstack Barber Lake context) |
| 245 | contracted | it load | 17 Dec 2025 | Announced Confidence: high River Bend (Hut 8), first hall Q2 2027. Source: PR Newswire (Hut 8) — Hut 8 Signs 15-Year, 245 MW AI Data Center Lease at River Bend Campus ($7.0B) |
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Fluidstack 1 GW AI supercomputer (France) MoU; go-live targeted 2026, scale beyond 1 GW by 2028. Participants: Government of France (partner). Source: NeoCloud Observatory research. Source: Business Wire (Fluidstack) — Fluidstack to Build 1GW AI Supercomputer in France | France | announced | 1,000 MW (unspecified, announced) |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| Anthropicai lab | $50.0B | Programme | — | 12 Nov 2025 | announced $50B US data-center program by Anthropic with Fluidstack; sites coming online through 2026. Source: Yahoo Finance — Anthropic announces $50 billion data center plan |
| Government of Francegovernment | $10.4B | Programme | — | 10 Feb 2025 | announced MoU; €10B phase one; 1 GW; ~500k chips. Source: Business Wire (Fluidstack) — Fluidstack to Build 1GW AI Supercomputer in France |
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 3 Sept 2026 | equity | $1.5B | Fluidstack — Series B Investors: Jane Street Source: Forbes — Fluidstack Hit A $18 Billion Valuation By Helping Build Google and Anthropic's Data Centers |
| 10 Aug 2026 | debt | $3.2B | Fluidstack — Google lease backstops (TeraWulf Lake Mariner, total) Source: SEC EDGAR — TeraWulf Q2 2026 earnings release (8-K) |
| 20 Jul 2026 | equity | $830.0M | Fluidstack — Series A Investors: Situational Awareness Source: Fluidstack — Fluidstack raised $830M Series A |
| 14 Apr 2026 | equity | $1.0B | Fluidstack — Series B (reported talks) (reported discussion) Source: TechCrunch — Fluidstack in talks for $1B round at $18B valuation |
| 9 Apr 2026 | equity | $750.0M | Fluidstack — Round (aggregator report) Conflicts with company release ($830M at $7.5B). Source: Caproasia — Fluidstack Raised $750 Million at $7 Billion Valuation |
| 25 Sept 2025 | debt | $1.4B | Fluidstack — Google lease backstop (Cipher Barber Lake) Google backstops Fluidstack lease obligations; receives Cipher warrants. Source: Cipher Mining — Cipher Mining Signs Hosting Agreement with Fluidstack (Sept 25, 2025) |
Neocloud Observatory
Evidence-scored analysis
Category A · Pure-play Neocloud · data quality 61.3/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational Unknown
- Under construction Unknown
- Contracted 360 MW
- Secured Unknown
- Announced 1,000 MW
- Stated pipeline Unknown
- Company target Unknown
- GPUs operational
- Unknown
- GPUs contracted
- Unknown
- GPUs announced
- Unknown
GPU platforms: Google TPU (reported partnership with Google) · NVIDIA GPUs (A100/H100 historically)
Financial position
- Annualised revenueDERIVED: FY2025 annualised
- $200M
- Revenue growth (YoY)
- Unknown
- Backlog
- Unknown
- Disclosed contract value
- Unknown
- Valuationpost money funding valuation
- $18B
- Equity raised (captured)
- $3.1B
- Debt raised (captured)
- Unknown
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- $4.6B
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 42 evidence coverage 75%
- contracted revenue model: 45 (weight 0.4) — spot/on-demand oriented
- model diversity: 66 (weight 0.2) — managed_ai_infrastructure, infrastructure_development, gpu_hour_rental
- margin: unknown (weight 0.25) — no margin data
- software upside: 0 (weight 0.15) — 0 software layers
Capital Access 72 evidence coverage 90%
- total capital raised: 64 (weight 0.3) — $3.08B equity+debt captured
- raised last 12m: 69 (weight 0.25) — $3.08B in 12m
- valuation: 75 (weight 0.2) — post_money_funding_valuation valuation $18.00B
- strategic backers: 90 (weight 0.15) — NVIDIA/AMD investor or hyperscaler credit support
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat 16 evidence coverage 55%
- physical control: 29 (weight 0.3) — power/land/DC control
- software depth: 0 (weight 0.25) — 0 software layers
- contracted lock in: unknown (weight 0.25) — backlog/contract value UNKNOWN
- operational reputation: unknown (weight 0.2) — not rated
Concentration Risk (higher = riskier) Insufficient evidence evidence coverage 20%
- top customer share: unknown (weight 0.8) — UNKNOWN
- few customers: 60 (weight 0.2) — 2 disclosed customers
Customer Diversification 40 evidence coverage 40%
- top customer share: unknown (weight 0.6) — concentration UNKNOWN
- distinct customers: 40 (weight 0.4) — 2 disclosed customer relationships
Customer Quality 85 evidence coverage 50%
- hyperscaler or lab: 85 (weight 0.5) — hyperscaler or AI-lab customer
- contracted value: unknown (weight 0.5) — disclosed contract value UNKNOWN
Execution Risk (higher = riskier) 63 evidence coverage 100%
- build to operating ratio: 100 (weight 0.45) — 360 MW to build vs 0 MW operating
- soft pipeline share: 74 (weight 0.25) — 1,000 MW secured/announced/speculative
- organisational youth: 0 (weight 0.3) — founded 2017
Financial Durability 40 evidence coverage 40%
- revenue scale: 39 (weight 0.3) — annualised revenue $200M (DERIVED: FY2025 annualised)
- net margin: unknown (weight 0.2) — no margin data
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: unknown (weight 0.2) — no backlog/revenue
- public disclosure: 40 (weight 0.1) — private
Financial Risk (higher = riskier) 85 evidence coverage 40%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: unknown (weight 0.3) — no debt/revenue data
- reliance on new capital: 100 (weight 0.25) — 12m capital raised / revenue 15.4x
- revenue scale inverse: 61 (weight 0.15) — revenue $200M
Geographic Position 40 evidence coverage 100%
- countries: 36 (weight 0.6) — France, United Kingdom
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position 45 evidence coverage 60%
- gpu fleet and contracted: unknown (weight 0.4) — 0 GPUs operational+contracted
- vendor relationship: 50 (weight 0.3) — no strategic vendor tie evidenced
- latest generation: 40 (weight 0.3) — Google TPU (reported partnership with Google), NVIDIA GPUs (A100/H100 historically)
Growth Momentum 55 evidence coverage 60%
- revenue growth yoy: unknown (weight 0.4) — no growth data
- capacity momentum: 52 (weight 0.25) — 360 MW contracted/under construction
- recent major events: 50 (weight 0.2) — 2 major confirmed events in 180d
- capital raised 12m: 64 (weight 0.15) — raised $3.08B in 12m
Infrastructure Execution 13 evidence coverage 60%
- delivered projects: 0 (weight 0.4) — 0/1 tracked projects (partially) operational
- operational share of hard mw: unknown (weight 0.4) — 0 of 360 hard MW operational
- building now: 40 (weight 0.2) — 0 under construction
Management Execution 50 evidence coverage 50%
- delivered capacity: unknown (weight 0.5) — 0 MW delivered to date
- milestones 180d: 50 (weight 0.3) — 2 confirmed major milestones (180d)
- disclosure discipline: 50 (weight 0.2) — private
Operational Capacity Insufficient evidence evidence coverage 0%
- operational mw: unknown (weight 0.65) — operational MW UNKNOWN
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality 45 evidence coverage 100%
- weighted pipeline mw: 63 (weight 0.5) — ladder-weighted 552 MW
- hard share: 27 (weight 0.3) — 26% of stated MW is operational/under construction/contracted
- physical power control: 29 (weight 0.2) — physical-layer control 29/100
Software Platform Maturity 33 evidence coverage 75%
- software layers: 0 (weight 0.5) — none evidenced
- software control: 100 (weight 0.25) — software-layer control 100/100
- independent rating: unknown (weight 0.25) — not rated
Strategic Partnerships 60 evidence coverage 80%
- vendor equity: 30 (weight 0.4) — no vendor equity evidenced
- hyperscaler ties: 90 (weight 0.4) — hyperscaler customer or credit backstop
- exemplar or rating: unknown (weight 0.2) — n/a
Technical Differentiation 0 evidence coverage 70%
- differentiators: 0 (weight 0.7) — no clear differentiator evidenced
- independent rating: unknown (weight 0.3) — not rated
Technical Strength Insufficient evidence evidence coverage 25%
- independent rating: unknown (weight 0.45) — not rated
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: unknown (weight 0.15) — fabric UNKNOWN
- stack documentation: 36 (weight 0.25) — 3 technology layers evidenced
Vertical Integration 52 evidence coverage 100%
- stack control: 52 (weight 1) — 7 of 12 layers evidenced; 5 UNKNOWN
Career Opportunity 48 evidence coverage 81%
- growth momentum: 55 (weight 0.2) — Growth Momentum
- capital access: 72 (weight 0.15) — Capital Access
- technical strength: unknown (weight 0.12) — Technical Strength
- software platform maturity: 33 (weight 0.12) — Software Platform Maturity
- power pipeline quality: 45 (weight 0.1) — Power Pipeline Quality
- geographic position: 40 (weight 0.06) — Geographic Position
- strategic partnerships: 60 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 15 (weight 0.1) — 100 - financial risk
Data Quality 61 evidence coverage 71%
- dq coverage: unknown (weight 0) — 0.706
- dq avg confidence: unknown (weight 0) — 0.624
- dq primary source pct: unknown (weight 0) — 0.125
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 5
Worth Investigating? (not investment advice) 49 evidence coverage 84%
- growth momentum: 55 (weight 0.18) — Growth Momentum
- technical differentiation: 0 (weight 0.12) — Technical Differentiation
- customer quality: 85 (weight 0.12) — Customer Quality
- power pipeline quality: 45 (weight 0.12) — Power Pipeline Quality
- capital access: 72 (weight 0.12) — Capital Access
- strategic partnerships: 60 (weight 0.1) — Strategic Partnerships
- technical strength: unknown (weight 0.08) — Technical Strength
- infrastructure execution: 13 (weight 0.08) — Infrastructure Execution
- operational capacity: unknown (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential 63 evidence coverage 85%
- power pipeline quality: 45 (weight 0.3)
- capital access: 72 (weight 0.25)
- customer quality: 85 (weight 0.2)
- operational capacity: unknown (weight 0.15)
- vertical integration: 52 (weight 0.1)
Overall Survival Probability (5y, %) 63 evidence coverage 57%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 194 MW (72 MW–366 MW) | $360M ($272M–$416M) |
| 24 months | 452 MW (230 MW–724 MW) | $529.1M ($329.5M–$679.7M) |
| 36 months | 656 MW (334 MW–960 MW) | $699M ($377.1M–$974.4M) |
| 60 months | 774 MW (420 MW–1,110 MW) | $1.1B ($462.7M–$1.7B) |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 87% | 75% | 63% | 42% |
| Acquired | 6% | 12% | 17% | 27% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 6% | 12% | 17% | 27% |
| IPO | 19% | 34% | 47% | 65% |
| Acquire another company | 12% | 23% | 32% | 47% |
| Financial distress | 14% | 26% | 36% | 52% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 0% | 0% | 0% | 0% |
| Remain niche | 94% | 88% | 83% | 73% |
| Strategic pivot | 5% | 10% | 15% | 25% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy THIRD PARTY Landlords (former miners) supply power. (inferred)
- land LEASED 10-15 yr leases. (inferred)
- data center LEASED Powered shells built by landlords to spec. (inferred)
- power cooling LEASED Delivered by landlords. (inferred)
- gpu hardware PARTNERED Reports describe Fluidstack 'owning zero chips' (customer-owned hardware). (inferred)
- network UNKNOWN Not captured. (inferred)
- storage UNKNOWN Not captured. (inferred)
- bare metal OWNED Operates clusters. (inferred)
- orchestration UNKNOWN Not captured. (inferred)
- cloud api OWNED Historic GPU cloud/marketplace. (inferred)
- ai platform UNKNOWN Not captured. (inferred)
- managed ai UNKNOWN Not captured. (inferred)
Not yet sourced: power mw.operational, gpu count, cash, backlog, employees.
Timeline
-
3 Sept 2026 · equity
Fluidstack — Series B
Source: Forbes — Fluidstack Hit A $18 Billion Valuation By Helping Build Google and Anthropic's Data Centers -
10 Aug 2026 · debt
Fluidstack — Google lease backstops (TeraWulf Lake Mariner, total)
Source: SEC EDGAR — TeraWulf Q2 2026 earnings release (8-K) -
20 Jul 2026 · equity
Fluidstack — Series A
Source: Fluidstack — Fluidstack raised $830M Series A -
14 Apr 2026 · equity
Fluidstack — Series B (reported talks) (reported discussion)
Source: TechCrunch — Fluidstack in talks for $1B round at $18B valuation -
9 Apr 2026 · equity
Fluidstack — Round (aggregator report) Conflicts with company release ($830M at $7.5B).
Source: Caproasia — Fluidstack Raised $750 Million at $7 Billion Valuation -
17 Dec 2025 · fact
Hut 8 signs 15-year 245 MW lease with Fluidstack at River Bend ($7.0B)
Source: PR Newswire (Hut 8) — Hut 8 Signs 15-Year, 245 MW AI Data Center Lease at River Bend Campus ($7.0B) -
12 Nov 2025 · announcement
Anthropic announces $50B US data-center plan with Fluidstack (Texas, New York)
Source: Yahoo Finance — Anthropic announces $50 billion data center plan -
25 Sept 2025 · debt
Fluidstack — Google lease backstop (Cipher Barber Lake) Google backstops Fluidstack lease obligations; receives Cipher warrants.
Source: Cipher Mining — Cipher Mining Signs Hosting Agreement with Fluidstack (Sept 25, 2025) -
10 Feb 2025 · project
Fluidstack 1 GW AI supercomputer (France) (announced)
Source: Business Wire (Fluidstack) — Fluidstack to Build 1GW AI Supercomputer in France -
10 Feb 2025 · announcement
Fluidstack signs MoU with France for 1 GW AI supercomputer (€10B phase one)
Source: Business Wire (Fluidstack) — Fluidstack to Build 1GW AI Supercomputer in France
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
- 10 Oct 2026 Data Centre
Cipher extends Barber Lake data center lease commitments to 20 years
Fluidstack and unnamed AI lab agree lengthy leases
DatacenterDynamics