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- Fluidstack
Fluidstack Revenue, Valuation, Funding & Investors
Fluidstack is valued at $18B as of September 2026.
Last Fluidstack valuation
$18B
Undisclosed stage · Sep 2026
Last Fluidstack funding round
$1.5B
Undisclosed stage · Sep 2026
Fluidstack revenue
$180M
Undisclosed stage · Jan 2026
Key investors in Fluidstack
Jane Street
Situational Awareness
Fluidstack Overview
About Fluidstack
FluidStack delivers a leading AI cloud platform with supercomputing infrastructure for AI labs, governments, and enterprises, serving clients like Mistral, Meta, and Black Forest Labs.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Usage-based
Revenue
$180M (Jan 2026)
Valuation
$18B (Sep 2026)
Fluidstack Valuation
Fluidstack is currently valued at $18B, based on its undisclosed-stage round in September 2026.
The $1.5B round was led by Jane Street.
Fluidstack's valuation has grown 2.4x from $7.5B at its undisclosed-stage round in January 2026 to $18B in September 2026, across 2 priced rounds.
Fluidstack valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Undisclosed stage | $18B | - |
| Jan 2026 | Undisclosed stage | $7.5B | 41.7x |
Fluidstack Revenue
Fluidstack's latest recorded revenue is $180M, as of its undisclosed-stage round in January 2026. At a $7.5B valuation, that implies a 41.7x revenue multiple.
Fluidstack revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2026 | $180M | $7.5B | 41.7x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Fluidstack Funding History
Fluidstack has raised a total of $2.3B across 2 funding rounds.
Fluidstack's first fundraising round was a $830M undisclosed-stage round in January 2026. The most recent completed round was a $1.5B undisclosed-stage round in September 2026.
Fluidstack funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Undisclosed stage | Jane Street (lead) | $1.5B | $18B | Fluidstack raised a new $1.5 billion equity round led by Jane Street in September 2026 at an implied valuation of over $18 billion. The financing follows earlier July 2026 funding at a $7.5 billion valuation and reflects continued investor demand for AI infrastructure and data center capacity. Fluidstack builds specialized data centers and cloud infrastructure for AI workloads and has also secured substantial debt financing capacity to support its projects, including more than $15 billion of debt tied to its expansion plans. The company has been working with major partners and customers in the AI ecosystem, with its rapid valuation increase reflecting the capital intensity of GPU and data center buildouts. |
| Jan 2026 | Undisclosed stage | Situational Awareness (lead) | $830M | $7.5B | Fluidstack is an AI cloud infrastructure provider specializing in GPU cloud computing for AI training and inference workloads, enabling rapid deployment of large-scale GPU clusters. It positions itself similarly to CoreWeave as a new cloud platform focused on AI computing power leasing, with partnerships including Meta, Honeywell, Google, and AI startups like Poolside and Anthropic. The company has secured a $10 billion line of credit for data center construction and plans a €10 billion AI supercomputing center in France, alongside U.S. data center initiatives totaling $50 billion with Anthropic. Fluidstack is negotiating a major funding round of approximately $700 million (figures vary: $450M-$700M across reports) at a $7 billion post-money valuation, potentially led by Situational Awareness (founded by ex-OpenAI researcher Leopold Aschenbrenner), with participation from Alphabet/Google and Goldman Sachs advising. This follows earlier talks for up to $200 million and prior equity raises of ~$25M total. A separate Google $100M investment is reportedly in discussion at a $7.5B valuation to promote TPU chips, with Google backstopping Fluidstack's contracts with Hut 8 and TeraWulf. Current valuation estimates place Fluidstack at $7B as of June 2025, with high capital efficiency (1548x total funding raised of $4.5M-$25M across 8 rounds). The round aligns with surging AI infrastructure demand, transitioning Fluidstack from low-profile startup to unicorn status amid collaborations with hyperscalers and AI firms. Recent developments include multiple Google ties, TPU adoption push, and infrastructure expansions. |
Who has invested in Fluidstack?
2 investors have backed Fluidstack across its funding rounds, including Jane Street and Situational Awareness.
Lead investors include Jane Street and Situational Awareness.
Fluidstack Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialFluidstack Competitors
Fluidstack competitors include listed companies like Nebius Group and CoreWeave, and private ones like Nscale, SambaNova, Kling AI and Fireworks AI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $33M | - | $15B | 442.4x | ||
| Private | $100M | - | $11B | - | ||
| Publicly listed | $530M | $512M | $59B | 24.2x | ||
| Private | $500M | - | $18B | 36.0x | ||
| Private | $1B | - | $18B | 17.5x | ||
| Publicly listed | $5.1B | $2.5B | $44B | 8.4x |
Fluidstack Public Comps
Fluidstack is still privately-owned, but its public comps include CDW, Nutanix, IonQ, DigitalOcean, Akamai, Range Intelligent, CGI, Tempus AI, iFlytek and Iluvatar CoreX.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $22B | $2B | 1.1x | 1.0x | 12.4x | 11.0x | |||
| $2.5B | $230M | 7.1x | 6.2x | 78.4x | 23.8x | |||
| $130M | ($531M) | 109.9x | 40.3x | (26.9x) | (39.1x) | |||
| $901M | $343M | 18.2x | 14.9x | 47.9x | 37.7x | |||
| $4.2B | $1.3B | 5.1x | 4.8x | 16.8x | 12.1x | |||
| $846M | $803M | 20.7x | 16.0x | 21.9x | 19.7x | |||
| $11B | $2B | 1.5x | 1.5x | 8.6x | 7.3x | |||
| $1.3B | ($131M) | 12.0x | 10.1x | (116.0x) | 346.0x | |||
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Common questions about Fluidstack
| When was Fluidstack founded? | Fluidstack was founded in 2017. |
| Where is Fluidstack headquartered? | Fluidstack is headquartered in London, United Kingdom. |
| Is Fluidstack publicly listed? | No, Fluidstack is a private, VC-backed company. |
| What is Fluidstack's valuation? | Fluidstack was last valued at $18B in its undisclosed-stage round in September 2026. |
| How much funding has Fluidstack raised? | Fluidstack has raised $2.3B across 2 funding rounds. |
| What was Fluidstack's last funding round? | Fluidstack's last funding round was a $1.5B undisclosed-stage round in September 2026, led by Jane Street. |
| Who are Fluidstack's investors? | Fluidstack's investors include Situational Awareness and Jane Street. |
| What is Fluidstack's revenue? | Fluidstack's latest recorded revenue is $180M (January 2026). |
| What is Fluidstack's revenue multiple? | Fluidstack's latest valuation implies a 41.7x revenue multiple ($7.5B valuation on $180M of revenue). |
| Which companies are comparable to Fluidstack? | Companies comparable to Fluidstack include Nscale, SambaNova, Nebius Group, Kling AI, Fireworks AI and CoreWeave. |
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