Builds and operates purpose-built AI data centers at gigawatt scale — the first known operator of Google TPU sites outside Google, and Anthropic's build partner.
Fluidstack builds and operates purpose-built AI data centers, renting space and operations to AI labs rather than buying and reselling chips the way CoreWeave and Nebius do — a model it claims lets it stand up a site in three months against a year or more for Google, Amazon or Meta. Founded in 2017 by Oxford students Gary Wu and Jamie Cox (joined in 2020 by César Maklary, previously a Formula One aerodynamicist), it started by renting idle gaming GPUs to AI researchers, shifted to whole-cluster rental during the pandemic, and moved into data center construction after ChatGPT. It has become the proving ground for Google's push to sell TPUs against Nvidia: it appears to be the first publicly known operator of TPU data centers outside Google, and in November 2025 Anthropic said it would invest $50 billion in new data centers built by Fluidstack for a rollout of up to 1 million TPUs. It has locked up power from struggling bitcoin miners TeraWulf, Cipher Mining and Hut 8 in decade-long, Google-backstopped contracts totalling just under a gigawatt, leased over 1 million square feet outside Glendale, Arizona, and is building a site west of Abilene, Texas. Other customers include Meta, Jane Street, Black Forest Labs, Poolside and Mistral. It walked away from an $11.5B French data center announced at Macron's 2025 AI Action Summit, citing faster access to power in the US, and relocated its headquarters from London to New York in December 2025. Beyond equity it has raised over $15 billion of project debt with partners including Coatue's data center arm.
AI📍 New York, NYFounded 2017
Current Valuation
$18B
as of 2026-Q3
DECACORN
QL Price
$22B
+22% vs last round
QuantLogix's current estimate for Fluidstack, published 2026-10-07 — above the last disclosed round of $18B (2026-Q3).
Confidence
medium
Basis
blended
What backs this price
Last disclosed round
$18B
2026-Q3
weight 0.99
Secondary market print
$34B
2026-06-27
weight 0.54
Public-company comparables
$2.9B
2025-FY
weight 0.14
How this price has held up
No round has priced for Fluidstack since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-10-07 and will be graded against the next priced round. See the full accuracy record →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Fluidstack, 2026-10-07 (ea4cd853eda50f50).
The id pins this exact claim, so a citation stays checkable after the price moves.
Model estimate for research — not a quote, target price, or investment advice.
IPO Outlookprivate
Is Fluidstack going public?
No. Fluidstack is private and has not filed to go public. There is no S-1 on file.
What is Fluidstack's valuation in 2026?
Fluidstack is valued at $18B as of 2026-Q3, set by its Growth round (series undisclosed) ($1.5B, Sep 2026). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Fluidstack filed an S-1?
No public S-1 is on file for Fluidstack.
Who are Fluidstack's investors?
Fluidstack's investors include Jane Street, Situational Awareness, BlackRock, Atreides Management, Spark Capital, Alphabet and 1 more.
How much has Fluidstack raised?
Fluidstack has raised $2.6B in total across 3 disclosed rounds, most recently a Growth round (series undisclosed) of $1.5B in Sep 2026.
Is Fluidstack publicly traded — can you buy Fluidstack stock?
No. Fluidstack is a private company — its shares are not listed on any exchange and there is no ticker. The routes to exposure are pre-IPO secondary marketplaces and funds (accredited investors), employee tender offers when the company runs one, and public companies with read-through exposure. QuantLogix maps every route it can verify for Fluidstack on its Pre-IPO Access Desk.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Company Profile
CEO
Gary Wu
Founded
2017
HQ
New York, NY
Total Raised
$2.6B
Est. Revenue
$200M (2025-FY)
Growth
~200% YoY (revenue $66M in 2024, the last year disclosed in UK filings, to ~$200M in 2025); an investor memo projects $660M for 2026 and up to 1.3GW live across more than 10 sites this year
Last Round
Growth round (series undisclosed) — $1.5B (Sep 2026) · Lead: Jane Street
IPO Status
private
Fundraising Status
Growth round (series undisclosed) · $1.5B · 1 mo ago
privateTotal raised $2.6B3 disclosed rounds
Growth round (series undisclosed) Impact
Round Size
$1.5B
Primary financing announced
Post-Money Valuation
$18B
Company-announced mark
Valuation Step-Up
+140.0%
vs Series A at $7.5B
Round / Post-Money
8.3%
New capital ÷ post-money
Disclosed Funding
$2.6B
Cumulative disclosed rounds
Step-up compares disclosed post-money valuations. Round / post-money is a financing-size ratio, not an ownership or dilution estimate.
Secondary Market
Implied price / share
$139.89
Last round price / share
$74.09
vs last round
+88.8%
Open interest
4
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Growth & Valuation
Valuation across funding rounds
Capital raised per round
Charts built from publicly disclosed funding rounds and revenue estimates. Approximate, not real-time, not investment advice.
Funding History
Round
Amount
Date
Lead Investor
Post-Money
Growth round (series undisclosed)
$1.5B
Sep 2026
Jane Street
$18B
Series A
$830M
Jan 2026
Situational Awareness
$7.5B
Equity (pre-2025, undisclosed at the time)
$30M
Dec 2024
—
—
Vertical Intelligence — AI / ML
No verified Hugging Face organization found for Fluidstack — no attributable open-model footprint. Closed-weights labs are common; this is a distribution signal, not a capability judgment.
Checked huggingface.co as of 2026-10-04. Re-checked weekly.
Talent Signal
Hiring trend
▼ Hiring downtrend
-13% vs 2026-08
Open roles
244
via ashby
Product-build share
61%
engineering, research, product, design
Trajectory
tightening
product-led hiring — 61% of open roles build product; the rest are go-to-market and G&A.
Open roles trending down; no tracked executive churn.
Counted from Fluidstack's live job board as of 2026-09-15; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Gary WuJamie CoxCésar Maklary
Investors
Jane Street · Situational Awareness · BlackRock · Atreides Management · Spark Capital · Alphabet · Charlie Songhurst
Products
Purpose-built AI data centers (site development, construction, operation)
TPU cluster hosting and operations
GPU cluster rental and managed clusters
Power procurement (long-term contracts with bitcoin miners and utility-scale sites)
Modular, trailer-shipped data center units
White-glove cluster setup and support
Competitors
CoreWeave · Nebius · Crusoe · Lambda · Nscale · Together AI
aidata centersgpu cloudneocloudinfrastructuretpuanthropic supplier
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q3. Refreshed quarterly.