FluidStack operates a two-pronged business: a marketplace that connects users with third-party GPU capacity and a network of owned data centers that serve large-scale contracts. The company reported an estimated ARR of $180.0 million for 2024, up from $25.0 million in 2023 (a 620% year-over-year increase), and counts customers including Meta and Honeywell. FluidStack began as a project in Oxford and later moved its headquarters to New York to be closer to capital and enterprise clients. It has active projects in Iceland, the U.S. (including partnerships with TeraWulf and Cipher Mining), and a planned large-scale facility in France tied to national AI initiatives. The company has pursued both equity rounds (seed in 2019, Series A in 2025, a January 2026 round) and large secured debt arrangements, including up to $10.0 billion from Macquarie collateralized by GPUs. A reported $50.0 billion contract with Anthropic is cited as the key driver for its current fundraising and valuation discussions.

Total raised

$830M

Funding rounds

1

Latest round

Series A

Latest activity

Jul 2026