Fluidstack raises $1.5B led by Jane Street, valuation quadruples to $18B in 60 days
What's the deal? AI infrastructure firm Fluidstack has raised $1.5 billion in a late-stage round led by quant trading giant Jane Street, lifting its post-money valuation to $18 billion. That marks a 2.4x jump from the $7.5 billion valuation it carried just 60 days earlier, when it closed US$485.3M round.
The context: The raise sits in the top 1% of all late-stage venture rounds in the US security and infrastructure space, based on a sample of 422 deals. Cumulative equity funding now stands at roughly $2.6 billion, alongside tens of billions in debt earmarked for data centre construction.
What does it do? Founded in Oxford in 2017 and now headquartered in New York, Fluidstack is a capital-light compute broker. It leases power, chips, and data centre shells — locking in nearly 1GW of power from converted bitcoin miners including TeraWulf, Cipher MiningDealroom has a profile for this one. Try Dealroom →, and Hut 8Dealroom has a profile for this one. Try Dealroom → — then packages long-term compute contracts for clients such as AnthropicDealroom has a profile for this one. Try Dealroom →, Meta, Mistral, and Poolside.
Why now? The company's rise tracks a single relationship. In November 2025, Anthropic named Fluidstack to build and operate custom data centres under its $50 billion US compute plan, making it the first publicly known operator of Google TPU data centres outside Google itself.
The numbers: An investor memo projects Fluidstack will run 1.3GW of compute across more than 10 sites in 2026, generating $660 million in revenue. That is more than double its expected 2025 figure of $200 million and 10 times its 2024 audited revenue of $66.2 million.
What's the edge? Fluidstack's in-house Atlas OS scheduling platform can deploy bare-metal GPU clusters in days, and its modular sites reach power in about six months — against 18 to 36 months for traditional data centres. It once stood up 2,500 GPUs for Poolside in a single deployment.
What could go wrong? At $18 billion against projected 2026 revenue of $660 million, the valuation is 27 times sales — steep for a business carrying construction risk, power-approval risk, and heavy dependence on a single customer.
The signal: Jane Street, which posted record 2025 net trading revenue of $39.6 billion, is treating AI infrastructure less like venture bets and more like a cross-asset trading book. It has backed models, chips, cloud, and power across the stack — and in leading Fluidstack, it is effectively turning trading profits into compute futures.
Read more: 36kr.com
Image credit: FluidStack
