Website: [fluidstack.io](https://www.fluidstack.io) ### Introduction FluidStack is a cloud-computing company specializing in AI and high-performance computing (HPC) infrastructure, founded in 2018 by Jan-Erik Asplund and others. Headquartered in London, UK, with operations expanding across the United States, the company focuses on providing scalable GPU resources for AI training and inference workloads. While exact employee counts are not publicly disclosed in the latest data, FluidStack has grown significantly in recent years, as evidenced by its expanding partnerships and funding rounds. Its mission centers on delivering immediate access to thousands of high-end GPUs, such as NVIDIA H200s with InfiniBand, to top AI labs and enterprises, addressing the growing demand for compute power in the AI sector [FluidStack](https://www.fluidstack.io). FluidStack remains a private company, with no public ticker symbol, and has attracted significant attention from investors and strategic partners due to its role in the AI infrastructure boom. The company has positioned itself as a key player in the AI cloud platform space, leveraging partnerships with major data center operators and hyperscale tech giants to scale its operations rapidly. ### Key Products and Technology FluidStack offers a specialized set of services and infrastructure tailored for AI and HPC workloads. Below are the key offerings based on the latest available information: - **FluidStack AI Cloud Platform (Cloud Computing Service for AI/HPC)** - **Technical Specifications**: Provides immediate access to thousands of NVIDIA H200, H100, and A100 GPUs with InfiniBand connectivity for high-speed data transfer. Specific power output or efficiency metrics are not publicly detailed, but the platform is designed for large-scale AI model training and inference. - **Fuel Type or Energy Source**: Relies on data center infrastructure powered by a mix of grid electricity, with some partnerships emphasizing sustainable energy sources (specifics vary by data center location and partner). - **Key Differentiators**: Offers on-demand scalability and rapid deployment of GPU clusters, addressing bottlenecks in compute access for AI labs. Competitive pricing and direct access to cutting-edge hardware set it apart from traditional hyperscalers. - **Development Stage**: Fully operational, with active deployments and client engagements as of 2025. - **Target Customers**: AI research labs, machine learning enterprises, and large-scale tech companies requiring intensive compute resources. FluidStack’s technology is primarily focused on bridging the gap between compute demand and supply in the AI sector, utilizing leased data center capacity and strategic partnerships to deliver its services at scale. ### Regulatory and Licensing Status As a cloud computing and AI infrastructure provider, FluidStack does not fall under nuclear regulatory oversight like the Nuclear Regulatory Commission (NRC) in the United States. Instead, its regulatory considerations are tied to data center operations, energy usage, and compliance with environmental and zoning regulations in regions where its infrastructure is deployed. There are no publicly available filings or announcements regarding specific regulatory hurdles or licensing milestones directly related to FluidStack’s core operations as of the latest data in 2025. However, FluidStack’s partnerships with data center operators such as [[TeraWulf]] and [[[[Cipher Mining]]]] involve compliance with local and [[Federal|federal]] regulations concerning energy consumption and environmental impact. The company’s projects, often backed by hyperscale partners like Google, may also align with broader U.S. government initiatives to bolster domestic AI infrastructure, as seen in its alignment with policies like the Trump administration’s AI Action Plan [Anthropic](https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure). Specific timelines for regulatory approvals or commercial deployments are tied to individual data center projects rather than FluidStack’s platform itself, with many projects slated for operation in 2026-2027. ### Team and Leadership FluidStack’s leadership team includes key figures driving its growth in the AI compute space. Limited public data exists on the full executive roster, but the following individuals are notable based on available information: - **Jan-Erik Asplund (Co-Founder and CEO)**: A key figure in FluidStack’s founding and strategic direction, Asplund has led the company through significant funding rounds and partnerships. Specific biographical details are sparse in public records, but his role in scaling the company’s AI infrastructure is central to its recent success [Sacra Research](https://sacra-pdfs.s3.us-east-2.amazonaws.com/fluidstack.pdf). Additional leadership details are not widely publicized in the latest sources, and no verified X handles for FluidStack executives were confirmed in the data reviewed. The company maintains a relatively low profile regarding its internal structure, focusing public communications on partnerships and project announcements. ### Funding and Financial Position FluidStack has seen substantial financial growth and investor interest in 2025, reflecting the high demand for AI compute infrastructure. Key financial highlights include: - **Total Funding and Latest Round**: FluidStack is reportedly in negotiations for a funding round of approximately $700 million at a valuation of $7 billion as of December 2025, with Situational Awareness (a firm started by ex-OpenAI researcher Leopold Aschenbrenner) in talks to lead the financing [Tech Funding News](https://techfundingnews.com/fluidstack-eyes-700m-funding-at-7b-valuation-as-investors-race-for-computing-power/). - **Key Investors and Backers**: While specific institutional investors for the latest round are not fully confirmed, strategic backers include Google, which has provided financial backstopping for multiple lease agreements totaling billions of dollars [[[TeraWulf]]](https://investors.terawulf.com/news-events/press-releases/detail/121/terawulf-expands-strategic-partnership-with-fluidstack). - **Revenue Status**: FluidStack reported revenues of $66 million as of recent data, driven by GPU access sales and major data center deals, including an $11 billion AI factory contract. The company has secured over $15 billion in contracted revenue through long-term lease agreements with partners like TeraWulf and Cipher Mining [Forbes](https://www.forbes.com/sites/iainmartin/2025/09/03/tiny-uk-neocloud-fluidstack-breaks-into-the-ai-big-leagues/). As a private entity, detailed financial statements or cap tables are not publicly available, but the company’s valuation and revenue growth indicate strong market confidence in its business model. ### Recent News and Developments | Date | Event | Details | |---------------|--------------------------------------------|--------------------------------------------------------------------------------------------------| | Dec 18, 2025 | Financing for HPC Venture with TeraWulf | Secured project-level financing for a 168 MW AI data center in Texas, on track for 2026 [TeraWulf](https://investors.terawulf.com/news-events/press-releases/detail/128/terawulf-and-fluidstack-announce-successful-pricing-of). | | Dec 17, 2025 | Partnership with [[Hut 8]] and Anthropic | Announced a deal with [[Hut 8]] to develop 245 MW to 2,295 MW of AI infrastructure in the U.S. [Hut 8 on X](https://x.com/Hut8Corp/status/2001247665154089116). | | Dec 5, 2025 | Funding Round Negotiations | In talks to raise $700 million at a $7 billion valuation [Tech Funding News](https://techfundingnews.com/fluidstack-eyes-700m-funding-at-7b-valuation-as-investors-race-for-computing-power/). | | Nov 11, 2025 | Anthropic Investment in Infrastructure | Anthropic invests $50 billion in U.S. data centers with FluidStack in Texas and New York [Anthropic](https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure). | | Sep 25, 2025 | HPC Deal with Cipher Mining | Signed a 10-year, 168 MW AI hosting agreement securing $3 billion in revenue, backed by Google [Cooley](https://www.cooley.com/news/coverage/2025/2025-09-25-fluidstack-announces-$3-billion-in-contracted-revenue-for-10-year-hpc-data-center-lease-agreement-with-cipher-mining). | | Aug, 2025 | Data Center Leases with TeraWulf | Secured multiple lease agreements for AI infrastructure, totaling billions in contracted revenue [Cooley](https://www.cooley.com/news/coverage/2025/2025-09-25-fluidstack-announces-$3-billion-in-contracted-revenue-for-10-year-hpc-data-center-lease-agreement-with-cipher-mining). | ### Partnerships and Collaborations FluidStack has established a robust network of partnerships to expand its AI infrastructure footprint: - **TeraWulf**: A strategic partnership involving a 25-year lease for a 168 MW AI compute joint venture in Texas, representing $9.5 billion in contracted revenue, with project financing secured in December 2025. This enhances FluidStack’s capacity to meet growing AI demand [TeraWulf](https://investors.terawulf.com/news-events/press-releases/detail/121/terawulf-expands-strategic-partnership-with-fluidstack). - **Cipher Mining**: A 10-year, 168 MW AI hosting agreement in Texas, securing $3 billion in revenue with Google backstopping $1.4 billion. This deal strengthens FluidStack’s U.S. presence for HPC colocation [Cooley](https://www.cooley.com/news/coverage/2025/2025-09-25-fluidstack-announces-$3-billion-in-contracted-revenue-for-10-year-hpc-data-center-lease-agreement-with-cipher-mining). - **Hut 8 and Anthropic**: A recent partnership to develop 245 MW to 2,295 MW of hyperscale AI infrastructure in the U.S., with a 15-year lease valued at $7 billion, positioning FluidStack as a key player in domestic AI compute [Hut 8 on X](https://x.com/Hut8Corp/status/2001247665154089116). - **Google**: Provides financial backstopping for multiple lease obligations (e.g., $1.3 billion with TeraWulf, $1.4 billion with Cipher Mining), offering critical support for FluidStack’s debt financing and expansion [TeraWulf](https://investors.terawulf.com/news-events/press-releases/detail/121/terawulf-expands-strategic-partnership-with-fluidstack). These partnerships underscore FluidStack’s strategy of leveraging existing data center operators and hyperscale tech support to scale rapidly. ### New Hampshire Relevance FluidStack’s focus on AI and HPC infrastructure could have potential relevance for [[New Hampshire]], though no direct connections or projects in the state are documented in the latest data. Assessing its fit for the region: - **Proximity to Infrastructure**: New Hampshire hosts [[Seabrook Station]], a nuclear power plant, and is part of the ISO-NE grid, which could support energy-intensive data centers. FluidStack’s model of partnering with data center operators could align with regional energy assets for sustainable power sourcing. - **Technology Readiness**: FluidStack’s platform is already operational, with projects scheduled for 2026-2027 elsewhere in the U.S. This timeline could feasibly align with potential NH deployments if partnerships or demand emerge in the Northeast. - **Legislative Alignment**: NH’s legislative initiatives, such as HB 710 supporting advanced energy technologies, could indirectly benefit AI infrastructure by encouraging clean energy solutions for data centers. FluidStack’s projects often emphasize efficiency, which may resonate with state goals. - **Applications**: Potential applications in NH include powering data centers for local tech industries or supporting grid stability through demand-side compute loads, though its primary focus remains on larger national AI labs. - **Existing Connections**: No specific NH ties or expressed interest in the Northeast are noted beyond general U.S. expansion (e.g., New York and Texas projects with Anthropic). Outreach to regional stakeholders could be a future step. While FluidStack’s current projects are concentrated in [[Other States|other states]], its scalable model and focus on AI infrastructure could present opportunities for NH if local demand for compute resources grows. ### Competitive Position FluidStack operates in a competitive AI and HPC cloud computing market, facing rivals with established infrastructure and resources. Key competitors include: - **[[CoreWeave]]**: A major player in GPU cloud services for AI, [[CoreWeave]] offers similar on-demand NVIDIA GPU access with a strong U.S. presence. FluidStack differentiates through aggressive data center lease agreements and hyperscale backing (e.g., Google), though it may lag in brand recognition. - **[[Lambda Labs]]**: Focused on AI compute with accessible GPU clusters, Lambda competes directly with FluidStack on ease of deployment. FluidStack’s larger-scale partnerships and reported $15 billion in contracted revenue provide a financial edge, but it must maintain hardware access to stay competitive. - **AWS (Amazon Web Services)**: As a hyperscaler, AWS dominates cloud computing with vast resources. FluidStack’s niche focus on AI-specific GPU scalability offers a specialized advantage, though it risks being outpaced by AWS’s broader infrastructure investments. FluidStack’s unique advantage lies in its rapid expansion through multi-billion-dollar contracts and strategic partnerships, though risks include dependency on leased infrastructure and potential supply chain constraints for GPUs. ### Closing Note FluidStack is at an advanced operational stage with a strong growth trajectory, poised to capitalize on the AI compute boom through strategic partnerships and significant contracted revenues. *Report generated December 24, 2025*