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Fluidstack, the AI cloud infrastructure company that started life as a peer-to-peer GPU marketplace, has raised $830 million at a $7.5 billion valuation to rapidly deploy AI infrastructure.
The round positions Fluidstack as one of the most aggressively capitalized players in the “neocloud” space, a term for the new wave of cloud providers built specifically for AI workloads rather than general-purpose computing. Total disclosed funding for the company now exceeds $1 billion since inception.
From GPU marketplace to data center operator
Fluidstack launched in the UK in 2017 as a marketplace connecting people who had spare GPU capacity with those who needed it. Fluidstack shifted to operating dedicated AI data centers, relocating its headquarters to New York in the process.
Earlier in 2025, the company closed a $200 million Series A. Then in January 2026, it raised $450 million in a subsequent round. The latest $830 million infusion brings the total well past the billion-dollar mark.
Reports indicate Fluidstack is already in discussions for a potential $1 billion funding round at a valuation of approximately $18 billion, with Jane Street among the firms reportedly leading those talks.
The crypto mining connection
Fluidstack has been strategically partnering with Bitcoin miners to convert former crypto mining facilities into high-performance computing infrastructure for AI workloads.
One of the most notable partnerships is with Cipher Mining, a publicly traded Bitcoin miner. The two companies have established a 10-year hosting agreement that is projected to generate roughly $3.8 billion in total contracted revenue. An $830 million addition to that contract was announced in November 2025.
What this means for crypto and AI investors
For investors in publicly traded Bitcoin miners like Cipher Mining, these hosting agreements represent a significant and growing revenue line. The contracted nature of these deals, often spanning a decade or more, provides a level of revenue predictability that pure-play crypto mining cannot offer.
Google has also been reportedly involved in Fluidstack’s recent valuation discussions, which would represent a notable endorsement from one of the world’s largest existing cloud providers.
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