Gate News message, April 14 — Fluidstack, a New York-based cloud infrastructure startup, is in talks to raise approximately $1 billion at a target valuation of $18 billion, according to people familiar with the matter. Jane Street and Situational Awareness are discussing co-leading the round, with Morgan Stanley serving as advisor.
The company was valued at about $7.5 billion in an earlier funding round this year that included Situational Awareness. Fluidstack recently announced a $50 billion deal with Anthropic to build custom data centers.
Fluidstack is a “neocloud” provider that supplies large clusters of GPUs to customers and works with partners to build dedicated computing capacity. Its expansion relies on former Bitcoin miners such as TeraWulf and Cipher Mining, which are converting power-intensive industrial sites into data centers. Google, an investor in Anthropic, has taken stakes in TeraWulf and Cipher.
The $50 billion Anthropic deal signals a shift as AI firms move from renting standard cloud capacity to ordering custom-built infrastructure. This trend provides Bitcoin miners with a new revenue stream, helping them emerge from a profitability crisis by offering land and power for high-performance computing data centers. Cipher Mining and TeraWulf are pursuing long-term contracts for AI and HPC infrastructure to secure steadier cash flow than Bitcoin mining alone.
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