Fluidstack AI cloud: status and timeline

Milestones

Next · Anthropic Texas and New York sites online

Founded at Oxford University2017Complete.
France MoU: 1 GW AI supercomputer, €10B first phaseFeb 2025Complete.
TeraWulf Lake Mariner leases: 200+ MW, Google backstop14 Aug 2025Complete.
Lake Mariner expanded to about 360 MW (CB-5)18 Aug 2025Complete.
Chosen to build Anthropic's $50B US data centres12 Nov 2025Complete.
$830M Series A at $7.5BJan 2026Complete.
Anthropic Texas and New York sites onlineTarget 2026Current milestone.
Lake Mariner CB-5 phased deliveryTarget Q1 2027+12 mo~~originally 2026~~Not yet reached.

Most important updates

Upcoming

2026Anthropic Texas and New York sites online (next)
Q1 2027Lake Mariner CB-5 phased delivery+12 mo~~originally 2026~~

Current obstacles

Construction slipsLake Mariner's CB-3 went live in July 2026, later than first guided, and CB-5 moved from H2 2026 to early 2027.
Financing at gigawatt scaleEach MW costs $8-10M to build at Lake Mariner; scaling to gigawatts needs partners' balance sheets and guarantees.

Physics limits

Grid power is the bottleneckA gigawatt campus draws as much as a large city. New transmission lines and power plants take years, far longer than building the halls.
Heat density keeps risingEach GPU generation packs more watts per rack, pushing cooling from air to liquid and forcing halls to be redesigned as chips change.

How it works

4 parts

Site

Start where the power is

Fluidstack leases campuses that already have big grid connections, like former bitcoin mines, since power is the slowest thing to secure.

Finance

Big tech backs the lease

At Lake Mariner Google guarantees part of Fluidstack's rent, which lets the landlord borrow to build the halls.

Build

Halls from a factory

Power, cooling and rack modules are prefabricated and assembled on site, with robot cells planned for welding and painting.

Run

Operated for one lab

Each cluster is dedicated to one customer and managed by Fluidstack's software, unlike a shared public cloud.

Spec sheet

Spec	Fluidstack AI cloud
Valuation (Jan 2026)	$7.5B^R (reported)
GPUs under management (Feb 2025)	Over 100,000^R (reported)
Contracted at Lake Mariner, NY	About 360 MW critical IT^R (reported)
Google lease backstop	About $3.2B^R (reported)
First 200 MW lease value (10 yr)	About $3.7B^R (reported)
Target build time	About six months^R (reported)

^R reported by the company

Update log

5 updates

About Fluidstack

The team behind Fluidstack AI cloud

Fluidstack

AI cloud, prefabricated AI data centres

Fluidstack, founded at Oxford University in 2017, builds and runs GPU clusters for AI labs. It is Anthropic's partner for a $50B US data-centre build-out and leases large campuses such as TeraWulf's Lake Mariner, backed by Google.

Builds Anthropic's custom data centres in Texas and New York, part of a $50B plan; first sites online during 2026.
Raised $830M Series A at $7.5B in Jan 2026, led by Situational Awareness.
Leases about 360 MW at Lake Mariner, NY; Google backstops $3.2B of the lease obligations.

fluidstack.io (opens fluidstack.io)Company profile →

Founded: 20179 yrs
Headquarters: United Kingdom
Status: Private
Valuation: $7.5BprivateJan 2026
Raised: $830M1 round
Last round: Series A · $830MJan 2026$7.5B post
Works in: ComputingAI cloudsAI
Coverage: 1 program · 5 updateslatest 5 Aug 2026checked 11 Oct
Lead investors: Situational Awareness
Customers: Anthropic (opens constellationr.com)Mistral AI (opens bebeez.eu)
Partners: Google (opens tipranks.com)
Suppliers: TeraWulf (opens sec.gov)
People: Gary Wu (opens silicon.co.uk)CEOCésar Maklary (opens silicon.co.uk)Co-founder & President

Fluidstack AI cloud

Milestones

Most important updates

Upcoming

Current obstacles

Physics limits

How it works

Start where the power is

Big tech backs the lease

Halls from a factory

Operated for one lab

Spec sheet

Update log

Wed 5 Aug

Mon 20 Jul

Wed 12 Nov 2025

Thu 14 Aug 2025

Feb 2025

About Fluidstack

Current obstacles

Physics limits

How it works

Start where the power is

Big tech backs the lease

Halls from a factory

Operated for one lab

Spec sheet

Update log

Wed 5 Aug

Mon 20 Jul

Wed 12 Nov 2025

Thu 14 Aug 2025

Feb 2025

About Fluidstack