Fluidstack and Crusoe Just Raised $4.5 Billion to Build AI's Data Centers
Updated October 30, 2026. Two of the fastest-growing AI cloud providers raised billions within days of each other in September 2026. Crusoe announced an initial close of $3.9 billion at a $30.9 billion post-money valuation, and Fluidstack was reported to have raised about $1.5 billion led by Jane Street at roughly $18 billion. On October 29, Bloomberg reported that Fluidstack is already pitching investors on a new round at about $40 billion. Here is what each company does, who is paying, and why these "neoclouds" are attracting so much money.
⚡ Quick facts
- Crusoe: initial close of $3.9 billion at a $30.9 billion post-money valuation, co-led by Atreides and Valor
- Fluidstack: about $1.5 billion led by Jane Street at roughly $18 billion, per reports
- Next round: Fluidstack reportedly pitching investors at about $40 billion (Bloomberg, Oct 29, 2026)
- Big contracts: Crusoe's reported $13 billion, five-year compute deal with Jane Street; Anthropic's $50 billion plan with Fluidstack
- Prior rounds: Crusoe $1.375 billion at over $10 billion (Oct 2025); Fluidstack $830 million at $7.5 billion (Jan 2026)
What are neoclouds?
"Neocloud" is the industry name for cloud providers built specifically to rent out AI computing, mainly clusters of Nvidia GPUs and, increasingly, other accelerators. They compete with Amazon, Microsoft and Google by building capacity faster and selling it in large blocks to AI labs and trading firms. CoreWeave is the best known; Crusoe and Fluidstack are two of the fastest-growing. The model depends heavily on debt, a risk we looked at in our CoreWeave debt explainer.
Crusoe's round
Bloomberg first reported on September 3 that Crusoe was raising more than $3 billion at about $30 billion. The round was co-led by Atreides Management and Valor Equity Partners, and Enterprise AM reported that Abu Dhabi's Mubadala Capital took part again. Crusoe later said the initial close reached $3.9 billion at a $30.9 billion post-money valuation, about three times the value of its $1.375 billion Series E in October 2025. Crusoe began by using stranded natural gas to power computing and now builds large AI data-centre campuses; its reported customers include Meta, Microsoft and Oracle. Reports also describe a five-year, roughly $13 billion compute contract with Jane Street.
Fluidstack's round
Fluidstack, a London-founded provider, raised an $830 million Series A at $7.5 billion in January 2026, led by Situational Awareness. In early September, reports based on Forbes said it had raised about $1.5 billion more at roughly $18 billion, led by Jane Street. Fluidstack's biggest customer relationship is with Anthropic: in November 2025, Anthropic announced a $50 billion plan to build US data centres in Texas and New York with Fluidstack, with sites coming online through 2026.
On October 29, Bloomberg reported, citing one person familiar with the matter, that Situational Awareness is pitching investors on a new Fluidstack round at about $40 billion. As FourWeekMBA notes, that would be more than five times its January valuation in under a year. Fluidstack has not confirmed it.
Why trading firms are funding AI clouds
Jane Street appears on both sides: as Fluidstack's lead investor and as a major Crusoe customer. Quant trading firms use large amounts of computing for research, and locking in long contracts gives neoclouds the revenue visibility lenders want before financing new data centres. It also concentrates risk: a few very large customers account for much of each company's committed revenue.
Our take: what to watch
- Valuations are moving faster than revenue. Fluidstack's reported jump from $7.5 billion to a pitched $40 billion in ten months assumes its contracts all convert into running capacity.
- Customer concentration is the key risk. Losing or renegotiating one anchor contract, such as Anthropic or Jane Street, would change the picture.
- Power and chips are the bottleneck. The winners will be the companies that bring sites online on schedule, not those with the biggest announcements.
- Separate confirmed from reported. Crusoe's close is company-stated; Fluidstack's figures rely on press reports.
Sources
- Bloomberg Government: Crusoe raises over $3 billion at $30 billion valuation (Sept 2026)
- Enterprise AM: Mubadala backs Crusoe again as valuation triples to $30bn (Sept 7, 2026)
- Infor Capital: Fluidstack raises $1.5B led by Jane Street at an $18B valuation (Sept 2026)
- Bloomberg: Situational Awareness pitches investors on Fluidstack fundraise (Oct 29, 2026)
- FourWeekMBA: Fluidstack round pitched at $40B (Oct 2026)
- Anthropic: Anthropic invests $50 billion in American AI infrastructure (Nov 12, 2025)
Frequently asked questions
How much did Crusoe raise?
Crusoe announced an initial close of $3.9 billion at a $30.9 billion post-money valuation in September 2026. The round was co-led by Atreides Management and Valor Equity Partners, with Mubadala Capital participating.
How much is Fluidstack worth?
Fluidstack was reported to have raised about $1.5 billion at roughly $18 billion in September 2026. In October, Bloomberg reported it was pitching investors on a new round at about $40 billion, which has not been confirmed.
What is a neocloud?
A neocloud is a cloud provider built mainly to rent out AI computing, such as large GPU clusters, to AI labs and other heavy users. CoreWeave, Crusoe and Fluidstack are examples.
What is Fluidstack's link to Anthropic?
In November 2025, Anthropic announced a $50 billion plan to build AI data centres in Texas and New York with Fluidstack, with sites coming online through 2026.
Why is Jane Street involved?
Jane Street reportedly led Fluidstack's round and signed a multi-year compute contract with Crusoe worth about $13 billion. Trading firms use large amounts of computing for research and modelling.
Are neocloud valuations risky?
Yes. These companies rely on debt, a small number of large customers and on getting power and chips on schedule. A lost contract or construction delay can hit them hard.