Jane Street and Situational Awareness are in talks to co-lead a $1 billion funding round for Fluidstack, valuing the cloud infrastructure company at approximately $18 billion, according to Bloomberg sources. This proposed valuation would more than double Fluidstack's previous $7.5 billion valuation earlier this year, reflecting the rapid repricing of companies positioned at the center of artificial intelligence infrastructure.

Fluidstack specializes in building and operating large-scale computing infrastructure and recently secured a $50 billion agreement with Anthropic to develop custom data centers, further strengthening its market position. The company has been reshaping its strategic footprint, including relocating its headquarters to New York and stepping back from a major data center project in France to focus more heavily on the US market.

Morgan Stanley is advising on the funding round, which remains under discussion and could still change in structure or valuation. The deal highlights the surging investor interest in AI infrastructure providers as demand for computing power continues to accelerate across the technology sector.