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SAVRN Research · Capital Atlas · NeoCloud and GPU cloud

Fluidstack Data Center Capex and Sites

Fluidstack raised an $830 million Series A at a $7.5 billion valuation in July 2026, led by Situational Awareness. Its anchor relationship is Anthropic's approximately $50 billion US data center program, starting with Fluidstack sites in Texas and New York: 168MW at Abernathy, Texas with TeraWulf, 244MW with Cipher Mining, and 360MW at Lake Mariner, plus a $1.4 billion Google lease backstop. It also signed a 245MW, 15-year capacity deal at Hut 8's River Bend worth $7 billion, up to $17.7 billion with extensions, inside a multi-gigawatt partnership of up to 2.295GW for Anthropic.

Updated October 8, 2026 2 named sites 11 financing transactions 2 sourced facts 21 sources
Fluidstack
NeoCloud and GPU cloud
Financing regimeventure equity plus hyperscaler lease backstops and lockbox-secured partner debt
Named sites
2
Site-level commitments the atlas ties to Fluidstack
Disclosed site capital
$4.0B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
1,668 MW
Sum of named sites with a stated megawatt figure
Financing transactions
11
Transactions naming Fluidstack or tied to one of its sites
Spending

Reported and guided spending

Fluidstack has no reported or guided spending line in the atlas. Its position is recorded through its named sites, its transactions and its sourced facts below.
Named sites

Where Fluidstack builds

Texas
2 sites · $4.0B disclosed
Open the Texas investment tracker →
SiteStatePlaceCapitalMWStatusSources
Cameron County AI data center campus
with AEP Texas, East Rio Hondo Water Supply Corporation
 Texas Rio Hondo, Cameron County $4.0B 1,500 under construction
Abernathy site (with TeraWulf)
with TeraWulf, Anthropic
 Texas Abernathy n.a. 168 announced
Financing

Financing transactions

Transactions that name Fluidstack as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
Anthropic + Fluidstack
Anthropic announced a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York with more sites to come, creating approximately 800 permanent jobs and 2,400 construction jobs.
 platform $50.0B announced November 2025 n.a.
Hut 8 + Fluidstack + Anthropic
Capacity deal at Hut 8's River Bend; the source does not state the site's location.
 lease $7.0B n.a. n.a.
Cipher Digital (Cipher Barber Lake LLC) + Fluidstack USA II Inc. + Unnamed leading AI lab
Cipher amended its Barber Lake lease with Fluidstack and entered a binding commitment with an unnamed leading AI lab to lease the facility for 10 more years after the Fluidstack term, on economic terms substantially consistent with the existing lease, extending contracted term to 20 years. The amendment adds tenant change orders, a phased data hall delivery from the fourth quarter of 2026 to the first quarter of 2027 (the September 2025 filing had targeted delivery by September 2026), and a cost framework under which Cipher bears the first $359.3 million of overruns above the initial budget and the tenant reimburses 50% of costs above that amount as additional rent.
 lease ≥$5.2B Amendment and binding commitment signed 24 September 2026; announced 25 September 2026 (Form 8-K) Barber Lake data center (TX)
Fluidstack + US Department of Defense Office of Strategic Capital
The Pentagon's Office of Strategic Capital was reported to be in talks to lend about $5 billion to Fluidstack to strengthen US manufacturing capacity and supply chains for data center components. Neither party commented on the report
 debt facility ~$5.0B Reported by The Wall Street Journal 10 September 2026; talks, not signed n.a.
TeraWulf + Morgan Stanley + Fluidstack + Google
Notes fund expansion at the Lake Mariner campus in Barker, New York.
 senior notes $3.2B priced October 16, 2025; closing October 23, 2025 Lake Mariner campus (NY)
Fluidstack + Jane Street
Fluidstack closed a $1.5 billion round led by Jane Street at a reported valuation above $18 billion, more than doubling the $7.5 billion valuation attached to its $750 million July 2026 raise and taking total funding to just over $2.6 billion. Reporting notes Fluidstack builds and operates facilities rather than owning chips, and that the raise follows its previously disclosed multi-year Anthropic capacity programme recorded separately in this atlas. Jane Street's participation makes it an investor in the model company, the chip-cloud provider and the facility builder at the same time.
 equity raise ≥$1.5B Reported 3 September 2026; closing reported 5 September 2026 n.a.
Google + Fluidstack
Google lease backstop supporting the Anthropic/Fluidstack buildout.
 backstop $1.4B n.a. n.a.
Flash Compute LLC + TeraWulf Inc. + Fluidstack (JV partner)
TeraWulf announced on 29 December 2025 the completion of a Rule 144A and Regulation S offering by Flash Compute LLC of $1.3 billion of 7.250% Senior Secured Notes due 2030, issued at par. Flash Compute sits under a joint venture holding company owned 50.1% by a TeraWulf subsidiary. Proceeds finance a portion of the construction cost of the Abernathy HPC Campus in Abernathy, Texas, and fund debt reserves, with the JV holding company providing a completion guarantee of up to $100 million. TeraWulf later agreed to sell its JV stake (see terawulf-abernathy-jv-stake-sale-fluidstack-2026).
 senior notes $1.3B Purchase agreement 18 December 2025; completion announced 29 December 2025 Abernathy site (with TeraWulf) (TX)
TeraWulf Inc. + Morgan Stanley + Cantor Fitzgerald
TeraWulf completed a Rule 144A offering of $1.025 billion of 0.00% Convertible Senior Notes due 2032 on 31 October 2025, including $125.0 million issued under the initial purchasers' option, at 100% of principal for net proceeds of about $999.7 million. The company said it intends to use the proceeds to fund a portion of the construction cost of a data center campus in Abernathy, Texas, among other purposes.
 convertible ~$1.0B Purchase agreement 29 October 2025; completed 31 October 2025 Abernathy site (with TeraWulf) (TX)
Fluidstack + Situational Awareness
Series A led by Situational Awareness.
 equity raise $830M July 2026 n.a.
TeraWulf + Fluidstack
TeraWulf agreed to sell its 50.1% interest in the Abernathy joint venture to an investor group led by Fluidstack. The Abernathy campus in Abernathy, Texas, has 168 MW of critical IT load
 acquisition ~$530M Announced 6 July 2026; cash consideration disclosed 5 August 2026; closing date not disclosed Abernathy site (with TeraWulf) (TX)
The record

Sourced facts on Fluidstack

  • TeraWulf's $3.2 billion senior secured notes name Fluidstack USA I Inc. in a designated lockbox securing the notes, and note Google LLC pledging warrants prior to completion of the expansion.
  • The Hut 8 partnership for Anthropic covers up to 2.295GW, beginning with the 245MW River Bend capacity deal.
Sources

Sources for Fluidstack

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

NeoCloud and GPU cloud: one page each

Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set

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Moratorium Tracker
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Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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