FluidStack
Dual: (1) Private Cloud — owned/leased GPU datacenters on multi-year take-or-pay contracts (~62% of revenue, $100M+ average contract value); (2) Marketplace — asset-light 'Airbnb for GPUs' brokering third-party capacity (~38% of revenue, ~$340K average contract value). Revenue heavily GPU-collateralized-debt financed.
Two reported private marks only; FluidStack does not disclose a full round history. The Apr-2026 ~$18B is an in-talks figure, not a closed round — the ~140% step from ~$7.5B in ~four months is driven by the Nov-2025 $50B Anthropic partnership rather than a completed financing.
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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