Jane Street and Situational Awareness are in talks to co-lead a $1bn funding round for Fluidstack, valuing the cloud infrastructure company at approximately $18bn, according to Bloomberg sources.

The proposed valuation would more than double Fluidstack’s previous $7.5bn valuation earlier this year, underscoring the rapid repricing of companies positioned at the centre of artificial intelligence infrastructure.

Fluidstack specialises in building and operating large-scale computing infrastructure, and recently secured a $50bn agreement with Anthropic to develop custom data centres, further strengthening its position in the market.

The company has also been reshaping its strategic footprint, including relocating its headquarters to New York and stepping back from a major data centre 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.

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