Jamie Cox studied classics at Oxford, where he met Gary Wu, who was studying economics. In 2017 the two founded Fluidstack. The idea came from watching AI researchers struggle to get compute while gamers' GPUs sat idle.
Cox left Oxford the year after founding the company to become a Thiel Fellow. Fluidstack began as a marketplace for idle gaming GPUs. In 2020 it moved to renting larger GPU pools, and Cesar Maklary joined as a third co-founder.
Revenue grew from US$1.8 million in 2022 to US$30 million in 2023 and US$66.2 million in 2024. A projection of US$660 million for 2026 was reported by VnExpress.
In November 2025 Anthropic chose Fluidstack to build custom data centres in New York and Texas. In September 2026 Jane Street led a US$1.5 billion round at a valuation above US$18 billion.