Neocloud Fluidstack is in talks to raise around $700 million in a round that would value the company at $7 billion, Bloomberg reports.

The company also announced that it would establish new headquarters in New York City, shifting its global HQ from London, UK.

"Compute capacity is a strategic national asset," Gary Wu, CEO and co-founder of Fluidstack, said.

"We're relentlessly focused on delivering that capacity for our US partners, ensuring their infrastructure scales as fast as their ambition. Relocating our headquarters marks a step toward the future we believe is coming faster than anyone expects, and we're proud to build that future in New York."

Situational Awareness, a firm started by ex-OpenAI safety researcher Leopold Aschenbrenner, is in talks to lead the financing. The fund in October disclosed a 9.4 percent stake in data center firm Core Scientific.

Google is also considering investing in Fluidstack, with the companies already intricately linked. The cloud giant has backstopped billions in loans to support Fluidstack's data center buildout.

With Fluidstack leasing from TeraWulf and Cipher Mining, Google has taken stakes in those companies as part of the overall agreement. Google then leases capacity from Fluidstack.

Generative AI company Anthropic recently announced a $50bn partnership with Fluidstack to develop data centers in Texas and New York, but it is unclear if these are the Cipher/TeraWulf sites. Google has a 14 percent stake in Anthropic, and announced a 1GW+ cloud contract.

Fluidstack also plans to build a €10bn ($11.5bn) “supercomputer” in France, with a gigawatt of capacity.