Henrik Fisker once envisioned a burgeoning EV empire at the startup he named after himself, which was to be led by the Ocean SUV. But cracks started showing in that vision almost as soon as the Ocean hit the road in 2023.
Fisker cut production targets multiple times, failed to meet sales goals and laid off staff. What’s more, its Ocean SUV was beset with software and mechanical issues, rendering it inoperable for some. Add troublesome brakes, sudden power loss and doors that wouldn’t open to the list of issues that led to multiple safety investigations and ultimately a pause in production in order to raise new capital.
All of this and more has forced Fisker to file for Chapter 11 bankruptcy protection, marking the beginning of an inauspicious period for the eponymous startup. Below is a timeline of the events that led the automaker to this point. Scroll to the bottom to see the newest developments.
2023
Fisker fell short of its Q2 production target
July 7 — The automaker produced 1,022 Ocean SUVs in the second quarter of 2023, several hundred vehicles short of its expectation of producing between 1,400 and 1,700 EVs.
Fisker sold convertible notes to fund operations
July 10 — Fisker announced plans to sell $340 million in convertible debt, expecting the net proceeds to be $296.7 million. The automaker said it planned to use the funds to support its general corporate operations and add an additional battery pack line to “support growth” in 2024 and beyond. The company said funds will also be used for capital expenditures and the development of future products.
Production target cut
December 1 — Fisker cut its annual production guidance in an effort to free up $300 million in working capital. The company said it expected to produce about 10,000 vehicles in 2023. The production guidance is just a quarter of Fisker’s bullish forecast from a year ago.
2024
Fisker struggled to meet internal sales goals
January 1 — Fisker remained far from meeting its publicly stated goal of delivering 300 electric SUVs per day globally. The EV startup spent much of December aiming to meet an internal sales goal of between 100 and 200 vehicles a day in North America, where the bulk of its inventory and sales efforts are. Fisker fell well below that target, often selling just one to two dozen of its Ocean SUVs a day here.
Ocean SUV investigated over braking loss complaints
January 15 — Federal safety regulators have opened an investigation into Fisker’s first electric vehicle over braking problems. Owners had lodged 19 complaints with the National Highway Traffic Safety Administration (NHTSA) on issues ranging from brake loss to problems with the gear shifter to a driver door failing to open from the interior and two instances of the vehicle’s hood suddenly flying up on the highway.
Owners had flagged sudden power loss and brake problems for months
February 9 — Since the initial fleet of Fisker Ocean SUVs were delivered, customers have reported more than 100 separate loss-of-power incidents. The company told TechCrunch it believes these problems are rare and that it has resolved “almost all the issues” with software updates. Customers have also reported sudden loss of braking power, problematic key fobs causing them to get locked inside or outside of the vehicle, seat sensors that don’t detect the driver’s presence and the SUV’s front hood suddenly flying up at high speeds.
Feds opened second probe into the Ocean SUV after rollaway complaints
February 16 — The NHTSA opened a second investigation into Fisker’s Ocean SUV after the agency received four complaints about the vehicle rolling away unexpectedly, resulting in one injury. The company told TechCrunch it is “fully cooperating” with the safety agency.
Fisker laid off 15% of staff
February 29 — Fisker announced its plan to lay off 15% of its workforce and says it likely does not have enough cash on hand to survive the next 12 months. The company says it is trying to find a way to raise that money as it works through a pivot from direct sales to a dealership model.
Pause in production with just $121 million in the bank
March 18 — Fisker announced it would pause production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion. The company said in a regulatory filing that it had just $121 million in cash and cash equivalents as of March 15, $32 million of which is restricted or not immediately accessible. Fisker also said that its accounts payable balance is up to $182 million and that there is “substantial doubt” that it can continue operations without raising new capital.
Fisker lost Nissan deal, putting rescue funds at risk
March 25 — The negotiations between Fisker and a large automaker — reported to be Nissan — over a potential investment and collaboration were terminated, a development that puts a separate near-term rescue funding effort in danger. Fisker revealed in a regulatory filing that the automaker terminated the negotiations March 22. It did not explain why. But the company had to keep the negotiations going as part of one of the closing conditions for a potential $150 million convertible note.
Trading suspended by NYSE
March 25 — The New York Stock Exchange suspended trading shares of Fisker and moved to take the company off its stock exchange, because it is “no longer suitable for listing” because of “abnormally low” price levels.
Fisker lost track of millions of dollars in customer payments for months
March 27 — Fisker temporarily lost track of millions of dollars in customer payments as it scaled up deliveries, leading to an internal audit that started in December and took months to complete. Fisker struggled to keep tabs on these transactions, which included down payments and in some cases, the full price of the vehicles, because of lax internal procedures for keeping track of them, according to three people familiar with the internal payment crisis. In a few cases, it delivered vehicles without collecting any form of payment at all, they said.
New round of layoffs to ‘preserve cash’
April 29 — Fisker laid off more employees to “preserve cash,” making good on a plan announced one week before, according to an internal email viewed by TechCrunch. Fisker expects to seek bankruptcy protection within the next 30 days if it can’t come up with that money, according to a U.S. Securities and Exchange Commission regulatory filing.
Fisker stiffed engineering firm
May 3 — Fisker stopped paying the engineering firm that helped develop the Pear, a low-cost EV meant for the masses, and the Alaska, Fisker’s entry into the red-hot pickup truck market. The firm also accuses Fisker of wrongfully holding on to IP associated with those vehicles.
Fisker Ocean faced fourth federal safety probe
May 10 — The NHTSA opened a fourth investigation into the Fisker Ocean SUV to probe multiple claims of “inadvertent Automatic Emergency Braking.” The eight complaints allege that owners experienced sudden activation of the Automatic Emergency Braking system in moments where there were no other vehicles or obstructions in the path of their cars.
Hundreds of workers cut to keep EV startup alive
May 29 — Hundreds more employees were laid off during the final week of May in a bid to stay alive, as the automaker continues to search for funding, a buyout or prepare for bankruptcy. One current and one laid off employee estimated that only about 150 people remained at the company.
Inside Fisker’s collapse
May 31 — The road to Fisker’s ultimate ruin may have started and ended with its flawed Ocean SUV, which was riddled with mechanical and software problems. But it was paved with hubris, power struggles, and the repeated failure to set up basic processes that are foundational for any automaker.
Ocean SUV issued first recall
June 12 — Fisker issued the first recall for the Ocean SUV because of problems with the warning lights, according to new information published by the NHTSA. The instrument panel displays the brake, park and antilock brake system warning lights in the wrong font size and, at times, in the wrong color, making them noncompliant with Federal Motor Vehicle Safety Standards. The agency also says “multiple warning lights fail to illuminate during the ignition cycle.”
Fisker filed for bankruptcy
June 18 — After a year of struggling to stay afloat, Fisker filed for Chapter 11 bankruptcy protection. The California-based company had been seeking a deal with another automaker in a last-ditch effort to rescue the enterprise. The company estimated assets of $500 million to $1 billion and liabilities of between $100 million and $500 million, according to the filing.
Fisker failed because it wasn’t ready to be a car company
June 18 — In the wake of its bankruptcy, Fisker said it will continue “reduced operations,” including “preserving customer programs, and compensating needed vendors on a go-forward basis.” In other words, it will continue to manage a bare-bones operation in case there is a willing buyer of the assets it’s putting up for sale in the Chapter 11 case.
Fisker faced financial distress as early as August 2023
June 21 — According to a new filing in its Chapter 11 bankruptcy proceeding, Fisker was facing “potential financial distress” as early as August 2023. That looming financial distress drove Fisker to solicit a partnership or investment from another automaker, according to the filing.
The fight over Fisker’s assets is already heating up
June 21 — The fight over Fisker’s assets is already charged just days into its bankruptcy filing, with one lawyer claiming the startup has been liquidating assets “outside the court’s supervision.” At issue is the relationship between Fisker and its largest secured lender, which loaned Fisker more than $500 million in 2023 at a time when the company’s financial distress was looming behind the scenes.
Fisker asks bankruptcy court to sell EVs for about $14K each
July 3 — If a judge in the Delaware Bankruptcy Court approves Fisker’s request to sell its remaining inventory to a New York-based vehicle leasing company, the automaker would be able to offload 3,231 finished EVs for $46.25 million, or around $14,000 per vehicle.
Henrik Fisker, Geeta Gupta-Fisker drop salaries to $1
July 9 — Henrik Fisker and his wife, Fisker co-founder Geeta Gupta-Fisker, are lowering their salaries to $1 in order to keep their failed EV startup’s bankruptcy proceedings funded. In addition to the salary reductions, Fisker’s restructuring officer, John DiDonato, said in Tuesday’s filing that Fisker will defer “certain severance payments, certain employee healthcare benefits, and vehicle sale incentive bonuses” that have not yet been paid.
Fisker has one major objector to its Ocean SUV firesale
July 15 — The office of the U.S. Trustee, an arm of the Department of Justice that oversees the administration of bankruptcy, is objecting to a deal that would keep Fisker’s bankruptcy proceeding alive and pave the way for paying back creditors some of what they’re owed.
Fisker cleared to sell North American EVs for $46.25 million
July 16 — A bankruptcy judge gave Fisker the green light to sell more than 3,000 of its Ocean SUVs to a vehicle leasing company, which will net the defunct EV startup a maximum of $46.25 million. The approval of the sale clears the way for the rest of Fisker’s bankruptcy process to play out as it continues to liquidate what’s left of its failed business.
The question haunting Fisker’s bankruptcy
July 29 — The question folks are asking: does the automaker’s loan secured lender Heights Capital Management deserve to be at the front of the line to reap the proceeds of a liquidation? The entities reached an agreement to hammer out a settlement in the coming weeks on how to liquidate its assets. If successful, the case could remain in Chapter 11. If not, it would convert to Chapter 7, which would effectively dissolve Fisker forever.
Fisker flips on who will pay for recalls
September 18 — One of the many questions Fisker owners had as the company worked through the bankruptcy process was how the outstanding recalls would be handled. In mid-September, the company suddenly suggested that it would cover the cost of parts, but that those owners would have to pay out of pocket for labor costs. Just as suddenly, Fisker flipped, saying it would cover labor costs.
The SEC opens an investigation
October 4 — The U.S. Securities and Exchange Commission revealed in a filing that it opened an investigation into Fisker, and that it could bring actions “alleging violations of the federal securities laws.” The financial regulator told the bankruptcy court that it already sent multiple subpoenas, but was concerned Fisker didn’t have a plan in place to preserve its records. (The bankrupt EV startup ultimately allayed the SEC’s concerns, and the status of the probe is unknown.)
Fisker’s HQ abandoned in ‘complete disarray’
October 5 — The landlord of Fisker HQ’s final resting place — a facility in La Palma, California — says the building was abandoned in “complete disarray,” with hazardous waste and even full-size vehicle clay models left behind. The landlord’s filing describes a messy few days in which, apparently, Fisker employees as well as representatives of an auction house emptied the facility.
The DOJ says Fisker’s recall repair plan is illegal
October 7 — The U.S. Department of Justice, writing on behalf of the National Highway Traffic Safety Administration, tells the bankruptcy court it thinks Fisker’s attempt to push recall labor costs on owners is illegal. The objection ultimately helps change Fisker’s mind a final time.
Fisker’s fleet buyer balks at completing the sale
October 8 — Fisker throws a major curveball at the bankruptcy court, after it told American Lease it did not believe it would be able to transfer necessary data to a new, non-Fisker server. American Lease revealed the snag in a filing and told the judge that it may not be able to complete the sale — which would jeopardize Fisker’s settlement plan with its creditors.
Fisker’s bankruptcy plan confirmed
October 16 — Fisker was able to resolve the flurry of eleventh-hour problems described above and get its liquidation plan confirmed by the bankruptcy court. The company reversed course and agreed to cover the labor costs of its recalls. It worked out a solution with American Lease regarding the transfer of vehicle data. And a trustee was appointed to oversee the sale of the remainder of Fisker’s non-vehicle assets, including around $1 billion worth of equipment left in Austria, where the Oceans were built.
2025
Henrik Fisker quietly winds down his nonprofit
Henrik Fisker and his wife Geeta (who was also CFO and COO of the company) established a charitable foundation in late 2021 meant to “incubate innovation in healthcare, education, sustainability, mobility, and all causes that help support the planet and improve and further the lives of people and animals.”
But a review of tax filings with the IRS show the foundation never gave out more than around $100,000, and has since been shut down. The pair wound down the nonprofit, according to tax filings that were made public in 2025.
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![This former notorious red-light district is now one of the world’s top AI hubs | TechCrunch
What every U.K. AI startup wants to know these days is, how can I get office space in King’s Cross?
The area is so hot that a VC firm allegedly recently won a deal by promising a founder office space in the neighborhood. “We stop at nothing to win deals [for] and to support” founders, “including helping them source office space when needed,” the firm told me when asked about the rumor, declining to confirm or deny any details.
The neighborhood’s popularity began back in 2016 when DeepMind — then newly acquired by Google — moved in. Soon after, a flood of AI startups followed, wanting to be around the Google DeepMind magic. Today, they hope to take advantage of the cluster of AI talent there.
This has transformed King’s Cross into one of the world’s top AI hubs, rivaled only by San Francisco and Beijing. Around London, it’s known by the sobriquet “Knowledge Quarter,” as it’s home to names like OpenAI, Meta, Isomorphic Labs, Cusp AI, Wayne, Recursive, and, a little farther down the road, Synthesia and Anthropic. The European Technology Network (ETN) just moved into a glossy new office nearby, while University College London sits around the corner.
Mixed in with the new developments are trendy food spots like Hoppers and BAO. Hop a train from King’s Cross, and founders can be in Cambridge in 45 minutes to source talent or can be in Paris in two hours to strike a deal.
Who would have guessed that a little more than 20 years ago, this was one of the seediest areas in London?
“In the ’80s, crack and heroin made the area a major narcotics market,” Hussein Kanji, an investor at Hoxton Ventures, said, recalling syringes in tree trunks and gangs patrolling the streets. “In 1982, the local church was occupied by the English Collective of Prostitutes for 12 straight days.” Then, in the early 2000s, a real estate developer had a dream and, well, “now it is the AI hotbed of the United Kingdom,” Kanji said. “What a change.” Around 18 months ago, his portfolio company BioCorteX moved from the neighborhood Holborn to the Jellicoe building in King’s Cross, hoping to be near the action. “Lots going on in London right now,” Nik Sharma, co-founder of BioCorteX, told me. “Lots of hyperscalers moving in.” That includes, reportedly, Jeff Bezos’ AI company Prometheus, which is also said to be in talks to move into the Jellicoe.
There are around 3,600 AI startups in London, which, together, have raised around .1 billion out of the .8 billion raised in the city since late July, according to Dealroom. Since the start of June, AI-related startups have leased more than 1 million square feet of office space in London, according to the real estate firm Knight Frank. With that, prime rents in King’s Cross have risen 18% over the past three years, Chris Dunn, a commercial insight associate at the firm, told me. That percentage represents only the largest leases encompassing at least 10,000 square feet, like the ones OpenAI and Prometheus are signing. The shorter deals go for even more, he said, and now the vacancy rate for conventional office space is just 0.9%. “Demand has outstripped supply,” he continued.
Today, one of the big topics of the area is sovereignty. It was a wake-up call for many when Anthropic shut off access to Mythos and Fable this summer, leaving some in the ecosystem to conclude: “We’d better look after ourselves,” Saul Klein, co-founder of the VC firm Phoenix Court, told me.
Phoenix Court is located in the King’s Cross area and has three portfolio companies in the vicinity, including Olix (which just announced a .3 billion valuation), Early Health and CoMind. Robin Klein, co-founder of the firm, said the shutdown of Fable and Mythos access was a “small but sharp reminder that Europe can’t simply rent its AI capabilities and capacity; it needs to build and hold some of its own.” King’s Cross, he said, is where much of this building is actually happening.
“The bigger question,” he continued, “is whether the U.K. builds the infrastructure, compute, energy, capital, to make this self-reliance durable, rather than just hosting outposts of U.S. labs.”
Image Credits:Phoenix Court
Top founders want to stay
Simon Kohl, founder of Latent Labs, has offices in King’s Cross and San Francisco. The London office, at the moment, is growing faster, and he’s more bullish than ever on the ecosystem, he said. “The mood right now feels less like London trying to catch up and more like London becoming one of the default places to start a serious AI company,” he said. Look around and you are likely to see Wayve testing its autonomous cars. Founded in 2017 by co-founder Alex Kendall, the unicorn is one of London’s biggest success stories.
“Ten years ago, building a frontier AI company from London felt like an unusual choice,” Kendall told me. “Now it feels like an obvious one.” Wayve moved into King’s Cross in 2018 looking for a space that could double as a garage — “a rare combination in Central London,” Kendall said. He has watched the ecosystem mature around him — and it’s now evident that a startup can stay in London, raise serious capital, hire world-class AI talent, and remain globally competitive, he said. Down the street from Anthropic’s new 158,000-square-foot office is the AI agent builder Sierra and the AI video platform Synthesia.
Laura Gonzalez Florez, Synthesia’s chief of staff and head of people, says the company moved into its glossy new office building a year ago to accommodate its growing team. They were drawn to the area for the same reason as everyone else: “It’s very close to the airport … very close to where a lot of investors are,” she said.
Image Credits:Synthesia
Around two-thirds of Synthesia’s engineers are remote, Gonzalez Florez said, letting the company tap into an affordable, international, and diverse talent pool and helping it scale faster. “From London, we can hire and work, without any problem, people from anywhere, from Slovenia to Portugal,” she said.
Unsurprisingly, London’s AI boom is also causing a talent war.U.K. AI job postings have skyrocketed in the past few years, per data from PwC. When Anthropic announced it moved into town earlier this year, it listed, for example, a salary range of £260,000 to £630,000 for a machine learning research engineer when the average salary in London for the same role is around £102,000. Some founders in the U.K., like those in Silicon Valley, are being forced to raise more and bigger rounds to keep up.
“The real test is whether more globally significant AI companies are founded, funded, and scaled from the U.K., while continuing to attract the world’s best talent to build them here,” Zain Ali, founder of the King’s Cross-based AI legal firm Centuro, told me. “If that continues to happen, King’s Cross won’t just be an AI hub. It’ll become one of the U.K.’s most important strategic assets.”
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#Thisformernotorious #redlight #districtis #nowone #worlds #top #hubs #TechCrunchUK](https://techcrunch.com/wp-content/uploads/2026/08/DM9A2852.jpg?w=680 "This former notorious red-light district is now one of the world’s top AI hubs | TechCrunch
What every U.K. AI startup wants to know these days is, how can I get office space in King’s Cross?
The area is so hot that a VC firm allegedly recently won a deal by promising a founder office space in the neighborhood. “We stop at nothing to win deals [for] and to support” founders, “including helping them source office space when needed,” the firm told me when asked about the rumor, declining to confirm or deny any details.
The neighborhood’s popularity began back in 2016 when DeepMind — then newly acquired by Google — moved in. Soon after, a flood of AI startups followed, wanting to be around the Google DeepMind magic. Today, they hope to take advantage of the cluster of AI talent there.
This has transformed King’s Cross into one of the world’s top AI hubs, rivaled only by San Francisco and Beijing. Around London, it’s known by the sobriquet “Knowledge Quarter,” as it’s home to names like OpenAI, Meta, Isomorphic Labs, Cusp AI, Wayne, Recursive, and, a little farther down the road, Synthesia and Anthropic. The European Technology Network (ETN) just moved into a glossy new office nearby, while University College London sits around the corner.
Mixed in with the new developments are trendy food spots like Hoppers and BAO. Hop a train from King’s Cross, and founders can be in Cambridge in 45 minutes to source talent or can be in Paris in two hours to strike a deal.
Who would have guessed that a little more than 20 years ago, this was one of the seediest areas in London?
“In the ’80s, crack and heroin made the area a major narcotics market,” Hussein Kanji, an investor at Hoxton Ventures, said, recalling syringes in tree trunks and gangs patrolling the streets. “In 1982, the local church was occupied by the English Collective of Prostitutes for 12 straight days.” Then, in the early 2000s, a real estate developer had a dream and, well, “now it is the AI hotbed of the United Kingdom,” Kanji said. “What a change.” Around 18 months ago, his portfolio company BioCorteX moved from the neighborhood Holborn to the Jellicoe building in King’s Cross, hoping to be near the action. “Lots going on in London right now,” Nik Sharma, co-founder of BioCorteX, told me. “Lots of hyperscalers moving in.” That includes, reportedly, Jeff Bezos’ AI company Prometheus, which is also said to be in talks to move into the Jellicoe.
There are around 3,600 AI startups in London, which, together, have raised around .1 billion out of the .8 billion raised in the city since late July, according to Dealroom. Since the start of June, AI-related startups have leased more than 1 million square feet of office space in London, according to the real estate firm Knight Frank. With that, prime rents in King’s Cross have risen 18% over the past three years, Chris Dunn, a commercial insight associate at the firm, told me. That percentage represents only the largest leases encompassing at least 10,000 square feet, like the ones OpenAI and Prometheus are signing. The shorter deals go for even more, he said, and now the vacancy rate for conventional office space is just 0.9%. “Demand has outstripped supply,” he continued.
Today, one of the big topics of the area is sovereignty. It was a wake-up call for many when Anthropic shut off access to Mythos and Fable this summer, leaving some in the ecosystem to conclude: “We’d better look after ourselves,” Saul Klein, co-founder of the VC firm Phoenix Court, told me.
Phoenix Court is located in the King’s Cross area and has three portfolio companies in the vicinity, including Olix (which just announced a .3 billion valuation), Early Health and CoMind. Robin Klein, co-founder of the firm, said the shutdown of Fable and Mythos access was a “small but sharp reminder that Europe can’t simply rent its AI capabilities and capacity; it needs to build and hold some of its own.” King’s Cross, he said, is where much of this building is actually happening.
“The bigger question,” he continued, “is whether the U.K. builds the infrastructure, compute, energy, capital, to make this self-reliance durable, rather than just hosting outposts of U.S. labs.”
Image Credits:Phoenix Court
Top founders want to stay
Simon Kohl, founder of Latent Labs, has offices in King’s Cross and San Francisco. The London office, at the moment, is growing faster, and he’s more bullish than ever on the ecosystem, he said. “The mood right now feels less like London trying to catch up and more like London becoming one of the default places to start a serious AI company,” he said. Look around and you are likely to see Wayve testing its autonomous cars. Founded in 2017 by co-founder Alex Kendall, the unicorn is one of London’s biggest success stories.
“Ten years ago, building a frontier AI company from London felt like an unusual choice,” Kendall told me. “Now it feels like an obvious one.” Wayve moved into King’s Cross in 2018 looking for a space that could double as a garage — “a rare combination in Central London,” Kendall said. He has watched the ecosystem mature around him — and it’s now evident that a startup can stay in London, raise serious capital, hire world-class AI talent, and remain globally competitive, he said. Down the street from Anthropic’s new 158,000-square-foot office is the AI agent builder Sierra and the AI video platform Synthesia.
Laura Gonzalez Florez, Synthesia’s chief of staff and head of people, says the company moved into its glossy new office building a year ago to accommodate its growing team. They were drawn to the area for the same reason as everyone else: “It’s very close to the airport … very close to where a lot of investors are,” she said.
Image Credits:Synthesia
Around two-thirds of Synthesia’s engineers are remote, Gonzalez Florez said, letting the company tap into an affordable, international, and diverse talent pool and helping it scale faster. “From London, we can hire and work, without any problem, people from anywhere, from Slovenia to Portugal,” she said.
Unsurprisingly, London’s AI boom is also causing a talent war.U.K. AI job postings have skyrocketed in the past few years, per data from PwC. When Anthropic announced it moved into town earlier this year, it listed, for example, a salary range of £260,000 to £630,000 for a machine learning research engineer when the average salary in London for the same role is around £102,000. Some founders in the U.K., like those in Silicon Valley, are being forced to raise more and bigger rounds to keep up.
“The real test is whether more globally significant AI companies are founded, funded, and scaled from the U.K., while continuing to attract the world’s best talent to build them here,” Zain Ali, founder of the King’s Cross-based AI legal firm Centuro, told me. “If that continues to happen, King’s Cross won’t just be an AI hub. It’ll become one of the U.K.’s most important strategic assets.”
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#Thisformernotorious #redlight #districtis #nowone #worlds #top #hubs #TechCrunchUK")
![This former notorious red-light district is now one of the world’s top AI hubs | TechCrunch
What every U.K. AI startup wants to know these days is, how can I get office space in King’s Cross?
The area is so hot that a VC firm allegedly recently won a deal by promising a founder office space in the neighborhood. “We stop at nothing to win deals [for] and to support” founders, “including helping them source office space when needed,” the firm told me when asked about the rumor, declining to confirm or deny any details.
The neighborhood’s popularity began back in 2016 when DeepMind — then newly acquired by Google — moved in. Soon after, a flood of AI startups followed, wanting to be around the Google DeepMind magic. Today, they hope to take advantage of the cluster of AI talent there.
This has transformed King’s Cross into one of the world’s top AI hubs, rivaled only by San Francisco and Beijing. Around London, it’s known by the sobriquet “Knowledge Quarter,” as it’s home to names like OpenAI, Meta, Isomorphic Labs, Cusp AI, Wayne, Recursive, and, a little farther down the road, Synthesia and Anthropic. The European Technology Network (ETN) just moved into a glossy new office nearby, while University College London sits around the corner.
Mixed in with the new developments are trendy food spots like Hoppers and BAO. Hop a train from King’s Cross, and founders can be in Cambridge in 45 minutes to source talent or can be in Paris in two hours to strike a deal.
Who would have guessed that a little more than 20 years ago, this was one of the seediest areas in London?
“In the ’80s, crack and heroin made the area a major narcotics market,” Hussein Kanji, an investor at Hoxton Ventures, said, recalling syringes in tree trunks and gangs patrolling the streets. “In 1982, the local church was occupied by the English Collective of Prostitutes for 12 straight days.” Then, in the early 2000s, a real estate developer had a dream and, well, “now it is the AI hotbed of the United Kingdom,” Kanji said. “What a change.” Around 18 months ago, his portfolio company BioCorteX moved from the neighborhood Holborn to the Jellicoe building in King’s Cross, hoping to be near the action. “Lots going on in London right now,” Nik Sharma, co-founder of BioCorteX, told me. “Lots of hyperscalers moving in.” That includes, reportedly, Jeff Bezos’ AI company Prometheus, which is also said to be in talks to move into the Jellicoe.
There are around 3,600 AI startups in London, which, together, have raised around .1 billion out of the .8 billion raised in the city since late July, according to Dealroom. Since the start of June, AI-related startups have leased more than 1 million square feet of office space in London, according to the real estate firm Knight Frank. With that, prime rents in King’s Cross have risen 18% over the past three years, Chris Dunn, a commercial insight associate at the firm, told me. That percentage represents only the largest leases encompassing at least 10,000 square feet, like the ones OpenAI and Prometheus are signing. The shorter deals go for even more, he said, and now the vacancy rate for conventional office space is just 0.9%. “Demand has outstripped supply,” he continued.
Today, one of the big topics of the area is sovereignty. It was a wake-up call for many when Anthropic shut off access to Mythos and Fable this summer, leaving some in the ecosystem to conclude: “We’d better look after ourselves,” Saul Klein, co-founder of the VC firm Phoenix Court, told me.
Phoenix Court is located in the King’s Cross area and has three portfolio companies in the vicinity, including Olix (which just announced a .3 billion valuation), Early Health and CoMind. Robin Klein, co-founder of the firm, said the shutdown of Fable and Mythos access was a “small but sharp reminder that Europe can’t simply rent its AI capabilities and capacity; it needs to build and hold some of its own.” King’s Cross, he said, is where much of this building is actually happening.
“The bigger question,” he continued, “is whether the U.K. builds the infrastructure, compute, energy, capital, to make this self-reliance durable, rather than just hosting outposts of U.S. labs.”
Image Credits:Phoenix Court
Top founders want to stay
Simon Kohl, founder of Latent Labs, has offices in King’s Cross and San Francisco. The London office, at the moment, is growing faster, and he’s more bullish than ever on the ecosystem, he said. “The mood right now feels less like London trying to catch up and more like London becoming one of the default places to start a serious AI company,” he said. Look around and you are likely to see Wayve testing its autonomous cars. Founded in 2017 by co-founder Alex Kendall, the unicorn is one of London’s biggest success stories.
“Ten years ago, building a frontier AI company from London felt like an unusual choice,” Kendall told me. “Now it feels like an obvious one.” Wayve moved into King’s Cross in 2018 looking for a space that could double as a garage — “a rare combination in Central London,” Kendall said. He has watched the ecosystem mature around him — and it’s now evident that a startup can stay in London, raise serious capital, hire world-class AI talent, and remain globally competitive, he said. Down the street from Anthropic’s new 158,000-square-foot office is the AI agent builder Sierra and the AI video platform Synthesia.
Laura Gonzalez Florez, Synthesia’s chief of staff and head of people, says the company moved into its glossy new office building a year ago to accommodate its growing team. They were drawn to the area for the same reason as everyone else: “It’s very close to the airport … very close to where a lot of investors are,” she said.
Image Credits:Synthesia
Around two-thirds of Synthesia’s engineers are remote, Gonzalez Florez said, letting the company tap into an affordable, international, and diverse talent pool and helping it scale faster. “From London, we can hire and work, without any problem, people from anywhere, from Slovenia to Portugal,” she said.
Unsurprisingly, London’s AI boom is also causing a talent war.U.K. AI job postings have skyrocketed in the past few years, per data from PwC. When Anthropic announced it moved into town earlier this year, it listed, for example, a salary range of £260,000 to £630,000 for a machine learning research engineer when the average salary in London for the same role is around £102,000. Some founders in the U.K., like those in Silicon Valley, are being forced to raise more and bigger rounds to keep up.
“The real test is whether more globally significant AI companies are founded, funded, and scaled from the U.K., while continuing to attract the world’s best talent to build them here,” Zain Ali, founder of the King’s Cross-based AI legal firm Centuro, told me. “If that continues to happen, King’s Cross won’t just be an AI hub. It’ll become one of the U.K.’s most important strategic assets.”
When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.#Thisformernotorious #redlight #districtis #nowone #worlds #top #hubs #TechCrunchUK](https://i0.wp.com/techcrunch.com/wp-content/uploads/2026/08/DM9A2852.jpg?w=680&ssl=1 "This former notorious red-light district is now one of the world’s top AI hubs | TechCrunch
What every U.K. AI startup wants to know these days is, how can I get office space in King’s Cross?
The area is so hot that a VC firm allegedly recently won a deal by promising a founder office space in the neighborhood. “We stop at nothing to win deals [for] and to support” founders, “including helping them source office space when needed,” the firm told me when asked about the rumor, declining to confirm or deny any details.
The neighborhood’s popularity began back in 2016 when DeepMind — then newly acquired by Google — moved in. Soon after, a flood of AI startups followed, wanting to be around the Google DeepMind magic. Today, they hope to take advantage of the cluster of AI talent there.
This has transformed King’s Cross into one of the world’s top AI hubs, rivaled only by San Francisco and Beijing. Around London, it’s known by the sobriquet “Knowledge Quarter,” as it’s home to names like OpenAI, Meta, Isomorphic Labs, Cusp AI, Wayne, Recursive, and, a little farther down the road, Synthesia and Anthropic. The European Technology Network (ETN) just moved into a glossy new office nearby, while University College London sits around the corner.
Mixed in with the new developments are trendy food spots like Hoppers and BAO. Hop a train from King’s Cross, and founders can be in Cambridge in 45 minutes to source talent or can be in Paris in two hours to strike a deal.
Who would have guessed that a little more than 20 years ago, this was one of the seediest areas in London?
“In the ’80s, crack and heroin made the area a major narcotics market,” Hussein Kanji, an investor at Hoxton Ventures, said, recalling syringes in tree trunks and gangs patrolling the streets. “In 1982, the local church was occupied by the English Collective of Prostitutes for 12 straight days.” Then, in the early 2000s, a real estate developer had a dream and, well, “now it is the AI hotbed of the United Kingdom,” Kanji said. “What a change.” Around 18 months ago, his portfolio company BioCorteX moved from the neighborhood Holborn to the Jellicoe building in King’s Cross, hoping to be near the action. “Lots going on in London right now,” Nik Sharma, co-founder of BioCorteX, told me. “Lots of hyperscalers moving in.” That includes, reportedly, Jeff Bezos’ AI company Prometheus, which is also said to be in talks to move into the Jellicoe.
There are around 3,600 AI startups in London, which, together, have raised around .1 billion out of the .8 billion raised in the city since late July, according to Dealroom. Since the start of June, AI-related startups have leased more than 1 million square feet of office space in London, according to the real estate firm Knight Frank. With that, prime rents in King’s Cross have risen 18% over the past three years, Chris Dunn, a commercial insight associate at the firm, told me. That percentage represents only the largest leases encompassing at least 10,000 square feet, like the ones OpenAI and Prometheus are signing. The shorter deals go for even more, he said, and now the vacancy rate for conventional office space is just 0.9%. “Demand has outstripped supply,” he continued.
Today, one of the big topics of the area is sovereignty. It was a wake-up call for many when Anthropic shut off access to Mythos and Fable this summer, leaving some in the ecosystem to conclude: “We’d better look after ourselves,” Saul Klein, co-founder of the VC firm Phoenix Court, told me.
Phoenix Court is located in the King’s Cross area and has three portfolio companies in the vicinity, including Olix (which just announced a .3 billion valuation), Early Health and CoMind. Robin Klein, co-founder of the firm, said the shutdown of Fable and Mythos access was a “small but sharp reminder that Europe can’t simply rent its AI capabilities and capacity; it needs to build and hold some of its own.” King’s Cross, he said, is where much of this building is actually happening.
“The bigger question,” he continued, “is whether the U.K. builds the infrastructure, compute, energy, capital, to make this self-reliance durable, rather than just hosting outposts of U.S. labs.”
Image Credits:Phoenix Court
Top founders want to stay
Simon Kohl, founder of Latent Labs, has offices in King’s Cross and San Francisco. The London office, at the moment, is growing faster, and he’s more bullish than ever on the ecosystem, he said. “The mood right now feels less like London trying to catch up and more like London becoming one of the default places to start a serious AI company,” he said. Look around and you are likely to see Wayve testing its autonomous cars. Founded in 2017 by co-founder Alex Kendall, the unicorn is one of London’s biggest success stories.
“Ten years ago, building a frontier AI company from London felt like an unusual choice,” Kendall told me. “Now it feels like an obvious one.” Wayve moved into King’s Cross in 2018 looking for a space that could double as a garage — “a rare combination in Central London,” Kendall said. He has watched the ecosystem mature around him — and it’s now evident that a startup can stay in London, raise serious capital, hire world-class AI talent, and remain globally competitive, he said. Down the street from Anthropic’s new 158,000-square-foot office is the AI agent builder Sierra and the AI video platform Synthesia.
Laura Gonzalez Florez, Synthesia’s chief of staff and head of people, says the company moved into its glossy new office building a year ago to accommodate its growing team. They were drawn to the area for the same reason as everyone else: “It’s very close to the airport … very close to where a lot of investors are,” she said.
Image Credits:Synthesia
Around two-thirds of Synthesia’s engineers are remote, Gonzalez Florez said, letting the company tap into an affordable, international, and diverse talent pool and helping it scale faster. “From London, we can hire and work, without any problem, people from anywhere, from Slovenia to Portugal,” she said.
Unsurprisingly, London’s AI boom is also causing a talent war.U.K. AI job postings have skyrocketed in the past few years, per data from PwC. When Anthropic announced it moved into town earlier this year, it listed, for example, a salary range of £260,000 to £630,000 for a machine learning research engineer when the average salary in London for the same role is around £102,000. Some founders in the U.K., like those in Silicon Valley, are being forced to raise more and bigger rounds to keep up.
“The real test is whether more globally significant AI companies are founded, funded, and scaled from the U.K., while continuing to attract the world’s best talent to build them here,” Zain Ali, founder of the King’s Cross-based AI legal firm Centuro, told me. “If that continues to happen, King’s Cross won’t just be an AI hub. It’ll become one of the U.K.’s most important strategic assets.”
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