The efficiency, operation range, and environmental safety of energy and refrigeration cycles are determined by the thermodynamic properties of available fluids. We here suggest combining gas, liquid and multistable elastic capsules to create an artificial fluid with a multitude of stable states. We study, theoretically and experimentally, the suspension’s internal energy, equilibrium pressure-density relations and their stability for both adiabatic and isothermal processes. We show that the elastic multistability of the capsules endows the fluid with multistable thermodynamic properties, including the ability of capturing and storing energy at standard atmospheric conditions, not found in naturally available fluids.