Data center developer Crusoe announced Thursday a $3.9 billion Series F funding round, bringing its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG.
Crusoe also introduced three new board members: Thomas Seifert, CFO of Cloudflare; Bill Stein, partner and CIO at Primary Digital Infrastructure; and JB Straubel, founder and CEO of Redwood Materials and a Tesla board member. Straubel has prior ties to Crusoe—he invested personally in 2021, and Crusoe became Redwood’s first energy storage customer.
The eight-year-old company will use the fresh capital to fund existing data center projects, including a major site in Abilene, Texas, used by OpenAI, as well as smaller, modular “AI factories” that can be transported by truck and connected to large power sources almost anywhere.
By manufacturing these modular data centers—called Spark—at its own facilities, Crusoe can deploy compute capacity rapidly without relying on large construction workforces. The smaller units could also help Crusoe mitigate, at least partially, a growing obstacle for data center developers: local community opposition to massive complexes.
Crusoe co-founder and CEO (pictured above) said in a statement that he believes AI will usher in an era of abundance, but achieving that will require “controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction.”
The company generates revenue through three primary channels: leasing data center space to customers who supply their own GPUs, renting out its own GPUs, and selling compute power for AI inference. This three-pronged model has helped position Crusoe as one of the most valuable AI infrastructure firms. According to Bloomberg, Crusoe recently signed a five-year, $13 billion cloud contract to provide quantitative trading firm Jane Street with GPUs and AI infrastructure.
Axios reported last month that Crusoe has met with investment banks, including Goldman Sachs and Morgan Stanley, to discuss a potential IPO in the near future. The new fundraise comes just 10 months after the company raised $1.38 billion at a $10 billion valuation in October 2025.
Founded in 2018 as a crypto mining operation powered by flared natural gas, Crusoe pivoted to AI infrastructure as demand for computing power surged. Its customers include Meta, Microsoft, and Oracle.
via TechCrunch AI