Data center developer Crusoe raises $3.9 billion, valuation hits $30.9 billion
AI infrastructure company Crusoe has raised $3.9 billion in a Series F round, pushing its valuation to $30.9 billion, with funds going toward large data centers and portable modular AI units.
Eight-year-old AI infrastructure company Crusoe announced Thursday it raised $3.9 billion in a 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, the Qatar Investment Authority, Radical Ventures, and TPG.
Alongside the funding, Crusoe named three new board members: Cloudflare CFO Thomas Seifert; Bill Stein, partner and CIO at Primary Digital Infrastructure; and Redwood Materials founder and CEO JB Straubel, who also serves on Tesla's board. Straubel has a prior relationship with Crusoe, having personally invested in the company in 2021 before Crusoe became the first customer of Redwood's energy storage business.
Large sites and portable units
The fresh capital will help fund existing data center projects, including a major site in Abilene, Texas used by OpenAI, as well as smaller modular AI units called Spark. These modular units can be transported by truck and connected to large power sources nearly anywhere. By manufacturing them in-house, Crusoe can deploy computing capacity quickly without needing large construction crews, while also partly avoiding community backlash against massive data center complexes.
Crusoe generates revenue through three channels: leasing data center space to customers who supply their own GPUs, renting out its own GPUs, and selling compute power for running AI models. The company recently signed a $13 billion, five-year cloud contract with trading firm Jane Street, and has reportedly met with investment banks to discuss a potential IPO. This latest round follows a $1.38 billion raise ten months ago at a $10 billion valuation. Founded in 2018 as a crypto mining operation, Crusoe later pivoted to AI infrastructure. Its customers include Meta, Microsoft, and Oracle.
