Crusoe Raises $3.9B to Expand AI Data Center Network

AI infrastructure company Crusoe has raised $3.9 billion in a new funding round, giving the eight-year-old company a valuation of $30.9 billion as demand for computing power continues to surge.

The Series F round, announced Thursday, was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG also participated.

Crusoe plans to use the capital to expand its growing data center business, including major projects already under development and a new line of smaller, transportable facilities designed specifically for AI workloads.

From Massive Campuses to Truck-Movable AI Factories

One of Crusoe’s major projects is a large data center site in Abilene, Texas, which is being used by OpenAI. Alongside such large-scale developments, the company is building smaller modular data centers known as Spark.

These compact “AI factories” are designed to be manufactured at Crusoe’s own facilities, transported by truck, and connected to substantial power sources in different locations. The approach could allow the company to bring computing capacity online more quickly without relying on the large construction workforces typically required for traditional data center campuses.

The modular design may also help Crusoe address one of the industry’s growing challenges: opposition from local communities concerned about the impact of massive data center projects near residential areas.

Crusoe co-founder and CEO Chase Lochmiller said the company believes AI could create an era of abundance. He added that reaching that future would require “controlling the infrastructure from electrons to tokens,” expressing appreciation for investors who share that vision.

Three Ways Crusoe Makes Money

Crusoe’s business is built around three revenue streams. It leases data center space to customers that supply their own GPUs, rents out GPUs owned by the company, and sells computing power used to run AI models, a process known as inference.

That combination has helped Crusoe become one of the most highly valued companies in AI infrastructure. Bloomberg recently reported that the company signed a five-year cloud contract worth $13 billion to provide GPUs and AI infrastructure to quantitative trading firm Jane Street.

Crusoe has also reportedly been exploring a potential initial public offering. Axios reported last month that the company had met with investment banks, including Goldman Sachs and Morgan Stanley, to discuss a possible IPO in the near future.

New Board Members and a Major Valuation Jump

Alongside the funding announcement, Crusoe revealed three new board members: Cloudflare CFO Thomas Seifert; Bill Stein, a partner and chief investment officer at Primary Digital Infrastructure; and JB Straubel, founder and CEO of Redwood Materials, who also serves on Tesla’s board.

Straubel has an existing connection to Crusoe. He personally invested in the company in 2021, and Crusoe later became the first customer of Redwood’s energy storage business.

The latest round comes just 10 months after Crusoe raised $1.38 billion at a $10 billion valuation in October. The company was originally founded in 2018 as a crypto mining operation powered by flared natural gas. It later shifted its focus toward AI infrastructure as demand for computing capacity accelerated.

Today, Crusoe’s customers include Meta, Microsoft, and Oracle.

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