Crusoe

AI Infrastructure · Data Centers · Energy

Funding

Crusoe raises $3.9B Series F at $30.9B valuation for AI infrastructure

Owning power generation through chip delivery lets Crusoe undercut rivals that just rent someone else's data center space.

• Crusoe announced the initial closing of a $3.9 billion Series F at a $30.9 billion post-money valuation, co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners.
• Crusoe is a vertically-integrated AI infrastructure company that generates or sources power, builds data centers and modular AI factories, and runs its own AI cloud; it started in 2018 as a crypto-mining business using stranded energy.
• The valuation roughly tripled from about $10 billion in October 2025 to $30.9 billion less than a year later, with Crusoe reporting over $140 billion in total contracted value and 6GW of gross contracted capacity.
• Proceeds will fund factory-built modular data centers called Spark, produced at a 352,000-sq-ft Colorado plant and a newly opened 400,000-sq-ft Tulsa facility, then trucked to sites with spare power to cut buildout from years to weeks.
• Crusoe built the Abilene, Texas campus where OpenAI trained its models and counts Meta, Microsoft, OpenAI and Oracle as customers, alongside a reported $13 billion, five-year GPU supply deal with Jane Street.
• As AI infrastructure spending surges, investors are betting that controlling the full stack from electricity to compute — rather than just leasing GPUs — becomes the structural cost advantage that separates winners from renters.