Crusoe Raises $3.9B at $30.9B Valuation to Build AI Data Centers

Crusoe has raised $3.9 billion in a Series F funding round, pushing the AI infrastructure company's 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, Radical Ventures, and TPG.

Scaling AI data center infrastructure

The fresh capital will help Crusoe finance its existing data center projects, including its large facility in Abilene, Texas, which is being used by OpenAI.

The company is also expanding its focus on smaller, modular AI factories known as Spark. These facilities are designed to be manufactured at Crusoe's own facilities, transported by truck, and connected to large power sources with less reliance on traditional large-scale construction.

The modular approach is intended to allow Crusoe to deploy computing capacity more quickly while addressing some of the infrastructure and workforce challenges associated with building massive data centers.

Three revenue streams

Crusoe operates across multiple parts of the AI infrastructure stack. The company leases data center capacity to customers that supply their own GPUs, rents its own GPUs, and sells computing power used for AI inference.

The company recently signed a reported five-year, $13 billion cloud contract with quantitative trading firm Jane Street to provide GPUs and AI infrastructure.

Its customers also include Meta, Microsoft, and Oracle.

From crypto mining to AI infrastructure

Founded in 2018, Crusoe initially operated as a crypto mining company powered by flared natural gas. As demand for AI computing increased, the company shifted its focus toward AI infrastructure and data centers.

The latest funding comes about 10 months after Crusoe raised $1.38 billion at a $10 billion valuation in October 2025.

Crusoe has also reportedly held discussions with investment banks including Goldman Sachs and Morgan Stanley regarding a potential future IPO.

The company has additionally expanded its board with Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and CIO Bill Stein, and Redwood Materials founder and CEO JB Straubel joining as new directors.