Crusoe, a developer of data centers focused on AI infrastructure, announced a $3.9 billion Series F funding round that brings its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from investors including Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG.
Alongside the funding, Crusoe added three new members to its board: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and CIO Bill Stein, and JB Straubel, founder of Redwood Materials and Tesla board member. Straubel has a prior investment history with Crusoe and his company Redwood Materials supplies energy storage solutions to Crusoe.
The capital will support Crusoe’s existing large-scale data center projects, such as the Abilene, Texas site used by OpenAI, and the development of smaller, modular AI data centers known as Spark. These modular units can be transported by truck and connected to large power sources, enabling faster deployment without extensive construction. This approach also helps mitigate community resistance often faced by large data center developments.
Crusoe’s business model includes leasing data center space to customers who provide their own GPUs, renting out its own GPUs, and selling compute power for AI model inference. This diversified revenue stream has positioned Crusoe as a leading AI infrastructure provider. Notably, the company secured a $13 billion, five-year contract to supply GPUs and AI infrastructure to quantitative trading firm Jane Street.
Founded in 2018 initially as a crypto mining operation using flared natural gas, Crusoe pivoted to AI infrastructure amid rising demand for compute power. Its client roster includes major technology companies such as Meta, Microsoft, and Oracle. The company is also reportedly exploring an initial public offering, having engaged with Goldman Sachs and Morgan Stanley.
This funding round follows a $1.38 billion raise in October 2023, when Crusoe was valued at $10 billion, reflecting rapid growth in the AI infrastructure market.