Crusoe raises $3.9bn
Crusoe announced on Thursday it secured $3.9 billion in a Series F round to reach a valuation of $30.9 billion. Atreides Management, Mubadala Capital, and Valor Equity Partners co-led the deal, while Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also invested.
Three new board members joined the company: Cloudflare CFO Thomas Seifert, Bill Stein of Primary Digital Infrastructure, and JB Straubel of Redwood Materials. Straubel previously invested in Crusoe in 2021, and the firm became the first client for his energy storage business.
The capital will fund ongoing projects, including a major site in Abilene, Texas, serving OpenAI, alongside smaller modular units called Spark. These factories can be transported by truck and connected to power sources in remote locations.
By manufacturing these units in-house, Crusoe avoids the delays associated with large construction crews. The modular approach also addresses local opposition to massive data centre complexes near residential areas.
The company’s CEO stated that achieving an era of abundance requires controlling infrastructure from electrons to tokens. He added that investors share this conviction.
Revenue comes from three sources: leasing space to customers with their own GPUs, renting out Crusoe’s own GPUs, and selling inference compute power for AI models.
This model has positioned Crusoe as a top AI infrastructure firm. A recent Bloomberg report noted a five-year, $13 billion contract with quantitative trading firm Jane Street to supply GPUs and infrastructure.
Axios reported last month that Crusoe met with Goldman Sachs and Morgan Stanley regarding a potential initial public offering.
The funding arrives ten months after a $1.38 billion raise at a $10 billion valuation in October.
Founded in 2018 as a crypto mining operation using flared natural gas, the company shifted to AI infrastructure as demand for computing power grew. Clients include Meta, Microsoft, and Oracle.
What it means
For developers and operators, the Spark units offer a way to deploy capacity faster and in locations where traditional builds face resistance. This flexibility allows firms to scale compute without waiting for lengthy construction permits or managing large on-site workforces.
