Crusoe raises $3.9B at $30.9B valuation to expand AI data centers

### Crusoe Raises $3.9 Billion as AI Data Center Valuation Reaches $30.9 Billion

AI data center developer Crusoe has raised $3.9 billion in a Series F funding round, lifting the company’s valuation to $30.9 billion as demand for computing infrastructure continues to grow alongside artificial intelligence.

The financing was jointly led by Atreides Management, Mubadala Capital and Valor Equity Partners. Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures and TPG also participated in the round, according to Crusoe.

The company also announced the addition of three new members to its board: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and chief investment officer Bill Stein, and Redwood Materials founder and CEO JB Straubel.

Straubel has previously invested in Crusoe personally, backing the company in 2021. Crusoe also became the first customer of Redwood Materials’ energy storage business, creating an existing connection between the two companies.

Crusoe co-founder and CEO Chase Lochmiller said the company expects artificial intelligence to drive significant advances in science and economic activity and argued that expanding AI infrastructure will require control over multiple layers of the computing supply chain.

The latest financing will be used to expand Crusoe’s data center operations, including its large facility in Abilene, Texas, which supports OpenAI’s computing needs. The company is also developing smaller modular facilities designed to be deployed closer to available power sources.

These modular facilities, known as Spark, are designed to allow Crusoe to bring computing capacity online more rapidly than traditional large-scale data center construction. The units can be transported by truck and connected to substantial power supplies.

The modular approach could also provide an alternative for communities where large permanent data center campuses have generated concerns over land use, electricity demand and other infrastructure requirements.

Crusoe operates across several parts of the AI computing market. It leases data center capacity to customers that supply their own graphics processing units, rents GPUs directly and provides computing resources for AI inference, the process through which trained AI models generate responses and perform tasks.

The company’s vertically integrated approach has helped it attract significant investment as companies compete to secure computing capacity for increasingly demanding AI applications.

Atreides Management managing partner and chief investment officer Gavin Baker said Crusoe’s vertically integrated model gives it control across much of the infrastructure required to deliver AI computing, from energy resources through computing capacity.

The new capital comes during a period of rapid expansion in AI infrastructure, with technology companies, financial firms and other organizations committing billions of dollars to secure access to GPUs and data center capacity.

Crusoe has also secured major commercial agreements as it expands its infrastructure business. According to Bloomberg, the company recently signed a five-year cloud agreement valued at $13 billion with quantitative trading firm Jane Street for GPUs and AI infrastructure.

The company’s strategy combines large-scale data centers with smaller, modular computing facilities, allowing it to pursue different deployment models depending on power availability and customer requirements.

The Series F financing gives Crusoe additional resources to expand those projects while continuing to build infrastructure for companies developing and operating AI systems.

The latest valuation also places Crusoe among the most highly valued private companies focused primarily on AI infrastructure and reflects the growing investor interest in the physical systems needed to support the next generation of artificial intelligence.