Crusoe Raises $3.9B at $30.9B Valuation to Expand AI Infrastructure Buildout

Denver-based Crusoe, a vertically integrated AI infrastructure provider, on Thursday announced the initial closing of a $3.9 billion Series F funding round at a $30.9 billion post-money valuation, according to the company. The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, the Qatar Investment Authority (QIA), Radical Ventures, and TPG, among others.

Additional investors include ARK Invest, Baillie Gifford, Fidelity Management & Research Company, Salesforce Ventures, Tiger Global, and SemiAnalysis, according to a company statement.

Crusoe will use the proceeds to expand its existing programs and support the buildout of its own AI factories, ranging from large-scale campuses to modular units called Spark. The smaller, modular data centers are manufactured at Crusoe’s own facilities and can be transported by truck and connected to large power sources almost anywhere, reducing construction from years to weeks.

By producing Spark units in factories, Crusoe can deploy compute capacity quickly without the need for large construction workforces, and potentially sidestep local community backlash against massive complexes. Spark units already operate in Reno, Nevada, powered by old electric car batteries and solar panels, with a plant outside Denver expected to eventually make up to a gigawatt of Spark capacity annually.

**Key Metrics and Market Momentum**

Crusoe reported more than $140 billion in total contracted value across its platform, with over 6 gigawatts of gross contracted capacity, including 1 GW that is already delivered and operational. Cloud bookings have grown more than 20 times year-over-year, the company said.

Its managed inference product, launched late last year, has contracted over $100 million in annual recurring revenue, going from almost no revenue at the start of 2026 to that run rate by summer, the company told the Wall Street Journal.

The company makes money by leasing data center space to customers that bring their own GPUs, renting out its own GPUs, and selling compute power used to run AI models, known as inference. This three-pronged business model has at times unsettled Crusoe’s board, which has suggested narrowing the focus, according to people with knowledge of the conversations cited by the Wall Street Journal, as reported by The Next Web.

Crusoe recently signed a $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, Bloomberg reported. The company has also met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential IPO in the near future, Axios reported last month.

**New Board Members and Customer Base**

Crusoe appointed three independent directors: Cloudflare CFO Thomas Seifert, who will chair the audit committee; Bill Stein, former Digital Realty CEO and partner and CIO at Primary Digital Infrastructure; and JB Straubel, founder and CEO of Redwood Materials and former Tesla CTO. Straubel personally invested in Crusoe in 2021, and Crusoe became the first customer of Redwood’s energy storage business.

Crusoe built the Abilene, Texas data center campus where OpenAI trained its first artificial general intelligence model, Astra, the company said. Customers include Meta, Microsoft, and Oracle.

**From Crypto to AI**

Founded in 2018 as a crypto mining operation powered by flared natural gas, Crusoe pivoted to AI infrastructure as demand for computing power skyrocketed. The fresh fundraise comes 10 months after the company raised $1.38 billion at a $10 billion valuation last October.

“We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity,” said Chase Lochmiller, co-founder and CEO of Crusoe, in a statement. “Getting there means controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction.”

Straubel, the new board member, said: “Grid demand is growing faster than infrastructure can keep up, and that bottleneck is real for AI.”

Crusoe employs more than 1,800 people across five countries, with offices in Bellevue, Washington, and New York City, and hiring underway in every geography where it operates.