Data center developer Crusoe announced Thursday that it has closed a $3.9 billion Series F funding round, raising its corporate valuation to $30.9 billion. The investment was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG.
Alongside the capital raise, the company unveiled three new board appointees: Cloudflare CFO Thomas Seifert, Bill Stein, partner and chief investment officer at Primary Digital Infrastructure, and Redwood Materials founder and CEO JB Straubel. Straubel, who also serves on Tesla’s board, previously invested in Crusoe in 2021 and established a business relationship when his company’s energy storage division secured Crusoe as its first customer.
The newly raised capital will support Crusoe’s existing development projects, such as a significant facility in Abilene, Texas, currently utilized by OpenAI, as well as its strategy to deploy smaller, modular AI factories. These portable units, branded as Spark, are manufactured in-house and transported by truck to connect with major power grids almost anywhere, allowing the firm to rapidly deploy computing capacity without relying on large construction workforces.
This modular approach also offers a strategic advantage by potentially mitigating local opposition to the large-scale complexes that often face community resistance.
Crusoe’s co-founder and CEO emphasized that AI is poised to create an era of abundance, stating that success requires controlling infrastructure from power generation to token output. The Austin-based firm, now eight years old, generates revenue through a three-pronged model: leasing space for customer-owned GPUs, renting its own hardware, and selling inference compute power for AI model execution.
The funding boost follows a significant commercial milestone, including a reported $13 billion, five-year cloud agreement with quantitative trading firm Jane Street, as well as partnerships with tech giants Meta, Microsoft, and Oracle.
According to recent reports, Crusoe has engaged with major investment banks, including Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Bank of America, to explore a potential initial public offering. This latest valuation represents a substantial increase from its Series E round in October 2025, which raised $1.38 billion at a $10 billion valuation.
Founded in 2018, Crusoe originally operated as a cryptocurrency mining company powered by flared natural gas before pivoting to AI infrastructure as computational demand surged.
It is impressive they focus on stranded energy again. Sustainable AI infrastructure is exactly what this industry needs.
An IPO seems likely soon given the recent funding rounds. Anyone holding shares or waiting for the public listing?
The pivot from crypto to AI infrastructure was brilliant. That flared gas expertise really pays off now.
Thirty billion dollars valuation is huge. Did anyone else notice they secured a $13B deal with Jane Street?
I’m curious about the Spark modular units. Are they actually faster to deploy than traditional concrete data centers?