Crusoe, a prominent data center developer with a client roster that includes Meta, Microsoft, and OpenAI, has closed a $3 billion funding round. According to Bloomberg, the investment values the company at $30 billion.
The new capital raise was co-led by Atreides Management and Valor Equity Partners. Mubadala Capital, the asset management arm of Abu Dhabi’s sovereign wealth fund Mubadala, also participated in the deal.
This latest financing follows significant commercial momentum for the company. Bloomberg recently reported that Crusoe entered into a five-year, $13 billion cloud contract with quantitative trading firm Jane Street to provide GPUs and AI infrastructure.
The current valuation marks a substantial increase from last October, when Crusoe raised $1.38 billion at a $10 billion valuation. Since launching in 2018 as a cryptocurrency mining operation fueled by flared natural gas, the company has transformed into a major provider of AI infrastructure and cloud services, notably developing hyperscale data center campuses for clients such as Oracle and OpenAI.
Industry observers noted earlier this month that Crusoe has engaged with investment bankers, including Goldman Sachs and Morgan Stanley, to explore a potential initial public offering in the near future, Axios reported.
$30 billion is a steep price for AI infrastructure, but their client list suggests they’re in demand. The Jane Street deal alone justifies the hype.
Wait, this company started by flaring natural gas for crypto? That pivot to hyperscale data centers is the most dramatic transformation I’ve seen in tech recently.
Is anyone else worried about power grid capacity? Supplying OpenAI and Microsoft needs enormous energy. How sustainable is this growth model really?
An IPO seems inevitable now with Goldman Sachs involved. If they go public next year, shares might be a solid bet given the valuation jump.
Five years and $13 billion with Jane Street? That’s massive. Crusoe clearly has the trust of the biggest players in both finance and AI right now.