Data center developer Crusoe has raised $3.9 billion in a Series F funding round, taking its valuation to $30.9 billion. Atreides Management, Mubadala Capital, and Valor Equity Partners co-led the round, while Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG also participated, according to Crusoe.
Alongside the funding, Crusoe announced the appointment of three new board members. The appointments include Cloudflare CFO Thomas Seifert; Bill Stein, partner and CIO at Primary Digital Infrastructure; and Redwood Materials founder and CEO JB Straubel, who also sits on Tesla’s board. Straubel has an existing connection with Crusoe, having personally invested in the company in 2021. Subsequently, Crusoe became the first customer of Redwood’s energy storage business.
Crusoe plans to use the fresh capital to finance its existing data center projects, including a large facility in Abilene, Texas, that OpenAI uses. In addition, the company will invest in smaller, modular AI factories that it can transport by truck and connect to major power sources across different locations.
Crusoe manufactures these modular data centers, known as Spark, at its own facilities. As a result, the company can deploy computing capacity faster without relying on large construction workforces. Moreover, smaller data centers could help Crusoe reduce exposure to opposition from local communities that often protest large-scale facilities near residential areas.
Crusoe co-founder and CEO Chase Lochmiller said in a statement he believes AI will usher in an era of abundance, but to get there will mean “controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction.”
The company generates revenue through three primary business lines. First, it leases data center space to customers that bring their own GPUs. Second, Crusoe rents out its own GPUs. Finally, it sells computing power for AI model inference.
This diversified model has helped Crusoe emerge as one of the most valuable companies focused on AI infrastructure. Recently, the company signed a five-year cloud agreement worth around $13 billion to provide quantitative trading firm Jane Street with GPUs and AI infrastructure.
Furthermore, Crusoe recently held discussions with investment banks, including Goldman Sachs and Morgan Stanley, about a potential IPO in the near future. The company’s latest funding round comes just 10 months after it raised $1.38 billion at a $10 billion valuation in October 2025.
Crusoe started operations in 2018 as a crypto mining company powered by flared natural gas. However, it later shifted its focus toward AI infrastructure as demand for computing power surged. Today, its customers include Meta, Microsoft, and Oracle.
