Crusoe Secures $3.9B Series F for AI Data Centers

Crusoe raised $3.9 billion in Series F funding, valuing the company at $30.9 billion.

Crusoe, an AI infrastructure company, announced a $3.9 billion Series F funding round, bringing its valuation to $30.9 billion. The funding round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Additional investors included Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG. The company also appointed three new board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and CIO Bill Stein, and Redwood Materials founder and CEO JB Straubel.

The capital infusion will support existing data center projects, such as a site in Abilene, Texas, utilized by OpenAI, and the development of smaller, modular AI factories called Spark. These modular data centers can be transported by truck and connected to power sources, enabling rapid deployment without extensive construction. Crusoe's business model involves leasing data center space, renting its own GPUs, and selling compute power for AI models. Crusoe CEO Chase Lochmiller stated the funding will help control infrastructure from electrons to tokens.

This fundraise follows a $1.38 billion raise in October, which valued the company at $10 billion. Founded in 2018 as a crypto mining operation, Crusoe pivoted to AI infrastructure due to surging demand for computing power. The company's customers include Meta, Microsoft, and Oracle. Crusoe recently secured a $13 billion, five-year cloud contract with Jane Street to provide GPUs and AI infrastructure.

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