Crusoe announced it raised $3.9 billion in a Series F round, increasing its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, and others.
The company also added three new board members, including Cloudflare CFO Thomas Seifert and Redwood Materials founder JB Straubel, who previously invested in Crusoe in 2021. Straubel’s involvement highlights Crusoe’s growing influence in the energy storage and AI infrastructure sectors.
The funding will support existing data center projects, such as the Abilene, Texas site used by OpenAI, and smaller, modular AI factories called Spark. These modular centers can be transported by truck and connected to power sources almost anywhere, enabling rapid deployment without large construction teams.
"I believe 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," said Crusoe co-founder and CEO Chase Lochmiller.
The company’s business model includes leasing data center space, renting GPUs, and selling compute power for AI inference, which has made it one of the most valuable AI infrastructure companies.
The fresh capital comes 10 months after Crusoe raised $1.38 billion at a $10 billion valuation. The company, founded in 2018 as a crypto mining operation, pivoted to AI infrastructure as demand for computing power surged. Its customers include Meta, Microsoft, and Oracle.
Crusoe did not specify its next steps beyond the current funding round, and it remains to be seen how the company will balance its expansion with regulatory and community concerns. The company recently met with investment bankers to discuss a potential IPO.
Source: techcrunch
