Crusoe announced on Thursday that it raised $3.9 billion in a Series F funding round. The deal gives the company a valuation of $30.9 billion. Crusoe builds data centers and infrastructure used to power artificial intelligence systems.
The round was co-led by three firms. Atreides Management, Mubadala Capital, and Valor Equity Partners took the lead roles. Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also joined the round.
Crusoe says it now has over $140 billion in total contracted value across its business. The company has more than 6 gigawatts of contracted capacity for data centers and cloud services. Over 1 gigawatt of that capacity is already built and running.
How Crusoe Plans to Use the Funds
The new money will help pay for data center projects already underway. This includes a large site in Abilene, Texas, which OpenAI has used to train its systems. Crusoe will also expand production of its smaller, modular data centers called Spark.
Spark units are built at Crusoe's own factories. They can be moved by truck and set up near power sources in many locations. This lets the company add computing capacity faster than traditional construction allows.
The smaller size of Spark units may also help Crusoe avoid pushback from local communities. Large data center projects have drawn complaints from residents living nearby in other parts of the country.
Crusoe earns money in three ways. It leases data center space to customers who bring their own computer chips. It also rents out its own chips directly, and it sells computing power used to run AI programs, a process known as inference.
Company Growth and Background
Crusoe also announced three new board members alongside the funding news. They are Cloudflare Chief Financial Officer Thomas Seifert, Primary Digital Infrastructure partner Bill Stein, and Redwood Materials founder JB Straubel. Straubel also sits on the board of Tesla.
Straubel has a history with Crusoe. He invested in the company personally back in 2021. Crusoe later became the first customer of Straubel's energy storage business at Redwood.
Crusoe was founded in 2018. It started as a crypto mining operation that used natural gas which would otherwise be burned off, known as flared gas. The company later shifted its focus to AI infrastructure as demand for computing power grew.
The company's customers now include Meta, Microsoft, and Oracle. Crusoe recently signed a cloud contract worth roughly $13 billion with trading firm Jane Street, according to a report from Bloomberg. The five year deal covers GPUs and AI infrastructure.
Crusoe has also met with investment banks about a possible stock market listing. Goldman Sachs and Morgan Stanley were among the banks involved in those talks, Axios reported last month.
This latest funding round comes about ten months after Crusoe raised $1.38 billion at a $10 billion valuation in October of last year. The company's valuation has tripled since that round closed.
Crusoe says its cloud bookings have grown more than 20 times over compared to last year. Current cloud customers using the platform include Cognition, Figure, and Perplexity.
