Crusoe raises $3.9B to build massive data centers and small modular “AI factories”
The round values the data center giant at $30.9 billion.
Crusoe, a data center developer, has raised $3.9 billion in a Series F round, pushing its valuation to $30.9 billion. Founded in 2018, the company initially focused on crypto mining but has since transitioned to AI infrastructure. Crusoe's latest round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG.
The funding will support existing projects, such as a large data center in Abilene, Texas used by OpenAI, and smaller, transportable AI factories called Spark. These modular centers can be deployed quickly and connected to power sources nearly anywhere, helping Crusoe avoid community backlash against large data centers. Crusoe's revenue comes from leasing space to customers, renting its own GPUs, and selling compute power for AI model inference.
The company recently secured a $13 billion, five-year cloud contract with quantitative trading firm Jane Street. Crusoe is considering an IPO and has already met with Goldman Sachs and Morgan Stanley. The impressive round of funding marks a significant milestone for the company, which was previously a crypto mining operation powered by flared natural gas.
Crusoe's board now includes Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure CIO Bill Stein, and Redwood Materials founder and CEO JB Straubel, who previously invested in Crusoe in 2021 and is also on Tesla's board.
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