Data center developer Crusoe has raised $3.9 billion in a Series F round, pushing its valuation to $30.9 billion, in a round co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures and TPG. The company also appointed three new board members, including Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure’s Bill Stein, and Redwood Materials founder JB Straubel, who also sits on Tesla’s board and was an early Crusoe investor.
The funding will support existing data center projects, including a major site in Abilene, Texas used by OpenAI, as well as expansion of Crusoe’s modular “Spark” data centers, which are manufactured for rapid deployment and can be transported and connected to power sources without large construction crews, potentially easing local opposition to large-scale facilities.
Co-founder and CEO Chase Lochmiller said the company’s strategy centers on controlling AI infrastructure end-to-end, from power generation to computing output, expressing confidence that AI would drive broader economic abundance. Crusoe generates revenue through leasing data center space, renting its own GPUs, and selling AI inference compute, a model that recently helped secure a $13 billion, five-year cloud contract with trading firm Jane Street.
The round comes ten months after Crusoe’s previous $1.38 billion raise at a $10 billion valuation, and follows reports that the company has met with investment banks including Goldman Sachs and Morgan Stanley to explore a potential IPO. Crusoe’s customers include Meta, Microsoft and Oracle.
