Crusoe Raises $3.9B Series F at $30.9B Valuation to Expand AI Data Centers and Modular AI Factories

Data center developer Crusoe has secured $3.9 billion in a Series F funding round, more than doubling its valuation to $30.9 billion, as demand for AI computing infrastructure continues to surge across the industry. The round was 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 eight-year-old company, founded in 2018 as a cryptocurrency mining operation powered by flared natural gas, has pivoted aggressively to AI infrastructure as demand for computing power skyrocketed. Crusoe's customers now include Meta, Microsoft, and Oracle, and the company has established itself as one of the most valuable AI infrastructure firms through a three-pronged business model: leasing data center space to customers that bring their own GPUs, renting out its own GPUs, and selling inference compute power used to run AI models.

The fresh capital will help finance existing data center projects, including a large site in Abilene, Texas, used by OpenAI, as well as smaller, modular AI factories that can be transported by truck and connected to large power sources almost anywhere. By manufacturing these modular data centers, called Spark, at its own facilities, Crusoe can deploy compute capacity quickly and without the need for large construction workforces. The smaller centers could also help Crusoe sidestep, at least in part, another major obstacle facing data center developers: backlash from local communities protesting massive complexes near their neighborhoods.

Crusoe co-founder and CEO Chase Lochmiller said in a statement that he believes 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."

The company also announced three new board members: Cloudflare CFO Thomas Seifert; Bill Stein, partner and CIO at Primary Digital Infrastructure; and Redwood Materials founder and CEO JB Straubel, who also sits on Tesla's board. Straubel already has ties to Crusoe; he personally invested in the company in 2021, and Crusoe later became the first customer of Redwood's energy storage business.

The fundraise comes just 10 months after Crusoe raised $1.38 billion at a $10 billion valuation in October 2025. The company recently signed a $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, according to Bloomberg, and has met with investment bankers including Goldman Sachs and Morgan Stanley to discuss a potential IPO in the near future, Axios reported last month.

The scale of this funding round underscores the enormous capital requirements of the AI infrastructure buildout and signals continued investor confidence in data center operators capable of rapidly deploying compute capacity. As AI model training and inference demands accelerate, companies like Crusoe that can deliver both large-scale facilities and flexible, modular solutions may be better positioned to navigate community opposition, power constraints, and the logistical challenges that have slowed many data center projects.