Crusoe Signs $13 Billion Cloud Deal with Jane Street, Its Largest Ever

Quantitative trading firm Jane Street has reportedly entered into a $13 billion cloud computing agreement with Crusoe, a data center developer and cloud provider, according to sources familiar with the matter. The five-year contract will grant Jane Street access to GPUs through Crusoe's cloud platform, marking the largest cloud deal Crusoe has secured to date.

The agreement underscores a broader trend among high-frequency trading firms, which are increasingly locking in large-scale compute capacity to support data-intensive trading algorithms and AI-driven strategies. Jane Street's move follows a $6 billion AI cloud agreement with CoreWeave in April of this year, which included capacity across multiple facilities and featured Nvidia Vera Rubin hardware. Reports from June also indicated that Jane Street was exploring the development of its own data center with between 100MW and 200MW of capacity.

Details regarding which specific data center will host the compute capacity remain undisclosed. Crusoe operates and develops data centers across the United States, including sites in Texas and Wyoming, and has been linked to projects in Missouri and Virginia. The company also leases capacity in third-party data centers to support its cloud platform. According to Crusoe's website, its portfolio spans 13.6 million square feet (1.26 million square meters) of data center space and 4.9GW of power capacity, though the operational portion of that footprint has not been clarified.

This contract marks a significant departure for Crusoe, whose previous major agreements with companies such as Oracle, Microsoft, and Meta were primarily for physical data center space rather than cloud platform usage. The new deal with Jane Street highlights Crusoe's growing emphasis on cloud services as a core revenue stream. Bloomberg also reported that Crusoe has been seeking a $3 billion funding round at a $30 billion valuation, a process that has reportedly gained momentum following the Jane Street agreement.

Crusoe declined to comment on the deal to Bloomberg. The company's expansion into cloud services comes as other quantitative trading firms, including IMC and Hudson River Trading, have also signed notable cloud contracts in recent months, reflecting a broader industry shift toward securing dedicated, high-performance computing resources. As demand for AI and data-driven trading capabilities continues to rise, partnerships like this one are likely to become increasingly central to the strategies of both compute providers and financial firms.