Crusoe has raised more than $3 billion in new funding at a $30 billion valuation as demand for AI data center and cloud infrastructure continues to expand. The round is being co-led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital.
The financing comes just 10 months after Crusoe raised $1.375 billion in its Series E round at a valuation above $10 billion. The new valuation is roughly three times that level.
Crusoe Signs $13 Billion Jane Street Contract
The company has also signed a five-year cloud agreement worth about $13 billion to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, according to Bloomberg.
Crusoe has increasingly positioned itself as an AI infrastructure provider, offering both hyperscale data center development and cloud computing services. Its customers include Meta, Microsoft, and OpenAI, while the company also develops large-scale data center campuses for customers including Oracle.
The company says its contracted AI infrastructure capacity is approaching 5 gigawatts across its data centers and cloud operations. Its business now spans large-scale facilities, GPU infrastructure, managed inference, and other services designed for AI training and deployment.
From Crypto Mining to AI Infrastructure
Crusoe was founded in 2018 and initially built cryptocurrency mining operations powered by otherwise wasted natural gas. The company later shifted its focus toward AI infrastructure and divested its bitcoin mining business as it expanded its data center and cloud operations.
That transition has accelerated as demand for GPUs and data center capacity has risen. In March, Crusoe announced a new 900-megawatt AI data center campus in Abilene, Texas, to support Microsoft infrastructure.
Crusoe has also expanded its energy partnerships as power availability becomes a major constraint on data center development. Recent projects include agreements covering battery storage, nuclear power, and large-scale power systems for AI campuses.
The company may also be moving closer to the public markets. Crusoe recently met with investment banks including Goldman Sachs and Morgan Stanley to discuss a potential initial public offering, according to Axios.
No IPO timeline has been announced. The latest financing gives Crusoe additional capital to expand its infrastructure footprint while servicing large, multi-year AI computing contracts.
Featured image credits: Magnific.com
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