Data center developer Crusoe announced on Thursday that it secured $3.9 billion in a Series F funding round. The transaction raises the eight-year-old company valuation to $30.9 billion.
Atreides Management, Mubadala Capital, and Valor Equity Partners co-led the massive financing round. Additional participants included Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures, and TPG.
Crusoe also added three new members to its board of directors. The new directors are Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and CIO Bill Stein, and Redwood Materials founder and CEO JB Straubel.
Straubel previously invested in Crusoe in 2021. Crusoe later became the first customer for the energy storage business operated by Redwood Materials, where Straubel also serves on the board of Tesla.
The fresh capital will fund current data center projects, including a large facility in Abilene, Texas, used by OpenAI. Funds will also support smaller, modular AI factories that transport via truck and connect to power sources.
Crusoe manufactures these modular units, called Spark, at its own facilities to deploy compute capacity quickly without large construction workforces. These smaller centers may help bypass local community backlash against massive neighborhood complexes.
Crusoe co-founder and CEO Chase Lochmiller stated that AI will bring an era of abundance. He noted that achieving this requires controlling infrastructure from electrons to tokens.
The company generates revenue by leasing data center space to clients who bring their own GPUs. It also rents out its own GPUs and sells compute power for AI inference.
This business model established Crusoe as a prominent AI infrastructure firm. Crusoe recently signed a $13 billion, five-year cloud contract with Jane Street to supply GPUs and AI infrastructure.
Axios reported last month that Crusoe met with investment bankers from Goldman Sachs and Morgan Stanley to discuss a potential initial public offering. This fundraise follows a $1.38 billion raise at a $10 billion valuation last October.
Founded in 2018 as a crypto mining operation powered by flared natural gas, Crusoe shifted to AI infrastructure as computing demand surged. Its customers include Meta, Microsoft, and Oracle.
Crusoe plans to use the new financing to advance its data center projects and modular factory deployments.
