AI data center and cloud company Crusoe has raised $3.9 billion in a Series F funding round, valuing the company at $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with additional investment from Founders Fund, GIC, Nvidia, QIA, Radical Ventures, and TPG. Denver-based Crusoe operates OpenAI’s first Stargate campus in Abilene, Texas, and is developing additional data centers across the US while leasing capacity from third-party providers.
"We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity," said Chase Lochmiller, co-founder and CEO of Crusoe. "Getting there means controlling the infrastructure from electrons to tokens, and we're grateful to have investors who share that conviction. This Series F lets us scale every layer for the world's most ambitious AI builders."
Founded in 2018 as a crypto mining company, Crusoe has shifted to AI data centers and cloud services after selling its crypto operations. The company is developing a 1.4GW campus in Texas, two sites in Missouri, and gas-powered facilities in Alberta, Canada. It recently paused an 1.8GW Wyoming project. Crusoe says it has 6GW of contracted capacity, with more than 1GW operational. Earlier this month, Crusoe signed a reported $13 billion, five-year cloud services deal with financial firm Jane Street.
“As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain – a structural advantage that compounds as they build,” said Gavin Baker, managing partner and CIO of Atreides Management. “Chase and Cully [Caveness, Crusoe CTO] are world-class operators, and we’re thrilled to support team Crusoe as they lead the build-out of next-generation AI infrastructure.”
