Crusoe has secured $3.9 billion in a Series F funding round, bringing the company's valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Nvidia, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures, and TPG.
The capital will support the development of large-scale data centers, including a facility in Abilene, Texas, used by OpenAI, and the production of modular AI factories branded as Spark. These modular units are designed for transport by truck and can be connected to power sources to deploy compute capacity without extensive construction.
Crusoe has appointed three new board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure CIO Bill Stein, and Redwood Materials CEO JB Straubel. The company operates by leasing data center space, renting out its own GPUs, and selling compute power for AI inference to clients including Meta, Microsoft, and Oracle.
The company recently signed a five-year cloud contract with Jane Street valued at $13 billion. Reports indicate that Crusoe has held discussions with Goldman Sachs and Morgan Stanley regarding a potential IPO. This latest funding follows a $1.38 billion raise in October 2025, which valued the business at $10 billion.
Founded in 2018, Crusoe originally focused on crypto mining powered by flared natural gas before pivoting to AI infrastructure. The company aims to control infrastructure from energy sources to AI tokens to meet the growing demand for computing power.
