Crusoe, a cloud-computing and data-center provider for the AI boom, has raised over $3 billion in a new funding round that values the company at roughly $30 billion — triple the $10 billion valuation it held just 10 months ago. The round was co-led by Atreides Management and Valor Equity Partners, with Abu Dhabi-backed Mubadala Capital also participating.
Founded in 2018 as a crypto-mining operation that ran on flared natural gas, Crusoe has since pivoted entirely to building data centers and supplying GPU capacity for AI workloads. Its client list now includes Meta, Microsoft, OpenAI, and Oracle. The company recently signed a $13 billion, five-year deal to supply GPUs and AI infrastructure to quantitative trading firm Jane Street, a contract that helped fuel investor demand for this round.
Crusoe has also held early talks with investment bankers at Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Bank of America about a potential IPO, signaling the company may be preparing to go public as AI infrastructure spending continues to surge.