Data center developer Crusoe said Thursday that it raised $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. Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures and TPG also participated, according to Crusoe.
Crusoe also announced three new board members: Cloudflare CFO Thomas Seifert; Bill Stein, partner and chief investment officer at Primary Digital Infrastructure; and Redwood Materials founder and CEO JB Straubel, who also serves on Tesla’s board.
Straubel has ties to Crusoe, having personally invested in the company in 2021. Crusoe was also the first customer of Redwood Materials’ energy storage business.
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“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.”
“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 are world-class operators, and we’re thrilled to support Team Crusoe as they lead the build-out of next-generation AI infrastructure.”
Crusoe said the new funding will help finance existing data center projects, including a large site in Abilene, Texas, used by OpenAI, as well as smaller modular AI factories that can be transported by truck and connected to large power sources.
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Crusoe uses these modular data centers, called Spark, at its own facilities. The approach allows Crusoe to deploy computing capacity quickly without relying on large construction workforces.
The smaller centers could also help address concerns from local communities that have opposed large data center complexes near their neighborhoods.
Crusoe generates revenue by leasing data center space to customers that bring their own GPUs, renting out its own GPUs and selling computing power used to run AI models, known as inference.
The business model has helped make Crusoe one of the most valuable AI infrastructure companies. The company recently signed a five-year cloud contract worth $13 billion to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, according to Bloomberg.