Crusoe secures $3.9 billion to expand data centers and AI factories

Crusoe, a data center developer, raised $3.9 billion in a Series F round, boosting its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG. The company also added three new board members, including Cloudflare’s CFO Thomas Seifert and Redwood Materials founder JB Straubel. The funding will support existing projects, such as a large data center in Abilene, Texas, used by OpenAI, and smaller modular AI factories called Spark. These units can be transported by truck and connected to power sources, enabling rapid deployment. Crusoe’s CEO, Chase Lochmiller, emphasized the need to control infrastructure from electrons to tokens, aligning with investor goals. Crusoe’s business model includes leasing space, renting GPUs, and selling compute power for AI inference. Recently, the company signed a $13 billion, five-year contract with Jane Street. It also met with Goldman Sachs and Morgan Stanley to discuss an IPO. The latest raise follows a $1.38 billion funding round in October 2025.