TLDR
- Crusoe raised $3.9 billion in a Series F round, valuing the company at $30.9 billion
- The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with Nvidia and others joining
- Funds will go toward existing data centers and new modular “Spark” AI factories deployable by truck
- Crusoe has over $140 billion in total contracted value and 6 gigawatts of contracted capacity
- The company is in early talks with Goldman Sachs and Morgan Stanley about a potential IPO
Crusoe, a Denver-based AI infrastructure company, has raised $3.9 billion in a Series F funding round. The raise values the company at $30.9 billion.
Crusoe has raised $3.9 billion in Series F, co-led by @Atreidesmgmt, @MubadalaCapital, and @valor Equity Partners.
This capital will help us grow across our AI factories, from large-scale campuses to modular Crusoe Spark units, and continue to innovate with Crusoe Cloud.
The… pic.twitter.com/oSBeyVfCQj
— Crusoe (@CrusoeAI) September 17, 2026
The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Other participants include Founders Fund, Nvidia, GIC, Qatar Investment Authority, Radical Ventures, and TPG.
Where the Money Is Going
Crusoe plans to use the funds to expand existing data center projects and build out its modular AI factories, called Spark. These smaller units can be transported by truck and connected to large power sources in almost any location.
By manufacturing Spark units at its own facilities, Crusoe can deploy computing capacity faster and without large construction teams. The modular design also helps the company avoid community pushback that larger data center complexes often face.
One of its existing large sites in Abilene, Texas, is already used by OpenAI. Crusoe’s other customers include Meta, Microsoft, and Oracle.
The company makes money three ways: leasing data center space to customers who bring their own GPUs, renting out its own GPUs, and selling compute power for running AI models.
A Fast-Growing Company With IPO Ambitions
Crusoe was founded in 2018 as a crypto mining company powered by flared natural gas. It later pivoted to AI infrastructure as demand for computing power grew.
The company now has more than $140 billion in total contracted value and over 6 gigawatts of contracted capacity, with 1 gigawatt already operational.
In a recent deal, Crusoe signed a $13 billion, five-year cloud contract with quantitative trading firm Jane Street to supply GPUs and AI infrastructure.
Three new board members were also announced. They include Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure CIO Bill Stein, and Redwood Materials founder JB Straubel, who also sits on Tesla’s board.
Straubel invested personally in Crusoe in 2021, and Crusoe was later the first customer of Redwood’s energy storage business.
The company has recently met with investment bankers including Goldman Sachs and Morgan Stanley to discuss a potential IPO. No timeline has been confirmed.
This latest raise comes just ten months after Crusoe raised $1.38 billion at a $10 billion valuation in October 2025. Its valuation has more than tripled in under a year.
CEO Chase Lochmiller said the company’s goal is to control infrastructure “from electrons to tokens.”
Crusoe is one of a growing group of “neoclouds” providing specialized AI cloud and data center services as demand for computing power continues to rise.
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