AI infrastructure company Crusoe has raised $3.9 billion in a Series F round at a $30.9 billion valuation. Atreides Management, Mubadala Capital and Valor Equity Partners co-led the financing, with Nvidia, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures and TPG among the other participants.
Crusoe plans to use the money for existing data-center projects, including its large Abilene, Texas, site used by OpenAI, and for smaller modular facilities called Spark. Those modules are manufactured in Crusoe facilities, transported by truck and connected near large power sources. The approach could add capacity without the workforce and construction schedule of a conventional campus, although it does not remove the need for electricity, cooling or local approvals.
The company leases space to customers that supply their own GPUs, rents its own accelerators and sells inference capacity for running models. It recently signed a reported five-year, $13 billion cloud agreement with trading firm Jane Street and has discussed a possible public offering with bankers. Crusoe began in 2018 as a cryptocurrency miner using flared natural gas before shifting toward AI computing. The new round comes only ten months after it raised $1.38 billion at a $10 billion valuation, illustrating how quickly investor expectations for AI infrastructure have expanded.