Crusoe has raised $3 billion at a reported $30 billion valuation, giving the data-center and GPU cloud provider three times the valuation from its previous funding round. Bloomberg reported that Atreides Management and Valor Equity Partners co-led the deal, with participation from Mubadala Capital.
The financing follows a $1.38 billion round completed ten months ago at a $10 billion valuation. It also comes after Crusoe reportedly signed a five-year, $13 billion agreement to provide Jane Street with graphics processors and AI infrastructure. Existing customers include Meta, Microsoft and OpenAI.
Crusoe began in 2018 as a cryptocurrency-mining company that used otherwise-flared natural gas. It has since shifted toward large AI data-center campuses and cloud services, including infrastructure associated with Oracle and OpenAI. That transition places it in the capital-intensive part of the AI market, where power, buildings and access to accelerators matter as much as software.
The terms are based on news reports rather than a detailed company announcement. Crusoe has also met investment banks to discuss a possible near-term initial public offering, according to separate reporting, but no listing is guaranteed. The new valuation reflects strong demand commitments while also raising the amount of growth investors will expect from a business that must keep funding expensive physical infrastructure.