AI infrastructure provider Crusoe said on Thursday it has raised $3.9 billion at a post-money valuation of $30.9 billion, as demand for computing capacity to power AI workloads continues to surge. The Denver-based company announced the close of its Series F funding round in a statement covered by Reuters.
The round was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with significant backing from new and existing investors including Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures and TPG. Crusoe said it will use the proceeds to expand its existing programs and support the build-out of its own AI factories.

From flared gas to AI factories

Founded in 2018 by Chase Lochmiller and Cully Cavness, Crusoe launched as a cryptocurrency business that powered Bitcoin mining with flared natural gas from oil wells.
The company has since exited crypto entirely to focus on AI-native data centers, joining the ranks of the so-called neoclouds — specialised providers selling AI cloud and hyperscale data center capacity outside the traditional hyperscalers.
Its flagship project is the Abilene, Texas campus, which was developed to support infrastructure for OpenAI and Oracle as a foundational component of the broader Stargate initiative backed by SoftBank.
Crusoe said it has more than $140 billion in total contracted value and over 6 gigawatts of contracted capacity, with 1 gigawatt already operational. Customers also include Meta and Microsoft, and the company recently signed a reported $13 billion, five-year cloud deal with Jane Street.

Modular "Spark" factories and an IPO on the horizon

Part of the new capital will accelerate Crusoe's Spark initiative — factory-built, truck-transportable modular AI data centers designed to connect quickly to power sources with minimal on-site construction.
The modular approach is a bet that smaller, mobile footprints can dodge some of the local resistance and permitting delays that have slowed giant campus projects.
The funding also follows what sources describe as preliminary exploratory meetings between Crusoe and investment banking institutions regarding a near-term initial public offering.
The pace of AI infrastructure investment shows little sign of slowing: Blackstone and Alphabet's AI cloud venture Crux AI secured a $22 billion chip loan alongside an initial $5 billion equity investment from Blackstone, highlighting the scale of capital now chasing the physical layer of the AI boom.