Crusoe AI Raises $3.9 Billion to Expand AI Infrastructure

AI infrastructure provider Crusoe AI raised $3.9 billion in a Series F funding round, bringing its post-money valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with additional participation from Nvidia, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures, and TPG.

The company will use the capital to finance large data center campuses, including a site in Abilene, Texas used by OpenAI, and to expand its Spark modular AI factories. These truck-transportable units allow the company to deploy compute capacity quickly and bypass local community backlash and construction bottlenecks. Crusoe AI currently reports over 6 gigawatts of contracted capacity, with 1 GW operational, and recently secured a $13 billion five-year cloud contract with Jane Street.

To strengthen its cloud and energy expertise, the company appointed three independent directors to its board: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure CIO Bill Stein, and Redwood Materials CEO JB Straubel. The company maintains an operational partnership with Redwood Materials, utilizing a microgrid of solar and repurposed electric vehicle batteries to power its modular centers.

CEO Chase Lochmiller indicated that the company may eventually enter public markets, noting that the data center industry currently suffers from a "marketing issue" regarding its impact on local communities. The company generates revenue through a three-pronged model of leasing space, renting GPUs, and selling inference compute power.