Crusoe raises $3.9B to build massive data centers and small modular “AI factories”
techcrunch ·
Data center developer Crusoe has raised $3.9 billion in a Series F round, increasing its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from several other investors including Nvidia, GIC, and Qatar Investment Authority. Crusoe also added Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner Bill Stein, and Redwood Materials CEO JB Straubel to its board. The funding will support existing projects, including a large data center site in Abilene, Texas, used by OpenAI, as well as smaller, truck-transportable modular AI facilities called Spark. Crusoe says manufacturing these facilities itself could speed deployment and reduce the need for large construction workforces, while potentially limiting community opposition to large data center complexes. The company generates revenue by leasing data center space, renting its own GPUs, and selling AI inference capacity. Crusoe recently signed a reported $13 billion, five-year infrastructure contract with Jane Street and has discussed a potential IPO with investment banks. Founded in 2018 as a crypto mining company powered by flared natural gas, Crusoe later pivoted to AI infrastructure and now counts Meta, Microsoft, and Oracle among its customers.
techcrunch