AI infrastructure company Crusoe has raised $3.9 billion in a Series F funding round, taking its post-money valuation to $30.9 billion as it expands both hyperscale data centres and smaller modular facilities designed for artificial intelligence workloads.
The oversubscribed round was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners. Investors including Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures and TPG also participated.
The new capital will support Crusoe's existing data centre projects and the expansion of its vertically integrated AI infrastructure platform. The company said it has more than $140 billion in total contracted value across its platform.
A key part of the expansion is Crusoe Spark, a modular AI data centre system designed to bring computing capacity closer to available sources of electricity. Unlike large data centre campuses that require extensive construction, the smaller facilities can be manufactured at Crusoe's facilities, transported by truck and deployed near suitable power infrastructure.
The approach is intended to reduce deployment timelines and construction requirements as demand for AI computing capacity continues to increase. Crusoe is also continuing to develop large-scale facilities, including its site in Abilene, Texas, which supports infrastructure used for OpenAI workloads.
The company operates across multiple parts of the AI infrastructure market. It leases data centre capacity to customers that supply their own GPUs, rents access to its own GPUs and provides computing capacity for AI inference.
Crusoe has also been expanding its manufacturing capabilities. Earlier this month, the company opened a second manufacturing facility in Tulsa, Oklahoma, adding 400,000 square feet to its operations in the city. Its manufacturing facilities produce electrical equipment used in AI infrastructure, including switchgear, switchboards, industrial controls and electrical enclosures.
Founded in 2018, Crusoe initially focused on cryptocurrency mining powered by otherwise wasted natural gas before shifting towards AI infrastructure as demand for high-performance computing accelerated. Its customers now include major technology companies such as Meta, Microsoft and Oracle.
The latest funding comes less than a year after Crusoe raised approximately $1.38 billion in its Series E round at a valuation of more than $10 billion.
Crusoe has also expanded its leadership team, adding Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and CIO Bill Stein, and Redwood Materials founder and CEO JB Straubel to its board.
The investment reflects continued capital deployment into the physical infrastructure required to support increasingly compute-intensive AI models, from GPUs and cloud capacity to power systems and large-scale data centres.
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