Data Center Developer Crusoe Secures $3.9 Billion Series F Financing at $30.9 Billion Valuation

Data center developer Crusoe announced a $3.9 billion Series F funding round, elevating its post-money valuation to $30.9 billion. The oversubscribed financing was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from institutional backers including Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures, and TPG.

Originally founded in 2018 to harness flared natural gas for crypto mining, Crusoe has transitioned its core operations toward artificial intelligence infrastructure. The capital injection will fund large-scale vertically integrated data center campuses, such as its Abilene, Texas facility utilized by OpenAI to train frontier models, alongside the company's proprietary modular data center units.

A core component of Crusoe's expansion model is its Crusoe Spark modular data center line, manufactured in the United States and designed for overland truck transport. According to company disclosures, these modular units shorten field construction timelines from years to weeks while reducing capital expenditures compared to conventional permanent construction methods. The architecture accommodates next-generation high-density silicon and networking hardware.

The firm adopts an energy-first operational strategy, originating and managing electricity directly at the source rather than treating power sourcing as a secondary development step. Crusoe pairs in-house power plant development with partnerships spanning grid, battery, nuclear, thermal, and renewable energy providers.

Crusoe reported more than $140 billion in total contracted value across its infrastructure platform, serving AI-native startups, hyperscalers, and large enterprises. Total gross contracted capacity has surpassed 6 gigawatts, with 1 gigawatt fully delivered and operational. Major cloud customers include Meta, Microsoft, and Oracle, alongside specialized AI firms such as Cognition, Figure, and Perplexity.

Growth across the firm's cloud division has accelerated sharply, with Crusoe Cloud bookings surging over 20 times year-over-year year-to-date. In late 2025, the company launched Crusoe Managed Inference, an offering that has contracted more than $100 million in annual recurring revenue. Crusoe attributes this performance to its proprietary inference engine, which utilizes MemoryAlloy technology to deliver faster time-to-first-token and higher throughput compared to standard vLLM implementations.

Alongside the funding round, Crusoe added three executives to its board of directors: Cloudflare Chief Financial Officer Thomas Seifert, Primary Digital Infrastructure CIO Bill Stein, and Redwood Materials CEO JB Straubel, who also serves on Tesla's board. The company maintains a global workforce exceeding 1,800 employees across five countries and has opened new corporate offices in Bellevue, Washington, and New York City. The financing follows reports that executives met with investment bankers from Goldman Sachs and Morgan Stanley to evaluate a potential public stock offering.