Crusoe, a developer of data centers and AI infrastructure whose customers include Meta, Microsoft and OpenAI, has raised $3 billion in a new financing round at a $30 billion valuation, Bloomberg reported.
The round is being co-led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital, the asset-management arm of Abu Dhabi’s sovereign wealth fund Mubadala.
Contracts and business shift
According to Bloomberg, Crusoe recently signed a $13 billion, five-year cloud contract to supply GPUs and AI infrastructure to quantitative trading firm Jane Street. The deal aligns with the company’s evolution from its original business model — crypto mining powered by flared natural gas — toward becoming a major provider of hyperscale data center campuses and cloud AI services.
Launched in 2018 as a crypto-mining operation using flared natural gas, Crusoe has since pivoted to building large-scale data center campuses for clients such as Oracle and OpenAI.
Previous funding and IPO discussions
This fundraise comes roughly ten months after Crusoe’s October round of $1.38 billion at a $10 billion valuation.
Axios reported last month that Crusoe has met with investment banks, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term initial public offering (IPO).
Why it matters
The new capital injection together with the long-term, high-value Jane Street contract indicate accelerating growth in Crusoe’s role on the AI infrastructure market. Large investors and strategic customer commitments could strengthen the company’s position as it expands hyperscale data center and cloud AI offerings.
Sources: Bloomberg, Axios.
