US-based AI infrastructure company Crusoe has announced an initial close of its Series F funding round, raising $3.9bn at a post-money valuation of $30.9bn.
The round was oversubscribed and co-led by Atreides Management, Valor Equity Partners, and Mubadala Capital.
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Other participants include new and existing investors such as Founders Fund, Nvidia, GIC, Radical Ventures, Qatar Investment Authority, and TPG.
The new capital is expected to help Crusoe scale its programs and build its own AI factories.
The expansion includes developing large-scale, vertically integrated campuses and modular Crusoe Spark units, with a focus on accelerating Crusoe Cloud’s growth.
The company says it has secured more than $140bn in total contract value across its platform. Its vertically integrated model lets Crusoe manage the full AI infrastructure value chain, from power generation through to cloud service delivery.
Crusoe co-founder and CEO Chase Lochmiller said: “We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity.
“Getting there means controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction. This Series F lets us scale every layer for the world’s most ambitious AI builders.”
Atreides Management managing partner and CIO Gavin Baker said: “As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain, a structural advantage that compounds as they build.
“Chase and Cully are world-class operators, and we’re thrilled to support Team Crusoe as they lead the build-out of next generation AI infrastructure.”
Crusoe currently has over 6GW of gross contracted capacity for its data centres and cloud operations, with 1GW of gross capacity delivered and operational.
The company claims more than 20 times year-on-year growth in bookings for its Crusoe Cloud offering so far this year.
Crusoe recently launched Crusoe Managed Inference, which has reportedly contracted over $100m in annual recurring revenue.
Crusoe added that it follows an energy-first strategy, developing power infrastructure before building data centres. Its partners include grid, nuclear, battery, thermal, and renewable energy providers.
The company employs more than 1,800 people across five countries and has recently opened offices in Bellevue, Washington, and New York City.
Crusoe manufactures its Crusoe Spark modular data centres in the US, aiming to accelerate and lower the cost of adding new data centre capacity.
