Crusoe raises $3.9bn for data centers and AI factories — TechCrunch
Data center developer Crusoe has raised $3.9 billion in a Series F funding round, bringing the company’s valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, TechCrunch reports. According to Crusoe, Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also participated in the financing.
Data center financing
Crusoe plans to direct the funds raised toward its current data center projects, including a large site in Abilene, Texas, used by OpenAI. The company is also developing Spark modular AI factories, which can be transported by truck and connected to powerful electricity sources.
Crusoe manufactures modular data centers at its own facilities, which, according to the company’s assessment, enables faster deployment of computing capacity without relying on a large construction workforce. Smaller complexes may also partially alleviate the issue of protests by local communities against large-scale data centers near residential areas.
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Contracts and leadership
The company earns revenue by leasing data center space to clients with their own graphics processing units, renting out its own GPUs, and selling computing capacity for inference, the running of artificial intelligence models. Crusoe’s clients include Meta, Microsoft, and Oracle.
According to Bloomberg, Crusoe recently signed a five-year, $13 billion cloud contract with quantitative trading firm Jane Street to provide GPUs and AI infrastructure. Axios previously reported that Crusoe had discussed a possible initial public offering in the near future with Goldman Sachs and Morgan Stanley.
Crusoe also announced three new board members: Cloudflare Chief Financial Officer Thomas Seifert, Primary Digital Infrastructure partner and Chief Investment Officer Bill Stein, and Redwood Materials founder and Chief Executive Officer JB Straubel. Crusoe completed its previous round 10 months ago, raising $1.38 billion at a $10 billion valuation.
