Crusoe, which builds and runs data centres for AI and rents out computing through Crusoe Cloud, announced on September 17, 2026 the initial closing of an anticipated $3.9bn Series F round at a $30.9bn post-money valuation.
Atreides Management, Mubadala Capital and Valor Equity Partners co-led the oversubscribed round. Founders Fund, GIC, NVIDIA, the Qatar Investment Authority, Radical Ventures and TPG also invested, along with about 30 other firms including Altimeter, ARK Invest, Baillie Gifford, Fidelity Management & Research Company, Ribbit Capital, Salesforce Ventures, T. Rowe Price-advised accounts and Tiger Global.
The company did not say how much of the $3.9bn had been received at the initial closing.
“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.”Chase Lochmiller, Co-founder and CEO, Crusoe
What Crusoe does
Crusoe describes itself as a vertically integrated AI infrastructure provider. It sources power, builds data centres designed for AI workloads and sells computing on top of them, from renting GPUs to managed inference. Its strategy starts with energy: it originates power at the source through its own power plant development and partnerships across grid, battery, nuclear, thermal and renewable suppliers, before building the data centre.
It also manufactures modular data centres called Crusoe Spark in the US. The company said these shorten construction in the field from years to weeks and let customers add capacity in steps.
Crusoe built the Abilene, Texas campus where, it said, OpenAI trained its Astra model. Cognition, Figure and Perplexity use Crusoe Cloud. Parameter reported that Crusoe was founded in 2018 to mine cryptocurrency using natural gas that would otherwise have been flared, before moving into AI infrastructure.
The numbers behind the round
Crusoe said it has more than $140bn in total contracted value and more than 6GW of gross contracted capacity across data centres and cloud, of which 1GW is delivered and operating. It said Crusoe Cloud bookings had grown more than 20-fold year on year so far in 2026, and that its managed inference product, launched late in 2025, had already contracted more than $100m in annual recurring revenue.
The company employs more than 1,800 people across five countries and has opened new offices in Bellevue, Washington, and New York City.
The Series F follows a $1.375bn Series E that Crusoe announced in October 2025, co-led by Mubadala Capital and Valor Equity Partners, at a valuation of more than $10bn, according to Pulse 2.0. Mubadala said it has invested in every Crusoe round since 2022, while Valor said it first backed the company almost six years ago. Crusoe did not disclose its total funding to date.
What the money is for
Crusoe said the money would help scale its existing programmes and build its own AI factories, from large campuses to modular Crusoe Spark units, to grow Crusoe Cloud.
Gavin Baker, managing partner and chief investment officer of Atreides Management, said the economics of AI flow to the lowest-cost producer of intelligence and that owning the whole value chain gives Crusoe a structural advantage. Parameter, citing other reports, said Crusoe has held early talks with banks about a possible public offering; the company did not mention this in its announcement.
Company website: crusoe.ai