Crusoe has announced the initial closing of an anticipated $3.9 billion Series F financing at a $30.9 billion post-money valuation, giving the AI infrastructure company additional capital to expand its data centers, energy infrastructure and AI cloud platform. The oversubscribed round was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with significant participation from Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures and TPG.
Additional investors include 1789 Capital, Activate Capital, Altimeter, ARK Invest, Avenir, Baillie Gifford, BAM Elevate, BDT & MSD Partners, Clal Insurance and Finance, Darsana, DPR Construction, Era Funds, Fidelity Management & Research Company, Fundrise, Galvanize, M37, OIA, Polychain Capital, Ribbit Capital, Robinhood Ventures Fund I, SemiAnalysis Capital, Salesforce Ventures, Squarepoint Capital, StepStone Group, T. Rowe Price, Tiger Global, Upper90, Van Eck, XN and Zigg Capital.
The financing follows a period of rapid expansion for Crusoe, which is attempting to control more of the infrastructure stack required to develop and operate large-scale artificial intelligence systems.
Rather than functioning only as an AI cloud provider or data center developer, Crusoe combines power generation and procurement, data center development, modular infrastructure and cloud computing within one vertically integrated platform.
The company said it now has more than $140 billion in total contracted value across the business, with customers spanning AI-native companies, hyperscalers, frontier model developers and enterprises.
Crusoe also has more than 6 GW of gross contracted capacity across its data center and cloud businesses, including approximately 1 GW of gross capacity that has already been delivered and is operational.
The company plans to use the Series F capital to scale existing programs and build more of its own AI factories, ranging from large-scale vertically integrated campuses to smaller modular facilities based on its Crusoe Spark architecture.
Those projects are intended to provide additional computing capacity for Crusoe Cloud as demand for AI training and inference continues increasing.
Crusoe Cloud bookings have grown more than 20-fold year over year in 2026 to date.
The company is also gaining traction with Crusoe Managed Inference, which launched late last year and has already surpassed $100 million in contracted annual recurring revenue.
Crusoe said its inference technology can provide up to 9.9 times faster time-to-first-token and five times greater throughput than vLLM, using its Crusoe MemoryAlloy technology.
Crusoe has also been recognized as a Visionary in the Gartner Magic Quadrant, ranked first for inference speed by Artificial Analysis and designated an NVIDIA Exemplar Cloud.
A central part of the company’s strategy is securing power before developing the computing infrastructure around it.
Crusoe describes this as an energy-first approach. Rather than selecting a data center site and then determining how to secure sufficient electricity, the company originates and manages energy resources as part of the infrastructure-development process.
Crusoe’s energy strategy includes in-house power plant development and partnerships involving grid power, batteries, nuclear energy, thermal generation and renewable energy resources.
That approach has become increasingly important as electricity availability emerges as one of the largest constraints on new AI infrastructure development.
The company’s vertical integration is designed to provide greater control over when facilities can be energized, how quickly new computing capacity becomes available and how much the underlying infrastructure costs to operate.
Crusoe also manufactures Crusoe Spark modular data centers in the U.S.
The modular systems are designed for next-generation chips and networking infrastructure and can reduce portions of the field construction timeline from years to weeks, according to the company.
Customers can deploy capacity incrementally as computing requirements increase, potentially providing more flexibility than conventional large-scale data center development.
The company’s customer base already includes Cognition, Figure and Perplexity on Crusoe Cloud.
Crusoe has also played a role in some of the largest AI infrastructure projects.
The company said OpenAI trained Astra, its first artificial general intelligence system, at the Abilene campus designed and built by Crusoe.
The Series F comes as Crusoe expands its workforce and physical presence.
The company employs more than 1,800 people across five countries and recently opened offices in Bellevue, Washington, and New York City. It is continuing to hire across the markets in which it operates.
Crusoe’s broader strategy is based on owning or controlling more of the chain connecting electricity generation to AI computing output.
Management believes that approach can improve speed, capacity certainty and economics as AI infrastructure becomes an increasingly important part of the global technology stack.
The $3.9 billion Series F gives Crusoe significantly more capital to pursue that model as it expands data center capacity, modular infrastructure, energy development and cloud services simultaneously.
KEY QUOTES:
“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.”
Chase Lochmiller, Co-Founder and CEO of Crusoe
“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.”
Gavin Baker, Managing Partner and CIO of Atreides Management
“This team has delivered mission-critical AI infrastructure for several of the world’s most sophisticated customers, earning the market’s trust to scale by orders of magnitude.”
Antonio Gracias, Founder, CEO and CIO of Valor Equity Partners
“As AI diffuses across the economy, compute infrastructure has become the foundation on which that shift is built. Crusoe is one of the defining companies developing, powering and operating that infrastructure at scale.”
Ibrahim Ajami, Senior Partner and Head of Ventures at Mubadala Capital
