Crusoe Closes $3 Billion Round at a $30 Billion Valuation, Tripling in Ten Months

Crusoe has completed the mega-round the market spent the summer anticipating. The AI infrastructure company raised more than $3 billion at a $30 billion valuation, 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.

Tripling in under a year

The round lands just ten months after Crusoe raised $1.38 billion at a $10 billion valuation last October — a 3x markup in a market where late-stage valuations were supposed to be cooling. The catalyst was contractual rather than speculative: Crusoe recently signed a $13 billion, five-year cloud agreement to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, adding to a customer roster that includes Meta, Microsoft, and OpenAI.

From flare gas to hyperscale

Founded in 2018 to mine cryptocurrency using flared natural gas, Crusoe has executed one of the cleaner pivots in the industry — reinventing itself as a developer of hyperscale AI data center campuses, including build-outs associated with Oracle and OpenAI's Stampede project in Texas. Its pitch pairs speed (energy-first site selection, power secured before permits are famous) with an ESG-flavored origin story that still resonates with institutional LPs.

The raise slots into a torrid stretch for AI infrastructure capital: Nscale's multi-billion-dollar compute pact with Figure was announced the same week, and Gulf sovereign money — Mubadala here, PIF elsewhere — continues to underwrite an outsized share of the buildout. The neocloud tier below the hyperscalers is consolidating into a handful of names with the balance sheets to sign gigawatt-scale power deals. At $30 billion, Crusoe is now firmly one of them.