AI Data-Centre Builder Crusoe Announces a $3.9bn Funding Round at a $30.9bn Valuation

The takeaway: Crusoe, a Denver-based company that builds data centres for AI, has announced the initial closing of an anticipated $3.9 billion Series F funding round, at a $30.9 billion post-money valuation. According to Crusoe, the round was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners. Other backers named include Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures and TPG.

What Crusoe does

Crusoe describes itself as a "vertically-integrated" AI infrastructure company, meaning it aims to cover everything from generating power to running AI cloud services. According to SiliconANGLE:

• Its flagship project is a 1.2-gigawatt AI campus in Abilene, Texas, which Oracle will use to host workloads for OpenAI.
• It's also building a 900-megawatt site for Microsoft nearby.
• It makes many of the electrical components for its data centres in-house, and sells a container-sized computing module called Spark for customers who don't need a full data centre.

The numbers Crusoe gives

These are the company's own figures:

• More than $140 billion in total contracted value across its business.
• More than 6 gigawatts of gross contracted capacity, including 1 gigawatt delivered and operating today.
• More than 20-fold year-on-year growth in Crusoe Cloud bookings so far this year.
• Over $100 million in annual recurring revenue contracted for its Managed Inference service, launched late last year.

Crusoe says the money will help it scale its existing programmes and build its own AI facilities, from large campuses to its modular Spark units.

What the CEO said

Chase Lochmiller, Crusoe's co-founder and CEO: "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."

Why it matters

In our view, this shows how much money is flowing into the physical side of AI, the buildings and power supplies, not just the models. It lands in a week when data centres have been in the news in the UK too, from MSPs backing a non-binding pause on Scottish data-centre decisions to Northern Ireland's factory growth, which the BBC links to data-centre demand. Crusoe's own figures are large, but they are contracted amounts and bookings, and Crusoe describes this as the initial closing of an anticipated round, which suggests the full $3.9 billion isn't all in yet.