Crusoe Raises $3.9B, Valued at $30.9B

Data center developer Crusoe has raised $3.9 billion in a Series F round, pushing its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with Nvidia, QIA, Founders Fund, and others also participating. The funds will support existing projects, including an OpenAI-linked site in Texas, and a new line of truck-transportable modular AI factories called Spark. Founded in 2018 as a crypto mining company, Crusoe now serves Meta, Microsoft, and Oracle, recently secured a $13 billion contract with Jane Street, and is reportedly exploring an IPO.