Crusoe raises over $3B at a $30B valuation, tripling its value in 10 months
The round, co-led by Atreides Management and Valor Equity Partners, lands days after Crusoe signed a $13B, five-year cloud contract with Jane Street -- and comes as the data-center developer reportedly courts bankers for a near-term IPO.
Crusoe, the data-center developer whose customers include Meta, Microsoft, Oracle and OpenAI, has raised more than $3 billion in a new round at a roughly $30 billion valuation, first reported by Bloomberg on September 3. The round is 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. It's a tripling of Crusoe's valuation in just 10 months -- the company raised $1.38 billion at a $10 billion valuation last October.
A contract-driven raise
The fundraise lands days after Crusoe signed a $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure -- a deal size that helps explain why investors are pricing the company at three times its value from under a year ago. Crusoe started in 2018 as a crypto-mining operation running on flared natural gas before pivoting into hyperscale data-center development, and it's now reportedly meeting with Goldman Sachs and Morgan Stanley bankers to discuss a near-term IPO.
What it signals about where AI capital is going
Crusoe's raise and Gimlet Labs' $300 million Series B this same week both point the same direction: money is flowing into the physical and infrastructure layer under AI models -- power, chips, datacenter capacity, inference compute -- at least as aggressively as it's flowing into the labs building the models themselves. For any organization trying to track what it actually spends on AI, that's the layer of cost most likely to keep compounding: compute and infrastructure bills that scale with usage, not a fixed subscription line.