Crusoe Raises $3.9 Billion to Build AI Data Centres and Modular AI Factories

AI infrastructure company Crusoe has raised $3.9 billion in a Series F funding round to expand its data centre operations and develop smaller modular computing facilities for artificial intelligence workloads.

The funding round values Crusoe at $30.9 billion and was co-led by Atreides Management, Mubadala Capital, and Valour Equity Partners. Investors including Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also participated.

Funding to Expand AI Infrastructure

Crusoe said the new capital will support existing data centre projects, including its large facility in Abilene, Texas, which OpenAI is using, as well as the development of smaller modular AI factories called Spark.

These portable data centres are designed to be manufactured at Crusoe facilities and transported to locations with access to large power sources. The company says this approach can help deploy computing capacity faster while reducing the need for traditional large-scale construction.

Crusoe also announced three new board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and CIO Bill Stein, and Redwood Materials CEO JB Straubel. The company announced the appointments in an update.

Building AI Computing Capacity

Crusoe operates across several parts of the AI infrastructure market. The company leases data centre space to customers with their own GPUs, rents its own GPU capacity, and provides computing power for AI model inference.

The company’s infrastructure business has expanded as demand for AI computing resources has increased. Crusoe recently signed a reported $13 billion AI cloud agreement with Jane Street for GPU and infrastructure services.

Crusoe has also discussed a possible public offering. The company met with investment banks regarding a potential IPO, according to a report from Axios.

From Crypto Mining to AI Infrastructure

Founded in 2018, Crusoe originally focused on cryptocurrency mining powered by flared natural gas before shifting its business toward AI infrastructure as demand for computing capacity increased.

The latest funding follows Crusoe’s previous Series E round, which raised $1.38 billion at a $10 billion valuation, according to the company’s funding announcement.

Today, Crusoe provides infrastructure services to major technology companies, including Meta, Microsoft, and Oracle, as it continues expanding its role in the growing AI computing market.