Crusoe reportedly raises $3B at a $30B valuation

Data center developer Crusoe, whose customers include Meta, Microsoft, and OpenAI, has reportedly raised a new $3 billion round at a $30 billion valuation, according to Bloomberg. The round is being co-led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi’s sovereign wealth fund Mubadala.

The fresh fundraise comes just 10 months after Crusoe raised a $1.38 billion round at a $10 billion valuation last October, and follows a recently signed $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, Bloomberg reported.

Crusoe launched in 2018 as a crypto mining operation powered by flared natural gas before pivoting into AI infrastructure and cloud services, and is now best known for developing hyperscale data center campuses for clients including Oracle and OpenAI. The company recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO, Axios reported last month.

Why it matters

Crusoe tripling its valuation to $30 billion in under a year underscores how fast capital is still flowing into AI data-center infrastructure, even as the company simultaneously explores a public listing.