The US data center operator Crusoe has officially announced its Series F funding round: $3.9 billion in capital at a valuation of $30.9 billion. This confirms and surpasses the previously unconfirmed figures that circulated in early September regarding an ongoing record round. The round is led by Atreides Management, Mubadala Capital, and Valor Equity Partners.
Investors officially confirm the record valuation
In addition to the three lead investors, around 30 other backers are participating in the round, according to Crusoe’s own announcement, including for the first time the chip manufacturer Nvidia, the sovereign wealth fund Qatar Investment Authority, and the asset manager Fidelity. Founders Fund, GIC, Radical Ventures, and the financial investor TPG are also increasing their existing commitments. With the capital, Crusoe is also expanding its board of directors by three names: Cloudflare CFO Thomas Seifert, infrastructure investor Bill Stein, and Tesla board member JB Straubel, who also leads the battery manufacturer Redwood Materials. The three are expected to support the planned expansion of the data centers and the company’s capital structure.
The valuation of $30.9 billion is well over three times the nearly $10 billion with which Crusoe was valued in October 2025 in its Series E. As reported in Crusoe triples valuation to $30 billion, Bloomberg had already reported similar figures on September 3, without Crusoe or the investors confirming them at that time. The then-existing cloud contract with the trading firm Jane Street for around $13 billion had significantly increased investor interest in the data center operator.
Order backlog of $140 billion demonstrates demand
Crusoe generates revenue in three ways: by renting data center space to customers with their own chips, by directly renting graphics processors, and through its own AI inference services. The company estimates the total contractually secured order value at more than $140 billion – equivalent to about the annual gross domestic product of a medium-sized industrial country. Over six gigawatts of computing power have already been contractually committed, with around one gigawatt – equivalent to the power needs of a large city – already in operation.
Cloud bookings have grown twentyfold within a year, and the inference-focused service Crusoe Managed Inference is now generating more than $100 million in annual revenue. Customers include OpenAI, Cognition, the robotics startup Figure, and the search engine Perplexity – two of the fastest-growing AI application companies in the past two years. This places Crusoe among a series of AI infrastructure companies with rapidly increasing valuations, including the recently completed Series E round of Cognition at $48 billion.
Capital flows into fixed and mobile data centers
The fresh capital will finance the further expansion of existing data center projects, including the 1.2-gigawatt cluster in Abilene, Texas, which the company is building for OpenAI. Additionally, funds will go into the mass production of the “Spark” modules: prefabricated, truck-transportable mini data centers that Crusoe aims to bring closer to power sources that are too small or too remote for traditional large projects.
The expansion of physical data centers is currently seen as the biggest bottleneck in the industry: waiting times for power connections and turbines extend for several years in many places, while the demand for AI computing power is growing faster than new capacity can be brought online. Founded in 2018 as a crypto miner, the company had previously multiplied its valuation several times: from $2.8 billion in Series D 2024 to over $10 billion in Series E 2025 to the now $30.9 billion. The Series D had already attracted investors such as Founders Fund and Nvidia – both are also engaged again in the current round.
It will be crucial whether Crusoe can actually bring the promised six gigawatts of computing power online – previous AI data center projects have repeatedly failed due to power connections and approval processes, not due to capital. It also remains to be seen whether the parallel exploratory talks with investment banks Goldman Sachs and Morgan Stanley about a possible IPO will now progress more quickly, after the valuation has been officially confirmed for the first time.
