Crusoe Raises $3.9B to Expand AI Data Centers and Modular “AI Factories”

Crusoe said it raised $3.9 billion in a Series F round, valuing the data center developer at $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG. The funding underscores investor demand for companies building the physical and cloud infrastructure behind AI.

The company plans to use the capital to finance existing data center projects, including a large site in Abilene, Texas, used by OpenAI. Crusoe is also backing smaller modular “AI factories” that can be transported by truck and connected to large power sources. Those modular sites, called Spark, are designed to help deploy compute capacity quickly without relying on large construction workforces.

Crusoe’s Spark approach could give the company more flexibility as AI infrastructure demand rises and major data center projects face pressure from local communities. Smaller, transportable facilities may help the company place compute near available power while avoiding some challenges tied to massive complexes. The strategy points to a broader shift: AI infrastructure is increasingly about speed, energy access, and deployment flexibility.

Crusoe makes money by leasing data center space to customers that bring their own GPUs, renting out its own GPUs, and selling inference compute used to run AI models. The company’s customers include Meta, Microsoft, and Oracle. TechCrunch also reported that Crusoe recently signed a roughly $13 billion, five-year cloud contract with Jane Street, and that it has discussed a potential IPO with investment bankers.

Crusoe announced three new board members: Cloudflare CFO Thomas Seifert, Bill Stein of Primary Digital Infrastructure, and Redwood Materials founder and CEO JB Straubel. Straubel previously invested in Crusoe, and Crusoe later became the first customer of Redwood’s energy storage business. The company was founded in 2018 as a crypto mining operation powered by flared natural gas before pivoting to AI infrastructure.