Crusoe, an AI infrastructure provider, announced the initial closing of its US$ 3.9 billion Series F funding round at a post-money valuation of US$ 30.9 billion. The oversubscribed funding round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners.
According to a press release, along with the lead investors, Crusoe also received significant backing from new and existing investors including Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, and TPG.
The additional funding from the round will be used to scale Crusoe’s existing programs and support the buildout of its AI factories from large-scale campuses to modular Spark units, ultimately supporting the growth of Crusoe Cloud. The firm currently has over 6 GW of gross contracted capacity across data centers and cloud, having already delivered 1 GW of gross operational capacity.
“We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity,” said Chase Lochmiller, Crusoe Co-founder and Chief Executive Officer. “Getting there means controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction. This Series F lets us scale every layer for the world’s most ambitious AI builders.”
“As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain – a structural advantage that compounds as they build,” said Gavin Baker, Atreides Management Managing Partner and Chief Investment Officer. “Chase and Cully are world-class operators, and we’re thrilled to support Team Crusoe as they lead the build-out of next generation AI infrastructure.”
The company attributes its rapid growth to its in-house power plant development capabilities paired with partnerships spanning grid, battery, nuclear, thermal, and renewable energy providers. It also noted that its Crusoe Spark modular data centers will assist in providing predictable scalable capacity as demand grows.
“We joined Crusoe’s journey almost six years ago because they perfectly fit what we look for: pro-entropic founders taking a hard path to build a structurally advantaged company with frontier technology and operational discipline. They have exceeded expectations at every turn as their vision for the business expanded,” said Antonio Gracias, Valor Equity Partners Founder, Chief Executive Officer and Chief Investment Officer.
The global data center market recorded investments of over US$ 514.26 billion in 2025, with Arizton Advisory & Intelligence noting this will reach US$ 959.19 billion by 2031. The market’s growth is being driven by increased deployment of AI workloads across data centers worldwide, triggering billions of dollars in investment from hyperscale operators.