Crusoe, the industry's first vertically-integrated AI infrastructure provider, today announced the initial closing of its anticipated $3.9 billion Series F funding round, at a $30.9 billion post-money valuation. The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, alongside significant backing from new and existing investors including Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures, and TPG.
Crusoe raises $3.9 billion Series F at $30.9 billion post-money valuation
Co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners
More than $140 billion in total contracted value across platform
6 GW+ of gross contracted capacity including 1 GW delivered and operational
20x+ year over year growth in Crusoe Cloud bookings YTD
Over $100M in ARR contracted for Crusoe Managed Inference
With over $140 billion in total contracted value across its vertically-integrated platform, the additional capital will help Crusoe scale its existing programs and support the build out of its own AI factories, from large-scale, vertically-integrated campuses to modular Crusoe Spark units, fueling the rapid growth of Crusoe Cloud. Operating the entire value chain enables Crusoe to serve customers across the AI ecosystem at the speed the market requires.
"We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity," said Chase Lochmiller, Co-founder and CEO of Crusoe. "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, Managing Partner and CIO of Atreides Management. "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."
"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. This team has delivered mission-critical AI infrastructure for several of the world's most sophisticated customers, earning the market's trust to scale by orders of magnitude." – Antonio Gracias, Founder, CEO, and CIO of Valor Equity Partners
"As AI diffuses across the economy, compute infrastructure has become the foundation on which that shift is built. Crusoe is one of the defining companies developing, powering and operating that infrastructure at scale. We have partnered with Crusoe since 2022, invested in every round since, and are proud to co-lead this round. What we've seen so far is only the beginning." – Ibrahim Ajami, Senior Partner, Head of Ventures, Mubadala Capital
At the foundation of Crusoe's AI factory model is an energy-first strategy. Conventional data center developers treat power as a constraint to navigate after site selection. Crusoe starts there instead, originating and managing power directly at the source, and the advantage compounds through every layer Crusoe owns. Contracted capacity has grown to over 6 GW. Behind it is an energy strategy powered by Crusoe's in-house power plant development capabilities paired with partnerships spanning grid, battery, nuclear, thermal and renewable energy providers. Crusoe Cloud continues to innovate up the stack, with strong adoption across its infrastructure-as-a-service, serverless fine-tuning and self-serve inference products. Additional cloud adoption will be supported by the scalable, predictable capacity that Crusoe Spark's modular data centers deliver.
Crusoe has a proven track record of execution with over 1 GW of capacity delivered and operational across its portfolio. Crusoe's vertical integration strategy in practice means the company meets customers wherever they are in their AI journey, at any scale. That capability is why OpenAI trained Astra, its first artificial general intelligence, at the Abilene campus Crusoe designed and built. The company manufactures Crusoe Spark modular data centers in the US, shortening the timeline of data center construction in the field from years to weeks. Today, customers including Cognition, Figure, and Perplexity are already innovating on Crusoe Cloud.
About Crusoe
As the AI factory company, Crusoe is on a mission to accelerate the abundance of energy and intelligence. The company provides a reliable, scalable, cost-effective, energy-first solution for AI infrastructure. By harnessing large-scale energy sources, building AI-optimized data centers, and delivering a powerful AI cloud platform, Crusoe empowers its customers and partners to build the future faster.
