Crusoe raises $3.9B at $30.9B valuation for AI data centers

Crusoe secures massive funding for AI infrastructure buildout

Crusoe Inc. has closed a $3.9 billion Series F funding round at a $30.9 billion valuation, marking one of the largest late-stage investments in AI infrastructure to date. The round was led by Atreides Management, Mubadala Capital and Valor Equity Partners, with participation from more than two dozen investors including Nvidia Corp., Salesforce Ventures and Robinhood Ventures Fund.

The Denver-based company specializes in building large-scale AI data centers for major technology firms. Its current flagship project is a 1.2-gigawatt facility in Abilene, Texas that Oracle Corp. will use to run workloads for OpenAI. Crusoe is simultaneously constructing a 900-megawatt site nearby for Microsoft Corp.

Vertical integration sets Crusoe apart

Unlike traditional data center developers, Crusoe manufactures many critical electrical components internally. The company produces industrial controls that manage electricity flow, circuit breakers, and the specialized protective enclosures that shield equipment from environmental hazards like dust and water.

For customers with more modest requirements, Crusoe offers Spark, a containerized computing module that packages graphics cards, storage and cooling systems in a single unit. These systems include built-in satellite connectivity, enabling deployment in locations without conventional network infrastructure.

Cloud platform drives revenue growth

Alongside its construction business, Crusoe operates Crusoe Cloud, an AI-optimized cloud platform that has seen annualized revenue grow more than twentyfold in the past year. A key driver is Managed Inference, a service that allows users to run AI models without managing underlying hardware. The offering generated over $100 million in annualized recurring revenue within its first year.

Managed Inference relies on MemoryAlloy, a software engine that caches frequently reused data to eliminate redundant processing. Crusoe claims the technology can increase throughput by up to five times for certain workloads.

The platform also includes Serverless Fine-Tuning, which enables developers to customize open-source AI models using training data pulled from sources like Amazon S3. The infrastructure uses storage hardware from Vast Data Inc. and can handle petabyte-scale datasets.

Why it matters

Crusoe's $30.9 billion valuation reflects investor confidence that AI infrastructure will remain supply-constrained for years. By vertically integrating component manufacturing and offering both facilities and cloud services, the company is positioning itself to capture value across the entire stack. The more than $140 billion in contracted revenue from over 6 gigawatts of capacity under development suggests hyperscalers are willing to lock in long-term commitments to secure compute resources.

Expanding footprint

Crusoe disclosed it has more than 6 gigawatts of contracted data center capacity in development, representing over $140 billion in contracted revenue. According to the Wall Street Journal, some of this capacity will be located at a Texas campus the company is building for Google LLC.

The details were first reported by SiliconANGLE.