Crusoe Raises $3B in Funding as AI Infrastructure Demand Grows

Crusoe Raises $3B in Funding as AI Infrastructure Demand Grows

AI data center developer and AI cloud provider Crusoe has raised $3 billion at a $30 billion valuation, marking one of the largest funding rounds in the AI infrastructure space this year.

This new funding shows how AI infrastructure is reshaping the market for power, as data centers race to secure the energy and compute capacity needed to keep up with surging demand for AI workloads.

The deal is managed and led by Atreides Management and Valor Equity Partners, along with Abu Dhabi's sovereign wealth fund, Mubadala, underlining growing global investor confidence in the AI infrastructure boom.

According to Bloomberg, the company recently signed a 5-year contract worth approximately $13 billion to supply GPUs and AI infrastructure to Jane Street, further cementing its position as a key player in the AI compute supply chain.

Crusoe, which began in 2018 as a crypto-mining operation powered by flared natural gas (gas that would otherwise go to waste), has now evolved into a major AI infrastructure and cloud provider. It is known for building hyperscale data center campuses for clients such as Oracle and OpenAI, and this latest funding round positions the company for further expansion as competition for AI compute capacity intensifies worldwide.
About Crusoe's story
 Actually pretty interesting — a company that started in a completely different business and has now become one of the biggest names in AI infrastructure.

It was founded back in 2018 by Chase Lochmiller and Cully Cavness. But back then, it wasn't an AI company at all — it was a Bitcoin mining operation, and a fairly clever one at that. Oil fields often burn off excess natural gas that has nowhere else to go (a process called "flaring," basically wasted gas that just gets burned into the atmosphere). Crusoe built mobile data centers that captured that gas instead and used it to power Bitcoin mining rigs. Essentially, they turned waste into revenue.

Then the AI boom hit, and the company completely pivoted its business model. In 2025, they sold off their crypto mining business to NYDIG and shifted full focus to AI data centers — what they now call "AI factories."

Today, Crusoe isn't just a cloud provider. It's a vertically integrated infrastructure company — meaning it handles everything from sourcing power to actually building the data centers themselves. That approach is why it's landed partnerships with major names like Oracle and OpenAI, including the Abilene, Texas campus for OpenAI's "Stargate" project — considered one of the most ambitious AI compute buildouts happening right now.

Its funding history has also moved fast:

• Series C (2022): $350 million
• Series D (Dec 2024): $600 million, at a $2.8 billion valuation
• Series E (Oct 2025): $1.375 billion, valuing the company above $10 billion
• Latest round: $3 billion, pushing the valuation to around $30 billion