Crusoe, the US company that builds data centers and cloud infrastructure for AI workloads, has closed a funding round of more than $3 billion at a valuation of roughly $30 billion — nearly three times its previous mark. Bloomberg reports the round has been finalized, with Atreides Management and Valor Equity Partners co-leading and Abu Dhabi's Mubadala Capital also participating. About a year ago, in its October 2025 Series E, the startup raised around $1.38 billion at a valuation above $10 billion.
The company was founded in 2018 by Chase Lochmiller and Cully Cavness, who began by mining bitcoin using natural gas that would otherwise be flared off at oilfields. Over time it pivoted that energy expertise toward AI: Crusoe now develops large data centers hosting high-performance GPUs for training and running AI models, using advanced cooling and high-speed networking. Its cloud platform, Crusoe Cloud, lets customers rent GPU compute instead of building their own facilities.
Crusoe says the new money will go toward expanding its AI data centers and cloud infrastructure to meet surging demand for compute. The strategy is built around securing large amounts of cheap power — the company sites facilities in regions with access to abundant, low-cost energy, betting that electricity, not chips alone, will be the binding constraint of the AI buildout.
The raise is one of the largest ever for AI infrastructure and underscores how much capital investors are still willing to pour into the physical layer of the AI boom.
