Crusoe Raises $3.9B, Triples Valuation to $30.9B

Crusoe said Thursday it completed an initial closing of a $3.9 billion Series F round at a $30.9 billion post-money valuation, nearly tripling the value investors put on the company eleven months ago. The financing was oversubscribed and co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, according to Crusoe's own announcement.

The company's release describes the funding as an "initial closing," wording that leaves open a further close of the same round rather than a single completed transaction. Crusoe did not say when, or whether, a second closing might follow, or how much of the $3.9 billion has already reached its accounts.

What the money adds up to

Crusoe's prior round, a $1.38 billion Series E, closed in October 2025 at a $10 billion valuation. The new figure is roughly three times that mark in less than a year, a pace of re-rating unusual even among AI infrastructure companies.

Denver-based Crusoe, founded in 2018 as a natural-gas-powered cryptocurrency miner before pivoting to AI infrastructure, said it will use the proceeds to build both large vertically integrated data center campuses and smaller, truck-transportable "Spark" units, plus continued growth of Crusoe Cloud. The company said it holds more than $140 billion in total contracted value, over 6 gigawatts of gross contracted capacity, and just over 1 gigawatt of that capacity actually operating today. It said cloud bookings grew twentyfold year over year through the first three quarters of 2026, and that its Managed Inference product alone carries more than $100 million in annualized revenue. Crusoe did not disclose total company revenue.

Three new names on the board

The financing brought three additions to Crusoe's board: Thomas Seifert, chief financial officer of Cloudflare; Bill Stein, a partner and chief investment officer at Primary Digital Infrastructure; and JB Straubel, founder and chief executive of battery recycler Redwood Materials and a Tesla board member. None of the three were quoted in Crusoe's announcement explaining the appointments.

Crusoe co-founder and chief executive Chase Lochmiller said in the release that "getting there means controlling the infrastructure from electrons to tokens, and we're grateful to have investors who share that conviction." Atreides managing partner and chief investment officer Gavin Baker said Crusoe's vertically integrated model gives it "a structural advantage that compounds," and Valor founder Antonio Gracias said the company "has delivered mission-critical AI infrastructure for several of the world's most sophisticated customers."

What a $30.9 billion price tag assumes

The number that will travel from this round is the valuation, and it says less than it appears to. Crusoe's flagship project, a 1.2-gigawatt campus in Abilene, Texas, hosts Oracle-run workloads built for OpenAI, one of the customers TechCrunch's reporting on the round names alongside Meta and Microsoft. But the $140 billion in contracted value is exactly that, contracted rather than delivered or billed, and the gap between Crusoe's 6 gigawatts of signed capacity and the 1 gigawatt it says is actually running is the distance between a backlog and a business.

Round	Date	Amount raised	Post-money valuation
Series E	October 2025	$1.38 billion	$10 billion
Series F, initial closing	September 2026	$3.9 billion	$30.9 billion

Crusoe's raise sits alongside a run of other large private AI-infrastructure rounds, including Positron AI's $875 million round for inference chips and Cognition's Series E, priced at 53 times its revenue. What sets Crusoe's financing apart is scale: at $3.9 billion, it is larger than those two rounds combined.

Crusoe said it now employs more than 1,800 people across five countries. The company did not say whether this round would be its last before a public listing, or set a date for the next capacity milestone on the way from the 1 gigawatt it has energized to the 6 gigawatts it has already signed.