Crusoe raises $3.9bn at a $30.9bn valuation

Data-centre developer Crusoe raised a $3.9 billion Series F at a $30.9 billion valuation, led by Atreides Management, Mubadala Capital and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures and TPG. The valuation was roughly triple the $10 billion Crusoe carried after its Series E ten months earlier.

The company said the funds would expand its Abilene, Texas campus, the site that supplies OpenAI with compute, and develop a new line called Spark: modular data centres built to be transported by truck and deployed near existing power sources rather than requiring new grid connections to be built to them. The round followed a separate $13 billion, five-year cloud contract Crusoe signed with trading firm Jane Street. Cloudflare chief financial officer Thomas Seifert and Redwood Materials founder JB Straubel joined Crusoe’s board as part of the raise.

Eight days later, Crusoe dropped a separate $1.25 billion plan to buy 29 natural-gas turbines from Boom Supersonic’s turbine unit for the Abilene site, with both companies saying turbines were no longer part of Crusoe’s near-term power mix there. The reversal illustrated how unsettled the power-sourcing side of the data-centre build-out remained even as financing for the compute itself continued at scale.