Crusoe, a data center developer specializing in AI infrastructure and cloud services, has raised $3 billion in a new funding round at a $30 billion valuation. The substantial financing was co-led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi’s sovereign wealth fund Mubadala.
The massive fundraise comes on the heels of a significant contract win for the San Francisco-based company. Crusoe recently secured a $13 billion, five-year cloud contract with Jane Street, a quantitative trading firm, to supply GPUs and AI infrastructure. This deal represents a major milestone for the company as it continues to expand its presence in the AI infrastructure market.
The latest funding round marks a dramatic increase in valuation for Crusoe in a relatively short time frame. Just 10 months ago, in October 2025, the company raised $1.38 billion at a $10 billion valuation. The tripling of its valuation to $30 billion reflects the surging demand for AI infrastructure and data center capacity, as well as investor confidence in Crusoe’s business model and growth trajectory.
Crusoe’s journey has been marked by a significant strategic pivot since its inception. The company was launched in 2018 as a crypto mining operation that distinguished itself by using flared natural gas as a power source. However, recognizing the shift in market dynamics and opportunities, Crusoe has transformed itself into a major AI infrastructure and cloud provider. Today, the company develops hyperscale data center campuses and counts some of the biggest names in technology among its customers, including Meta, Microsoft, and OpenAI, as well as Oracle.
The company’s growth and recent fundraising success have positioned it as a potential candidate for the public markets. Crusoe has reportedly met with prominent investment banks, including Goldman Sachs and Morgan Stanley, to discuss a potential initial public offering in the near term. Such a move would provide the company with additional capital and liquidity while offering public market investors exposure to the rapidly growing AI infrastructure sector.
The timing of Crusoe’s fundraise reflects the broader trend of massive capital flowing into AI-related infrastructure as companies race to build and scale the computing capacity needed to support advanced artificial intelligence applications. With its established customer base, recent contract wins, and successful pivot from crypto mining to AI infrastructure, Crusoe has positioned itself as a key player in this competitive and capital-intensive market.
